IIF vs. IHD

Last updated Aug 1, 2026

IIF (Morgan Stanley India Investment Fund) and IHD (Voya Emerging Markets High Dividend Equity Fund) are both Emerging Markets Equities funds. Over the past 10 years, IIF returned 7.85%/yr vs 10.79%/yr for IHD. Their 0.47 correlation means their historical movements had little consistent relationship. IIF charges 0.01%/yr vs 0.01%/yr for IHD.

Performance

IIF vs. IHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley India Investment Fund (IIF) and Voya Emerging Markets High Dividend Equity Fund (IHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IIF achieves a -8.13% return, which is significantly lower than IHD's 22.26% return. Over the past 10 years, IIF has underperformed IHD with an annualized return of 7.85%, while IHD has yielded a comparatively higher 10.79% annualized return.

IIF

• 1D: -0.13%
• 1M: 0.22%
• 6M: -1.92%
• YTD: -8.13%
• 1Y: -9.25%
• 3Y*: 11.93%
• 5Y*: 8.92%
• 10Y*: 7.85%
• ALL TIME*: 13.21%

IHD

• 1D: 1.95%
• 1M: -3.68%
• 6M: 11.58%
• YTD: 22.26%
• 1Y: 39.71%
• 3Y*: 24.53%
• 5Y*: 11.86%
• 10Y*: 10.79%
• ALL TIME*: 4.19%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IHD Voya Emerging Markets High Dividend Equity Fund	$344.98K	$446.22K	$711.40K
IIF Morgan Stanley India Investment Fund	$680.67K	$759.12K	$751.79K

IIF vs. IHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IIF Morgan Stanley India Investment Fund	-8.13%	6.71%	29.65%	21.43%	-9.55%	30.87%	6.66%	-0.66%	-21.25%	49.89%
IHD Voya Emerging Markets High Dividend Equity Fund	22.26%	41.70%	7.80%	13.95%	-17.18%	7.39%	1.73%	20.55%	-10.23%	29.84%

Correlation

The correlation between IIF and IHD is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (3Y) Balances recent behavior with more history.	0.36
Correlation (5Y) Shows whether the relationship held over a longer period.	0.42
Correlation (10Y) Provides a long-term view across more market conditions.	0.45
Correlation (All Time) Calculated using the full available price history since Apr 28, 2011	0.47

The correlation between IIF and IHD shifts across timeframes, from 0.32 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IIF vs. IHD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IIF

IIF Risk / Return Rank: 1
IIF Sharpe Ratio Rank: 1
IIF Sortino Ratio Rank: 1
IIF Omega Ratio Rank: 1
IIF Calmar Ratio Rank: 1
IIF Martin Ratio Rank: 1

IHD

IHD Risk / Return Rank: 81
IHD Sharpe Ratio Rank: 81
IHD Sortino Ratio Rank: 76
IHD Omega Ratio Rank: 77
IHD Calmar Ratio Rank: 90
IHD Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IIF vs. IHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley India Investment Fund (IIF) and Voya Emerging Markets High Dividend Equity Fund (IHD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IIF	IHD	Difference
Sharpe ratio: Return per unit of total volatility	-0.58	1.96	-2.54
Sortino ratio: Return per unit of downside risk	-0.77	2.62	-3.39
Omega ratio: Gain probability vs. loss probability	0.91	1.35	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.42	3.46	-3.88
Martin ratio: Return relative to average drawdown	-0.93	10.01	-10.94

IIF vs. IHD - Sharpe Ratio Comparison

The current IIF Sharpe Ratio is -0.58, which is lower than the IHD Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of IIF and IHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IIF vs. IHD - Drawdown Comparison

The maximum IIF drawdown since its inception was -62.11%, which is greater than IHD's maximum drawdown of -48.76%. Use the drawdown chart below to compare losses from any high point for IIF and IHD.

Drawdown Indicators

	IIF	IHD	Difference
Max Drawdown Largest peak-to-trough decline	-62.11%	-48.76%	-13.35%
Max Drawdown (1Y) Largest decline over 1 year	-22.52%	-11.15%	-11.37%
Max Drawdown (3Y) Largest decline over 3 years	-24.05%	-14.35%	-9.70%
Max Drawdown (5Y) Largest decline over 5 years	-24.05%	-30.04%	+5.99%
Max Drawdown (10Y) Largest decline over 10 years	-59.05%	-42.81%	-16.24%
Current Drawdown Current decline from peak	-12.67%	-8.08%	-4.59%
Average Drawdown Average peak-to-trough decline	-19.75%	-17.83%	-1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.02%	3.85%	+6.17%

Volatility

IIF vs. IHD - Volatility Comparison

The current volatility for Morgan Stanley India Investment Fund (IIF) is 4.15%, while Voya Emerging Markets High Dividend Equity Fund (IHD) has a volatility of 5.12%. This indicates that IIF experiences smaller price fluctuations and is considered to be less risky than IHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IIF	IHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	5.12%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	13.94%	16.97%	-3.03%
Volatility (1Y) Calculated over the trailing 1-year period	16.16%	19.71%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.83%	18.05%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.77%	19.57%	+0.20%

IIF vs. IHD - Expense Ratio Comparison

IIF has a 0.01% expense ratio, which is lower than IHD's 0.01% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IIF vs. IHD - Dividend Comparison

IIF's dividend yield for the trailing twelve months is around 8.65%, less than IHD's 9.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHD Voya Emerging Markets High Dividend Equity Fund	9.02%	11.40%	13.67%	10.21%	13.95%	10.14%	9.92%	9.14%	10.15%	8.31%	11.74%	14.00%
IIF Morgan Stanley India Investment Fund	8.65%	7.95%	10.67%	14.61%	19.62%	3.75%	0.02%	0.14%	30.40%	15.23%	4.46%	0.16%

Frequently Asked Questions

Can I hold both IIF and IHD in my portfolio?

IIF and IHD have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IIF or IHD?

IHD has higher volatility (5.12%) compared to IIF (4.15%). In terms of maximum drawdown, IIF dropped -62.11% vs IHD's -48.76%.

Which has better risk-adjusted returns?

IHD currently has the higher Sharpe Ratio (1.96 vs -0.58), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.