JMIEX vs. CIVIX

Last updated Jun 4, 2026

JMIEX (JPMorgan Emerging Markets Equity Fund) and CIVIX (Causeway International Value Instl) are both mutual funds - JMIEX is a Emerging Markets Diversified fund managed by JPMorgan, while CIVIX is a Foreign Large Cap Equities fund tracking the MSCI AC World ex USA Value (Net). Over the past 10 years, JMIEX returned 12.02%/yr vs 10.22%/yr for CIVIX. A 0.70 correlation means they provide meaningful diversification when combined. JMIEX charges 0.90%/yr vs 0.85%/yr for CIVIX.

Performance

JMIEX vs. CIVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Emerging Markets Equity Fund (JMIEX) and Causeway International Value Instl (CIVIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMIEX achieves a 33.06% return, which is significantly higher than CIVIX's 6.21% return. Over the past 10 years, JMIEX has outperformed CIVIX with an annualized return of 12.02%, while CIVIX has yielded a comparatively lower 10.22% annualized return.

JMIEX

• 1D: 0.79%
• 1M: 9.89%
• YTD: 33.06%
• 6M: 36.23%
• 1Y: 67.07%
• 3Y*: 25.66%
• 5Y*: 6.36%
• 10Y*: 12.02%

CIVIX

• 1D: 0.65%
• 1M: 6.71%
• YTD: 6.21%
• 6M: 11.22%
• 1Y: 25.35%
• 3Y*: 18.44%
• 5Y*: 11.87%
• 10Y*: 10.22%

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

JMIEX vs. CIVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JMIEX JPMorgan Emerging Markets Equity Fund	33.06%	40.27%	3.48%	7.32%	-25.68%	-10.29%	34.88%	32.04%	-15.91%	42.70%
CIVIX Causeway International Value Instl	6.21%	39.13%	3.73%	27.29%	-6.77%	9.12%	5.41%	20.11%	-18.62%	27.20%

Correlation

The correlation between JMIEX and CIVIX is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 29, 2001	0.70

The correlation between JMIEX and CIVIX shifts across timeframes, from 0.59 (1 year) to 0.70 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JMIEX vs. CIVIX — Risk / Return Rank

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

JMIEX

JMIEX Risk / Return Rank: 92
JMIEX Sharpe Ratio Rank: 96
JMIEX Sortino Ratio Rank: 88
JMIEX Omega Ratio Rank: 88
JMIEX Calmar Ratio Rank: 94
JMIEX Martin Ratio Rank: 95

CIVIX

CIVIX Risk / Return Rank: 24
CIVIX Sharpe Ratio Rank: 27
CIVIX Sortino Ratio Rank: 27
CIVIX Omega Ratio Rank: 29
CIVIX Calmar Ratio Rank: 19
CIVIX Martin Ratio Rank: 19

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.

JMIEX vs. CIVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Emerging Markets Equity Fund (JMIEX) and Causeway International Value Instl (CIVIX). 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.

	JMIEX	CIVIX	Difference
Sharpe ratio: Return per unit of total volatility	3.50	1.48	+2.01
Sortino ratio: Return per unit of downside risk	4.26	2.17	+2.09
Omega ratio: Gain probability vs. loss probability	1.62	1.28	+0.35
Calmar ratio: Return relative to maximum drawdown	5.40	1.56	+3.84
Martin ratio: Return relative to average drawdown	22.59	5.16	+17.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMIEX vs. CIVIX - Sharpe Ratio Comparison

The current JMIEX Sharpe Ratio is 3.50, which is higher than the CIVIX Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of JMIEX and CIVIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JMIEX	CIVIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.50	1.48	+2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.33	0.66	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.53	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.41	-0.07

Drawdowns

JMIEX vs. CIVIX - Drawdown Comparison

The maximum JMIEX drawdown since its inception was -62.02%, roughly equal to the maximum CIVIX drawdown of -60.93%. Use the drawdown chart below to compare losses from any high point for JMIEX and CIVIX.

Drawdown Indicators

	JMIEX	CIVIX	Difference
Max Drawdown Largest peak-to-trough decline	-62.02%	-60.93%	-1.09%
Max Drawdown (1Y) Largest decline over 1 year	-12.56%	-16.19%	+3.63%
Max Drawdown (3Y) Largest decline over 3 years	-15.06%	-17.30%	+2.24%
Max Drawdown (5Y) Largest decline over 5 years	-44.85%	-28.51%	-16.34%
Max Drawdown (10Y) Largest decline over 10 years	-49.51%	-44.87%	-4.64%
Current Drawdown Current decline from peak	0.00%	-3.33%	+3.33%
Average Drawdown Average peak-to-trough decline	-20.17%	-10.99%	-9.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	4.88%	-1.88%

Volatility

JMIEX vs. CIVIX - Volatility Comparison

JPMorgan Emerging Markets Equity Fund (JMIEX) has a higher volatility of 8.00% compared to Causeway International Value Instl (CIVIX) at 5.71%. This indicates that JMIEX's price experiences larger fluctuations and is considered to be riskier than CIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMIEX	CIVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.00%	5.71%	+2.29%
Volatility (6M) Calculated over the trailing 6-month period	16.24%	14.34%	+1.90%
Volatility (1Y) Calculated over the trailing 1-year period	19.40%	17.04%	+2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.24%	18.18%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.44%	19.43%	+0.01%

JMIEX vs. CIVIX - Expense Ratio Comparison

JMIEX has a 0.90% expense ratio, which is higher than CIVIX's 0.85% expense ratio.

Dividends

JMIEX vs. CIVIX - Dividend Comparison

JMIEX's dividend yield for the trailing twelve months is around 1.02%, less than CIVIX's 9.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIVIX Causeway International Value Instl	9.15%	9.72%	9.25%	3.61%	1.78%	1.82%	1.37%	4.63%	3.55%	1.83%	1.96%	1.95%
JMIEX JPMorgan Emerging Markets Equity Fund	1.02%	1.36%	1.51%	1.56%	0.54%	3.89%	0.14%	0.81%	0.95%	0.44%	0.81%	0.98%

Frequently Asked Questions

Can I hold both JMIEX and CIVIX in my portfolio?

JMIEX and CIVIX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMIEX or CIVIX?

JMIEX has higher volatility (8.00%) compared to CIVIX (5.71%). In terms of maximum drawdown, JMIEX dropped -62.02% vs CIVIX's -60.93%.

Which has better risk-adjusted returns?

JMIEX currently has the higher Sharpe Ratio (3.50 vs 1.48), 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.