MSA.TO vs. DEMIX

Last updated Jun 13, 2026

MSA.TO (Mineros S.A.) is a stock, while DEMIX (Delaware Emerging Markets Fund) is Emerging Markets Diversified fund managed by Delaware Funds. Over the past 3 years, MSA.TO returned 131.00%/yr vs 65.78%/yr for DEMIX. At a 0.12 correlation, their price movements are largely independent.

Performance

MSA.TO vs. DEMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mineros S.A. (MSA.TO) and Delaware Emerging Markets Fund (DEMIX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MSA.TO is traded in CAD, while DEMIX is traded in USD. To make them comparable, the DEMIX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MSA.TO achieves a 9.79% return, which is significantly lower than DEMIX's 107.53% return.

MSA.TO

• 1D: 8.16%
• 1M: 11.93%
• YTD: 9.79%
• 6M: 10.18%
• 1Y: 148.13%
• 3Y*: 131.00%
• 5Y*: —
• 10Y*: —

DEMIX

• 1D: 11.38%
• 1M: 14.42%
• YTD: 107.53%
• 6M: 124.62%
• 1Y: 223.68%
• 3Y*: 65.78%
• 5Y*: 28.64%
• 10Y*: 22.47%

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

MSA.TO vs. DEMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MSA.TO Mineros S.A.	9.79%	300.72%	158.75%	7.02%	-32.00%	-1.74%
DEMIX Delaware Emerging Markets Fund	107.53%	78.27%	15.54%	14.79%	-24.14%	0.95%

Correlation

The correlation between MSA.TO and DEMIX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since Nov 19, 2021	0.12

Return for Risk

MSA.TO vs. DEMIX — Risk / Return Rank

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

MSA.TO

MSA.TO Risk / Return Rank: 88
MSA.TO Sharpe Ratio Rank: 94
MSA.TO Sortino Ratio Rank: 87
MSA.TO Omega Ratio Rank: 87
MSA.TO Calmar Ratio Rank: 87
MSA.TO Martin Ratio Rank: 87

DEMIX

DEMIX Risk / Return Rank: 97
DEMIX Sharpe Ratio Rank: 99
DEMIX Sortino Ratio Rank: 93
DEMIX Omega Ratio Rank: 94
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.

MSA.TO vs. DEMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mineros S.A. (MSA.TO) 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.

	MSA.TO	DEMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.62	5.08	-2.47
Sortino ratio: Return per unit of downside risk	2.78	4.41	-1.62
Omega ratio: Gain probability vs. loss probability	1.36	1.73	-0.37
Calmar ratio: Return relative to maximum drawdown	3.63	11.13	-7.49
Martin ratio: Return relative to average drawdown	9.05	39.73	-30.69

MSA.TO vs. DEMIX - Sharpe Ratio Comparison

The current MSA.TO Sharpe Ratio is 2.62, which is lower than the DEMIX Sharpe Ratio of 5.08. The chart below compares the historical Sharpe Ratios of MSA.TO 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

MSA.TO vs. DEMIX - Drawdown Comparison

The maximum MSA.TO drawdown since its inception was -49.92%, roughly equal to the maximum DEMIX drawdown of -51.02%. Use the drawdown chart below to compare losses from any high point for MSA.TO and DEMIX.

Drawdown Indicators

	MSA.TO	DEMIX	Difference
Max Drawdown Largest peak-to-trough decline	-49.92%	-51.02%	+1.10%
Max Drawdown (1Y) Largest decline over 1 year	-40.74%	-19.85%	-20.89%
Max Drawdown (3Y) Largest decline over 3 years	-40.74%	-19.85%	-20.89%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.34%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.65%	—
Current Drawdown Current decline from peak	-18.78%	-3.53%	-15.25%
Average Drawdown Average peak-to-trough decline	-19.07%	-11.13%	-7.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.34%	5.54%	+10.80%

Volatility

MSA.TO vs. DEMIX - Volatility Comparison

The current volatility for Mineros S.A. (MSA.TO) is 23.24%, while Delaware Emerging Markets Fund (DEMIX) has a volatility of 25.99%. This indicates that MSA.TO 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

	MSA.TO	DEMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.24%	25.99%	-2.75%
Volatility (6M) Calculated over the trailing 6-month period	43.41%	40.00%	+3.41%
Volatility (1Y) Calculated over the trailing 1-year period	56.68%	43.46%	+13.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.32%	27.18%	+26.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.32%	24.47%	+28.85%

Dividends

MSA.TO vs. DEMIX - Dividend Comparison

MSA.TO's dividend yield for the trailing twelve months is around 2.26%, less than DEMIX's 9.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMIX Delaware Emerging Markets Fund	9.31%	18.97%	1.99%	2.95%	1.89%	3.42%	0.87%	0.80%	0.65%	1.80%	0.94%	0.30%
MSA.TO Mineros S.A.	2.26%	2.49%	8.48%	14.20%	13.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSA.TO and DEMIX in my portfolio?

MSA.TO and DEMIX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.