MGEMX vs. DEMIX

Last updated Jun 25, 2026

MGEMX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio) and DEMIX (Delaware Emerging Markets Fund) are both Emerging Markets Diversified funds. Over the past 10 years, MGEMX returned 3.96%/yr vs 22.71%/yr for DEMIX. Their correlation of 0.87 suggests significant overlap in exposure. MGEMX charges 1.05%/yr vs 1.26%/yr for DEMIX.

Performance

MGEMX vs. DEMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) and Delaware Emerging Markets Fund (DEMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGEMX achieves a 29.77% return, which is significantly lower than DEMIX's 125.98% return. Over the past 10 years, MGEMX has underperformed DEMIX with an annualized return of 3.96%, while DEMIX has yielded a comparatively higher 22.71% annualized return.

MGEMX

• 1D: -5.84%
• 1M: 2.24%
• YTD: 29.77%
• 6M: 31.55%
• 1Y: -24.65%
• 3Y*: -0.62%
• 5Y*: -5.91%
• 10Y*: 3.96%

DEMIX

• 1D: -7.80%
• 1M: 19.01%
• YTD: 125.98%
• 6M: 138.47%
• 1Y: 226.16%
• 3Y*: 70.15%
• 5Y*: 28.07%
• 10Y*: 22.71%

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

MGEMX vs. DEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	29.77%	-34.08%	8.07%	12.16%	-25.07%	3.53%	14.59%	37.21%	-17.34%	34.98%
DEMIX Delaware Emerging Markets Fund	125.98%	86.79%	6.52%	17.59%	-28.66%	-2.08%	26.09%	24.33%	-17.10%	41.98%

Correlation

The correlation between MGEMX and DEMIX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 10, 1996	0.87

The correlation between MGEMX and DEMIX shifts across timeframes, from 0.75 (1 year) to 0.87 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

MGEMX vs. DEMIX — Risk / Return Rank

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

MGEMX

MGEMX Risk / Return Rank: 2
MGEMX Sharpe Ratio Rank: 1
MGEMX Sortino Ratio Rank: 2
MGEMX Omega Ratio Rank: 2
MGEMX Calmar Ratio Rank: 1
MGEMX Martin Ratio Rank: 1

DEMIX

DEMIX Risk / Return Rank: 97
DEMIX Sharpe Ratio Rank: 100
DEMIX Sortino Ratio Rank: 94
DEMIX Omega Ratio Rank: 95
DEMIX Calmar Ratio Rank: 99
DEMIX Martin Ratio Rank: 99

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.

MGEMX vs. DEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) and Delaware Emerging Markets Fund (DEMIX). 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.

	MGEMX	DEMIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	5.35	-5.76
Sortino ratio: Return per unit of downside risk	-0.05	4.47	-4.53
Omega ratio: Gain probability vs. loss probability	0.98	1.74	-0.76
Calmar ratio: Return relative to maximum drawdown	-0.44	11.72	-12.15
Martin ratio: Return relative to average drawdown	-0.74	42.60	-43.34

MGEMX vs. DEMIX - Sharpe Ratio Comparison

The current MGEMX Sharpe Ratio is -0.41, which is lower than the DEMIX Sharpe Ratio of 5.35. The chart below compares the historical Sharpe Ratios of MGEMX and DEMIX, 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

MGEMX vs. DEMIX - Drawdown Comparison

The maximum MGEMX drawdown since its inception was -64.93%, roughly equal to the maximum DEMIX drawdown of -63.15%. Use the drawdown chart below to compare losses from any high point for MGEMX and DEMIX.

Drawdown Indicators

	MGEMX	DEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-64.93%	-63.15%	-1.78%
Max Drawdown (1Y) Largest decline over 1 year	-52.50%	-21.01%	-31.49%
Max Drawdown (3Y) Largest decline over 3 years	-52.50%	-22.62%	-29.88%
Max Drawdown (5Y) Largest decline over 5 years	-52.50%	-42.96%	-9.54%
Max Drawdown (10Y) Largest decline over 10 years	-52.50%	-46.29%	-6.21%
Current Drawdown Current decline from peak	-35.41%	-7.80%	-27.61%
Average Drawdown Average peak-to-trough decline	-19.84%	-18.43%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.92%	5.76%	+25.16%

Volatility

MGEMX vs. DEMIX - Volatility Comparison

The current volatility for Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) is 13.39%, while Delaware Emerging Markets Fund (DEMIX) has a volatility of 27.03%. This indicates that MGEMX experiences smaller price fluctuations and is considered to be less risky than DEMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGEMX	DEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.39%	27.03%	-13.64%
Volatility (6M) Calculated over the trailing 6-month period	21.14%	42.15%	-21.01%
Volatility (1Y) Calculated over the trailing 1-year period	56.22%	46.02%	+10.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.47%	27.80%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.94%	24.46%	+0.48%

MGEMX vs. DEMIX - Expense Ratio Comparison

MGEMX has a 1.05% expense ratio, which is lower than DEMIX's 1.26% expense ratio.

Dividends

MGEMX vs. DEMIX - Dividend Comparison

MGEMX has not paid dividends to shareholders, while DEMIX's dividend yield for the trailing twelve months is around 8.40%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMIX Delaware Emerging Markets Fund	8.40%	18.97%	1.99%	2.95%	1.89%	3.42%	0.87%	0.80%	0.65%	1.80%	0.94%	0.30%
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	0.00%	0.00%	1.27%	2.48%	4.48%	9.05%	1.07%	26.00%	2.46%	0.60%	0.82%	0.87%

Frequently Asked Questions

Can I hold both MGEMX and DEMIX in my portfolio?

MGEMX and DEMIX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGEMX or DEMIX?

DEMIX has higher volatility (27.03%) compared to MGEMX (13.39%). In terms of maximum drawdown, MGEMX dropped -64.93% vs DEMIX's -63.15%.

Which has better risk-adjusted returns?

DEMIX currently has the higher Sharpe Ratio (5.35 vs -0.41), 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.