LVAZX vs. DWGAX

Last updated Jun 24, 2026

LVAZX (LSV Emerging Markets Equity Fund) and DWGAX (American Funds Developing World Growth and Income Fund) are both Emerging Markets Diversified funds. Over the past 5 years, LVAZX returned 16.39%/yr vs 6.22%/yr for DWGAX. Their correlation of 0.85 suggests significant overlap in exposure. LVAZX charges 1.45%/yr vs 1.23%/yr for DWGAX.

Performance

LVAZX vs. DWGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LSV Emerging Markets Equity Fund (LVAZX) and American Funds Developing World Growth and Income Fund (DWGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LVAZX achieves a 36.39% return, which is significantly higher than DWGAX's 22.16% return.

LVAZX

• 1D: 0.43%
• 1M: 8.41%
• YTD: 36.39%
• 6M: 38.67%
• 1Y: 65.29%
• 3Y*: 31.71%
• 5Y*: 16.39%
• 10Y*: —

DWGAX

• 1D: 0.41%
• 1M: 5.47%
• YTD: 22.16%
• 6M: 22.69%
• 1Y: 43.64%
• 3Y*: 20.63%
• 5Y*: 6.22%
• 10Y*: 8.59%

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

LVAZX vs. DWGAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
LVAZX LSV Emerging Markets Equity Fund	36.39%	39.90%	7.26%	21.26%	-13.03%	13.77%	5.03%	5.91%
DWGAX American Funds Developing World Growth and Income Fund	22.16%	34.25%	3.57%	11.28%	-23.47%	0.50%	12.07%	16.89%

Correlation

The correlation between LVAZX and DWGAX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 25, 2019	0.85

The correlation between LVAZX and DWGAX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

LVAZX vs. DWGAX — Risk / Return Rank

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

LVAZX

LVAZX Risk / Return Rank: 96
LVAZX Sharpe Ratio Rank: 98
LVAZX Sortino Ratio Rank: 94
LVAZX Omega Ratio Rank: 94
LVAZX Calmar Ratio Rank: 96
LVAZX Martin Ratio Rank: 96

DWGAX

DWGAX Risk / Return Rank: 78
DWGAX Sharpe Ratio Rank: 86
DWGAX Sortino Ratio Rank: 78
DWGAX Omega Ratio Rank: 81
DWGAX Calmar Ratio Rank: 78
DWGAX Martin Ratio Rank: 68

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.

LVAZX vs. DWGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LSV Emerging Markets Equity Fund (LVAZX) and American Funds Developing World Growth and Income Fund (DWGAX). 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.

	LVAZX	DWGAX	Difference
Sharpe ratio: Return per unit of total volatility	3.76	2.62	+1.15
Sortino ratio: Return per unit of downside risk	4.54	3.41	+1.13
Omega ratio: Gain probability vs. loss probability	1.72	1.49	+0.23
Calmar ratio: Return relative to maximum drawdown	5.80	3.34	+2.46
Martin ratio: Return relative to average drawdown	21.48	12.41	+9.07

LVAZX vs. DWGAX - Sharpe Ratio Comparison

The current LVAZX Sharpe Ratio is 3.76, which is higher than the DWGAX Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of LVAZX and DWGAX, 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

LVAZX vs. DWGAX - Drawdown Comparison

The maximum LVAZX drawdown since its inception was -37.87%, roughly equal to the maximum DWGAX drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for LVAZX and DWGAX.

Drawdown Indicators

	LVAZX	DWGAX	Difference
Max Drawdown Largest peak-to-trough decline	-37.87%	-38.71%	+0.84%
Max Drawdown (1Y) Largest decline over 1 year	-11.44%	-13.26%	+1.82%
Max Drawdown (3Y) Largest decline over 3 years	-15.02%	-14.68%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-27.07%	-38.06%	+10.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.71%	—
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-6.76%	-13.87%	+7.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	3.57%	-0.49%

Volatility

LVAZX vs. DWGAX - Volatility Comparison

LSV Emerging Markets Equity Fund (LVAZX) has a higher volatility of 9.42% compared to American Funds Developing World Growth and Income Fund (DWGAX) at 8.14%. This indicates that LVAZX's price experiences larger fluctuations and is considered to be riskier than DWGAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LVAZX	DWGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.42%	8.14%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	15.74%	14.81%	+0.93%
Volatility (1Y) Calculated over the trailing 1-year period	17.67%	16.97%	+0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.80%	16.59%	-1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.14%	16.60%	-0.46%

LVAZX vs. DWGAX - Expense Ratio Comparison

LVAZX has a 1.45% expense ratio, which is higher than DWGAX's 1.23% expense ratio.

Dividends

LVAZX vs. DWGAX - Dividend Comparison

LVAZX's dividend yield for the trailing twelve months is around 3.75%, more than DWGAX's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWGAX American Funds Developing World Growth and Income Fund	1.30%	1.87%	1.12%	1.63%	1.09%	1.01%	1.46%	1.81%	2.28%	2.02%	2.01%	2.05%
LVAZX LSV Emerging Markets Equity Fund	3.75%	5.12%	1.39%	4.58%	3.14%	8.50%	2.54%	2.99%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LVAZX and DWGAX in my portfolio?

With a correlation of 0.91, LVAZX and DWGAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, LVAZX or DWGAX?

LVAZX has higher volatility (9.42%) compared to DWGAX (8.14%). In terms of maximum drawdown, LVAZX dropped -37.87% vs DWGAX's -38.71%.

Which has better risk-adjusted returns?

LVAZX currently has the higher Sharpe Ratio (3.76 vs 2.62), 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.