MEMEX vs. GLLSX

Last updated Jun 4, 2026

MEMEX (Morgan Stanley Emerging Markets Equity Portfolio) and GLLSX (abrdn Emerging Markets ex-China Fund) are both Emerging Markets Diversified funds. Over the past 5 years, MEMEX returned 9.21%/yr vs 18.30%/yr for GLLSX. Their correlation of 0.85 suggests significant overlap in exposure. MEMEX charges 1.25%/yr vs 1.23%/yr for GLLSX.

Performance

MEMEX vs. GLLSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Emerging Markets Equity Portfolio (MEMEX) and abrdn Emerging Markets ex-China Fund (GLLSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MEMEX achieves a 35.86% return, which is significantly lower than GLLSX's 46.58% return.

MEMEX

• 1D: 1.23%
• 1M: 13.56%
• YTD: 35.86%
• 6M: 39.67%
• 1Y: 66.25%
• 3Y*: 27.83%
• 5Y*: 9.21%
• 10Y*: —

GLLSX

• 1D: 0.17%
• 1M: 11.34%
• YTD: 46.58%
• 6M: 50.65%
• 1Y: 88.61%
• 3Y*: 29.36%
• 5Y*: 18.30%
• 10Y*: 15.05%

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

MEMEX vs. GLLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MEMEX Morgan Stanley Emerging Markets Equity Portfolio	35.86%	32.98%	7.82%	11.90%	-25.14%	2.99%	14.40%	19.61%	-17.46%	26.45%
GLLSX abrdn Emerging Markets ex-China Fund	46.58%	34.81%	0.73%	21.35%	-23.04%	36.50%	15.93%	23.64%	-11.50%	17.73%

Correlation

The correlation between MEMEX and GLLSX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.85

The correlation between MEMEX and GLLSX has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.

Return for Risk

MEMEX vs. GLLSX — Risk / Return Rank

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

MEMEX

MEMEX Risk / Return Rank: 90
MEMEX Sharpe Ratio Rank: 95
MEMEX Sortino Ratio Rank: 88
MEMEX Omega Ratio Rank: 89
MEMEX Calmar Ratio Rank: 88
MEMEX Martin Ratio Rank: 91

GLLSX

GLLSX Risk / Return Rank: 96
GLLSX Sharpe Ratio Rank: 99
GLLSX Sortino Ratio Rank: 94
GLLSX Omega Ratio Rank: 94
GLLSX Calmar Ratio Rank: 96
GLLSX Martin Ratio Rank: 96

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.

MEMEX vs. GLLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Emerging Markets Equity Portfolio (MEMEX) and abrdn Emerging Markets ex-China Fund (GLLSX). 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.

	MEMEX	GLLSX	Difference
Sharpe ratio: Return per unit of total volatility	3.42	4.14	-0.73
Sortino ratio: Return per unit of downside risk	4.24	4.78	-0.54
Omega ratio: Gain probability vs. loss probability	1.64	1.74	-0.10
Calmar ratio: Return relative to maximum drawdown	4.43	6.17	-1.74
Martin ratio: Return relative to average drawdown	18.92	24.54	-5.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MEMEX vs. GLLSX - Sharpe Ratio Comparison

The current MEMEX Sharpe Ratio is 3.42, which is comparable to the GLLSX Sharpe Ratio of 4.14. The chart below compares the historical Sharpe Ratios of MEMEX and GLLSX, 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

	MEMEX	GLLSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.42	4.14	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	1.02	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.69	-0.15

Drawdowns

MEMEX vs. GLLSX - Drawdown Comparison

The maximum MEMEX drawdown since its inception was -39.90%, which is greater than GLLSX's maximum drawdown of -32.59%. Use the drawdown chart below to compare losses from any high point for MEMEX and GLLSX.

Drawdown Indicators

	MEMEX	GLLSX	Difference
Max Drawdown Largest peak-to-trough decline	-39.90%	-32.59%	-7.31%
Max Drawdown (1Y) Largest decline over 1 year	-14.99%	-14.39%	-0.60%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	-20.95%	+3.74%
Max Drawdown (5Y) Largest decline over 5 years	-37.30%	-30.02%	-7.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.59%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-15.05%	-7.92%	-7.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	3.61%	-0.10%

Volatility

MEMEX vs. GLLSX - Volatility Comparison

The current volatility for Morgan Stanley Emerging Markets Equity Portfolio (MEMEX) is 8.64%, while abrdn Emerging Markets ex-China Fund (GLLSX) has a volatility of 9.95%. This indicates that MEMEX experiences smaller price fluctuations and is considered to be less risky than GLLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MEMEX	GLLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.64%	9.95%	-1.31%
Volatility (6M) Calculated over the trailing 6-month period	17.13%	19.05%	-1.92%
Volatility (1Y) Calculated over the trailing 1-year period	19.46%	21.43%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.80%	18.09%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.30%	17.80%	+0.50%

MEMEX vs. GLLSX - Expense Ratio Comparison

MEMEX has a 1.25% expense ratio, which is higher than GLLSX's 1.23% expense ratio.

Dividends

MEMEX vs. GLLSX - Dividend Comparison

MEMEX's dividend yield for the trailing twelve months is around 2.47%, more than GLLSX's 1.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLLSX abrdn Emerging Markets ex-China Fund	1.28%	1.88%	0.74%	0.77%	29.32%	22.85%	0.00%	3.38%	9.47%	8.40%	1.09%	0.94%
MEMEX Morgan Stanley Emerging Markets Equity Portfolio	2.47%	3.35%	1.38%	3.26%	13.18%	0.86%	2.57%	7.81%	0.52%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MEMEX and GLLSX in my portfolio?

With a correlation of 0.94, MEMEX and GLLSX 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, MEMEX or GLLSX?

GLLSX has higher volatility (9.95%) compared to MEMEX (8.64%). In terms of maximum drawdown, MEMEX dropped -39.90% vs GLLSX's -32.59%.

Which has better risk-adjusted returns?

GLLSX currently has the higher Sharpe Ratio (4.14 vs 3.42), 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.