IPOAX vs. GTDDX

Last updated Jul 14, 2026

IPOAX (Delaware Ivy Systematic Emerging Markets Equity Fund) and GTDDX (Invesco EQV Emerging Markets All Cap Fd) are both Emerging Markets Diversified funds. Over the past 10 years, IPOAX returned 9.37%/yr vs 9.08%/yr for GTDDX. A 0.71 correlation means they provide meaningful diversification when combined. IPOAX charges 1.15%/yr vs 1.39%/yr for GTDDX.

Performance

IPOAX vs. GTDDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) and Invesco EQV Emerging Markets All Cap Fd (GTDDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPOAX achieves a 21.36% return, which is significantly lower than GTDDX's 40.06% return. Both investments have delivered pretty close results over the past 10 years, with IPOAX having a 9.37% annualized return and GTDDX not far behind at 9.08%.

IPOAX

• 1D: 0.20%
• 1M: -2.13%
• 6M: 17.10%
• YTD: 21.36%
• 1Y: 36.53%
• 3Y*: 19.54%
• 5Y*: 4.01%
• 10Y*: 9.37%

GTDDX

• 1D: 0.93%
• 1M: -1.75%
• 6M: 34.08%
• YTD: 40.06%
• 1Y: 61.15%
• 3Y*: 21.56%
• 5Y*: 8.45%
• 10Y*: 9.08%

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

IPOAX vs. GTDDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPOAX Delaware Ivy Systematic Emerging Markets Equity Fund	21.36%	26.53%	7.71%	10.86%	-27.56%	-4.67%	35.01%	23.23%	-19.83%	42.47%
GTDDX Invesco EQV Emerging Markets All Cap Fd	40.06%	29.88%	-0.66%	8.82%	-17.70%	-7.00%	17.19%	29.99%	-18.77%	30.34%

Correlation

The correlation between IPOAX and GTDDX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 11, 1994	0.71

The correlation between IPOAX and GTDDX shifts across timeframes, from 0.71 (all time) to 0.86 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

IPOAX vs. GTDDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IPOAX

IPOAX Risk / Return Rank: 60
IPOAX Sharpe Ratio Rank: 58
IPOAX Sortino Ratio Rank: 47
IPOAX Omega Ratio Rank: 64
IPOAX Calmar Ratio Rank: 75
IPOAX Martin Ratio Rank: 59

GTDDX

GTDDX Risk / Return Rank: 91
GTDDX Sharpe Ratio Rank: 95
GTDDX Sortino Ratio Rank: 86
GTDDX Omega Ratio Rank: 88
GTDDX Calmar Ratio Rank: 94
GTDDX Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IPOAX vs. GTDDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) and Invesco EQV Emerging Markets All Cap Fd (GTDDX). 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	GTDDX	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.74	-1.04
Sortino ratio: Return per unit of downside risk	2.19	3.33	-1.13
Omega ratio: Gain probability vs. loss probability	1.33	1.50	-0.17
Calmar ratio: Return relative to maximum drawdown	2.72	4.27	-1.56
Martin ratio: Return relative to average drawdown	9.16	15.25	-6.09

IPOAX vs. GTDDX - Sharpe Ratio Comparison

The current IPOAX Sharpe Ratio is 1.70, which is lower than the GTDDX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of IPOAX and GTDDX, 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

IPOAX vs. GTDDX - Drawdown Comparison

The maximum IPOAX drawdown since its inception was -67.11%, which is greater than GTDDX's maximum drawdown of -62.89%. Use the drawdown chart below to compare losses from any high point for IPOAX and GTDDX.

Drawdown Indicators

	IPOAX	GTDDX	Difference
Max Drawdown Largest peak-to-trough decline	-67.11%	-62.89%	-4.22%
Max Drawdown (1Y) Largest decline over 1 year	-13.39%	-14.49%	+1.10%
Max Drawdown (3Y) Largest decline over 3 years	-16.86%	-16.08%	-0.78%
Max Drawdown (5Y) Largest decline over 5 years	-41.19%	-34.92%	-6.27%
Max Drawdown (10Y) Largest decline over 10 years	-45.79%	-39.58%	-6.21%
Current Drawdown Current decline from peak	-6.14%	-6.60%	+0.46%
Average Drawdown Average peak-to-trough decline	-23.61%	-18.70%	-4.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	4.04%	-0.08%

Volatility

IPOAX vs. GTDDX - Volatility Comparison

Delaware Ivy Systematic Emerging Markets Equity Fund (IPOAX) and Invesco EQV Emerging Markets All Cap Fd (GTDDX) have volatilities of 10.53% and 10.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPOAX	GTDDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.53%	10.88%	-0.35%
Volatility (6M) Calculated over the trailing 6-month period	19.42%	20.71%	-1.29%
Volatility (1Y) Calculated over the trailing 1-year period	21.43%	22.62%	-1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	17.23%	+3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.46%	17.24%	+3.22%

IPOAX vs. GTDDX - Expense Ratio Comparison

IPOAX has a 1.15% expense ratio, which is lower than GTDDX's 1.39% expense ratio.

Dividends

IPOAX vs. GTDDX - Dividend Comparison

IPOAX's dividend yield for the trailing twelve months is around 8.25%, less than GTDDX's 15.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTDDX Invesco EQV Emerging Markets All Cap Fd	15.08%	21.13%	1.16%	1.51%	1.17%	4.46%	5.05%	1.49%	1.53%	0.71%	0.86%	0.99%
IPOAX Delaware Ivy Systematic Emerging Markets Equity Fund	8.25%	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

Can I hold both IPOAX and GTDDX in my portfolio?

IPOAX and GTDDX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPOAX or GTDDX?

GTDDX has higher volatility (10.88%) compared to IPOAX (10.53%). In terms of maximum drawdown, IPOAX dropped -67.11% vs GTDDX's -62.89%.

Which has better risk-adjusted returns?

GTDDX currently has the higher Sharpe Ratio (2.74 vs 1.70), 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.