MDOEX vs. EFEIX

Last updated Jun 5, 2026

MDOEX (Morgan Stanley Developing Opportunity Portfolio) and EFEIX (Ashmore Emerging Markets Frontier Equity Fund) are both Emerging Markets Diversified funds. Over the past 5 years, MDOEX returned -2.35%/yr vs 8.79%/yr for EFEIX. At a 0.49 correlation, their price movements are largely independent. MDOEX charges 1.15%/yr vs 1.52%/yr for EFEIX.

Performance

MDOEX vs. EFEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Developing Opportunity Portfolio (MDOEX) and Ashmore Emerging Markets Frontier Equity Fund (EFEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDOEX achieves a 16.88% return, which is significantly higher than EFEIX's 1.78% return.

MDOEX

• 1D: -1.25%
• 1M: 10.14%
• YTD: 16.88%
• 6M: 15.93%
• 1Y: 15.61%
• 3Y*: 14.44%
• 5Y*: -2.35%
• 10Y*: —

EFEIX

• 1D: -1.15%
• 1M: 0.00%
• YTD: 1.78%
• 6M: 4.45%
• 1Y: 14.68%
• 3Y*: 17.76%
• 5Y*: 8.79%
• 10Y*: 7.04%

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

MDOEX vs. EFEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MDOEX Morgan Stanley Developing Opportunity Portfolio	16.88%	8.28%	16.79%	5.36%	-30.36%	-18.69%	45.00%
EFEIX Ashmore Emerging Markets Frontier Equity Fund	1.78%	20.69%	24.12%	10.60%	-15.91%	24.18%	-1.52%

Correlation

The correlation between MDOEX and EFEIX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Feb 18, 2020	0.49

Return for Risk

MDOEX vs. EFEIX — Risk / Return Rank

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

MDOEX

MDOEX Risk / Return Rank: 9
MDOEX Sharpe Ratio Rank: 10
MDOEX Sortino Ratio Rank: 10
MDOEX Omega Ratio Rank: 11
MDOEX Calmar Ratio Rank: 8
MDOEX Martin Ratio Rank: 8

EFEIX

EFEIX Risk / Return Rank: 18
EFEIX Sharpe Ratio Rank: 20
EFEIX Sortino Ratio Rank: 20
EFEIX Omega Ratio Rank: 23
EFEIX Calmar Ratio Rank: 15
EFEIX Martin Ratio Rank: 14

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.

MDOEX vs. EFEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Developing Opportunity Portfolio (MDOEX) and Ashmore Emerging Markets Frontier Equity Fund (EFEIX). 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.

	MDOEX	EFEIX	Difference
Sharpe ratio: Return per unit of total volatility	0.75	1.26	-0.51
Sortino ratio: Return per unit of downside risk	1.20	1.88	-0.68
Omega ratio: Gain probability vs. loss probability	1.16	1.25	-0.09
Calmar ratio: Return relative to maximum drawdown	0.75	1.29	-0.54
Martin ratio: Return relative to average drawdown	2.05	3.85	-1.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDOEX vs. EFEIX - Sharpe Ratio Comparison

The current MDOEX Sharpe Ratio is 0.75, which is lower than the EFEIX Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of MDOEX and EFEIX, 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

	MDOEX	EFEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	1.26	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	0.89	-0.99
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.40	-0.24

Drawdowns

MDOEX vs. EFEIX - Drawdown Comparison

The maximum MDOEX drawdown since its inception was -59.92%, which is greater than EFEIX's maximum drawdown of -40.50%. Use the drawdown chart below to compare losses from any high point for MDOEX and EFEIX.

Drawdown Indicators

	MDOEX	EFEIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.92%	-40.50%	-19.42%
Max Drawdown (1Y) Largest decline over 1 year	-21.82%	-11.62%	-10.20%
Max Drawdown (3Y) Largest decline over 3 years	-21.82%	-11.62%	-10.20%
Max Drawdown (5Y) Largest decline over 5 years	-52.60%	-20.83%	-31.77%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.50%	—
Current Drawdown Current decline from peak	-26.05%	-5.50%	-20.55%
Average Drawdown Average peak-to-trough decline	-35.04%	-12.28%	-22.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.96%	3.89%	+4.07%

Volatility

MDOEX vs. EFEIX - Volatility Comparison

Morgan Stanley Developing Opportunity Portfolio (MDOEX) has a higher volatility of 10.98% compared to Ashmore Emerging Markets Frontier Equity Fund (EFEIX) at 3.33%. This indicates that MDOEX's price experiences larger fluctuations and is considered to be riskier than EFEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDOEX	EFEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.98%	3.33%	+7.65%
Volatility (6M) Calculated over the trailing 6-month period	19.20%	10.19%	+9.01%
Volatility (1Y) Calculated over the trailing 1-year period	21.79%	11.92%	+9.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.58%	9.99%	+13.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.80%	11.04%	+13.76%

MDOEX vs. EFEIX - Expense Ratio Comparison

MDOEX has a 1.15% expense ratio, which is lower than EFEIX's 1.52% expense ratio.

Dividends

MDOEX vs. EFEIX - Dividend Comparison

MDOEX's dividend yield for the trailing twelve months is around 0.63%, less than EFEIX's 11.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
EFEIX Ashmore Emerging Markets Frontier Equity Fund	11.18%	11.69%	2.15%	2.26%	0.17%	1.61%	0.96%	1.63%	1.44%	0.88%	0.38%
MDOEX Morgan Stanley Developing Opportunity Portfolio	0.63%	0.74%	0.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDOEX and EFEIX in my portfolio?

MDOEX and EFEIX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDOEX or EFEIX?

MDOEX has higher volatility (10.98%) compared to EFEIX (3.33%). In terms of maximum drawdown, MDOEX dropped -59.92% vs EFEIX's -40.50%.

Which has better risk-adjusted returns?

EFEIX currently has the higher Sharpe Ratio (1.26 vs 0.75), 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.