IPOAX vs. BEMIX
IPOAX (Delaware Ivy Systematic Emerging Markets Equity Fund) and BEMIX (Brandes Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 10 years, IPOAX returned 8.80%/yr vs 8.91%/yr for BEMIX. Their 0.78 correlation means they have sometimes moved together and sometimes differently. IPOAX charges 1.15%/yr vs 1.12%/yr for BEMIX.
Performance
IPOAX vs. BEMIX - Performance Comparison
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Returns By Period
In the year-to-date period, IPOAX achieves a 18.05% return, which is significantly lower than BEMIX's 21.14% return. Both investments have delivered pretty close results over the past 10 years, with IPOAX having a 8.80% annualized return and BEMIX not far ahead at 8.91%.
IPOAX
- 1D
- 4.34%
- 1M
- -1.19%
- 6M
- 7.44%
- YTD
- 18.05%
- 1Y
- 34.17%
- 3Y*
- 16.79%
- 5Y*
- 4.31%
- 10Y*
- 8.80%
- ALL TIME*
- 5.33%
BEMIX
- 1D
- 2.96%
- 1M
- 2.53%
- 6M
- 11.44%
- YTD
- 21.14%
- 1Y
- 45.06%
- 3Y*
- 23.07%
- 5Y*
- 13.55%
- 10Y*
- 8.91%
- ALL TIME*
- 5.09%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
IPOAX vs. BEMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IPOAX Delaware Ivy Systematic Emerging Markets Equity Fund | 18.05% | 26.53% | 7.71% | 10.86% | -27.56% | -4.67% | 35.01% | 23.23% | -19.83% | 42.47% |
BEMIX Brandes Emerging Markets Fund | 21.14% | 47.83% | 4.01% | 22.53% | -15.91% | 1.68% | -6.17% | 18.60% | -15.56% | 26.00% |
Correlation
The correlation between IPOAX and BEMIX is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2011 | 0.78 |
The correlation between IPOAX and BEMIX has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.
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Return for Risk
IPOAX vs. BEMIX — Risk / Return Rank
IPOAX
BEMIX
IPOAX vs. BEMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) and Brandes Emerging Markets Fund (BEMIX). 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.
| IPOAX | BEMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.43 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.30 | 3.60 | -1.30 |
| Martin ratioReturn relative to average drawdown | 6.92 | 12.87 | -5.96 |
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Drawdowns
IPOAX vs. BEMIX - Drawdown Comparison
The maximum IPOAX drawdown since its inception was -67.11%, which is greater than BEMIX's maximum drawdown of -46.05%. Use the drawdown chart below to compare losses from any high point for IPOAX and BEMIX.
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Drawdown Indicators
| IPOAX | BEMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.11% | -46.05% | -21.06% |
Max Drawdown (1Y)Largest decline over 1 year | -13.39% | -12.07% | -1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -16.86% | -16.08% | -0.78% |
Max Drawdown (5Y)Largest decline over 5 years | -40.84% | -32.88% | -7.96% |
Max Drawdown (10Y)Largest decline over 10 years | -45.79% | -46.05% | +0.26% |
Current DrawdownCurrent decline from peak | -8.70% | -3.70% | -5.00% |
Average DrawdownAverage peak-to-trough decline | -23.58% | -14.07% | -9.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.46% | 3.37% | +1.09% |
Volatility
IPOAX vs. BEMIX - Volatility Comparison
Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) has a higher volatility of 9.36% compared to Brandes Emerging Markets Fund (BEMIX) at 6.36%. This indicates that IPOAX's price experiences larger fluctuations and is considered to be riskier than BEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IPOAX | BEMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.36% | 6.36% | +3.00% |
Volatility (6M)Calculated over the trailing 6-month period | 20.68% | 16.81% | +3.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.72% | 18.95% | +3.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.78% | 16.99% | +3.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.60% | 17.17% | +3.43% |
IPOAX vs. BEMIX - Expense Ratio Comparison
IPOAX has a 1.15% expense ratio, which is higher than BEMIX's 1.12% expense ratio.
Dividends
IPOAX vs. BEMIX - Dividend Comparison
IPOAX's dividend yield for the trailing twelve months is around 8.48%, more than BEMIX's 1.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BEMIX Brandes Emerging Markets Fund | 1.90% | 2.15% | 3.04% | 2.45% | 2.86% | 2.31% | 1.31% | 2.56% | 1.55% | 1.41% | 2.20% | 1.54% |
IPOAX Delaware Ivy Systematic Emerging Markets Equity Fund | 8.48% | 10.01% | 3.35% | 3.23% | 14.83% | 0.55% | 0.75% | 0.74% | 0.68% | 0.00% | 0.00% | 0.93% |
Frequently Asked Questions
IPOAX and BEMIX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IPOAX has higher volatility (9.36%) compared to BEMIX (6.36%). In terms of maximum drawdown, IPOAX dropped -67.11% vs BEMIX's -46.05%.
BEMIX currently has the higher Sharpe Ratio (2.29 vs 1.36), 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.
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