JEMDX vs. PFORX

Last updated Jul 11, 2026

JEMDX (JPMorgan Emerging Markets Debt Fund) and PFORX (PIMCO International Bond Fund (U.S. Dollar-Hedged)) are both mutual funds - JEMDX is a Emerging Markets Bonds fund managed by JPMorgan, while PFORX is a Global Bonds fund managed by PIMCO. Over the past 10 years, JEMDX returned 2.87%/yr vs 2.64%/yr for PFORX. At a 0.22 correlation, their price movements are largely independent. JEMDX charges 0.83%/yr vs 0.50%/yr for PFORX.

Performance

JEMDX vs. PFORX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Emerging Markets Debt Fund (JEMDX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEMDX achieves a 2.85% return, which is significantly higher than PFORX's 0.14% return. Over the past 10 years, JEMDX has outperformed PFORX with an annualized return of 2.87%, while PFORX has yielded a comparatively lower 2.64% annualized return.

JEMDX

• 1D: 0.30%
• 1M: 0.09%
• 6M: 2.54%
• YTD: 2.85%
• 1Y: 12.00%
• 3Y*: 10.74%
• 5Y*: 1.95%
• 10Y*: 2.87%

PFORX

• 1D: 0.21%
• 1M: 0.02%
• 6M: -0.26%
• YTD: 0.14%
• 1Y: 2.73%
• 3Y*: 5.72%
• 5Y*: 1.49%
• 10Y*: 2.64%

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

JEMDX vs. PFORX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JEMDX JPMorgan Emerging Markets Debt Fund	2.85%	13.87%	7.37%	10.17%	-18.60%	-3.22%	5.37%	13.86%	-5.82%	10.25%
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.14%	4.33%	5.70%	9.52%	-10.33%	-1.67%	6.17%	7.64%	2.64%	3.52%

Correlation

The correlation between JEMDX and PFORX is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Apr 17, 1997	0.22

Over the past year, JEMDX and PFORX have become more correlated (0.60) than their long-term average of 0.22, meaning their price movements have been converging.

Return for Risk

JEMDX vs. PFORX — Risk / Return Rank

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

JEMDX

JEMDX Risk / Return Rank: 79
JEMDX Sharpe Ratio Rank: 92
JEMDX Sortino Ratio Rank: 92
JEMDX Omega Ratio Rank: 89
JEMDX Calmar Ratio Rank: 58
JEMDX Martin Ratio Rank: 66

PFORX

PFORX Risk / Return Rank: 11
PFORX Sharpe Ratio Rank: 11
PFORX Sortino Ratio Rank: 11
PFORX Omega Ratio Rank: 12
PFORX Calmar Ratio Rank: 9
PFORX Martin Ratio Rank: 9

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.

JEMDX vs. PFORX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Emerging Markets Debt Fund (JEMDX) and PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX). 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.

	JEMDX	PFORX	Difference
Sharpe ratio: Return per unit of total volatility	2.53	0.64	+1.89
Sortino ratio: Return per unit of downside risk	3.87	0.95	+2.92
Omega ratio: Gain probability vs. loss probability	1.53	1.13	+0.41
Calmar ratio: Return relative to maximum drawdown	2.34	0.61	+1.73
Martin ratio: Return relative to average drawdown	9.82	1.80	+8.02

JEMDX vs. PFORX - Sharpe Ratio Comparison

The current JEMDX Sharpe Ratio is 2.53, which is higher than the PFORX Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of JEMDX and PFORX, 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

JEMDX vs. PFORX - Drawdown Comparison

The maximum JEMDX drawdown since its inception was -38.84%, which is greater than PFORX's maximum drawdown of -13.87%. Use the drawdown chart below to compare losses from any high point for JEMDX and PFORX.

Drawdown Indicators

	JEMDX	PFORX	Difference
Max Drawdown Largest peak-to-trough decline	-38.84%	-13.87%	-24.97%
Max Drawdown (1Y) Largest decline over 1 year	-5.14%	-3.99%	-1.15%
Max Drawdown (3Y) Largest decline over 3 years	-7.10%	-3.99%	-3.11%
Max Drawdown (5Y) Largest decline over 5 years	-30.83%	-13.71%	-17.12%
Max Drawdown (10Y) Largest decline over 10 years	-30.83%	-13.87%	-16.96%
Current Drawdown Current decline from peak	-0.51%	-1.35%	+0.84%
Average Drawdown Average peak-to-trough decline	-6.07%	-1.95%	-4.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.35%	-0.13%

Volatility

JEMDX vs. PFORX - Volatility Comparison

JPMorgan Emerging Markets Debt Fund (JEMDX) has a higher volatility of 1.20% compared to PIMCO International Bond Fund (U.S. Dollar-Hedged) (PFORX) at 0.99%. This indicates that JEMDX's price experiences larger fluctuations and is considered to be riskier than PFORX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEMDX	PFORX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	0.99%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	4.10%	3.46%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	4.77%	3.84%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.93%	3.64%	+3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.14%	3.16%	+3.98%

JEMDX vs. PFORX - Expense Ratio Comparison

JEMDX has a 0.83% expense ratio, which is higher than PFORX's 0.50% expense ratio.

Dividends

JEMDX vs. PFORX - Dividend Comparison

JEMDX's dividend yield for the trailing twelve months is around 5.89%, more than PFORX's 4.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEMDX JPMorgan Emerging Markets Debt Fund	5.89%	5.61%	6.13%	5.47%	6.15%	4.38%	3.71%	4.52%	4.64%	4.43%	5.06%	4.76%
PFORX PIMCO International Bond Fund (U.S. Dollar-Hedged)	4.06%	4.23%	4.91%	3.02%	3.65%	1.55%	2.46%	6.86%	2.90%	1.46%	1.38%	9.12%

Frequently Asked Questions

Can I hold both JEMDX and PFORX in my portfolio?

JEMDX and PFORX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JEMDX or PFORX?

JEMDX has higher volatility (1.20%) compared to PFORX (0.99%). In terms of maximum drawdown, JEMDX dropped -38.84% vs PFORX's -13.87%.

Which has better risk-adjusted returns?

JEMDX currently has the higher Sharpe Ratio (2.53 vs 0.64), 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.