PAELX vs. IMCDX

Last updated Jul 3, 2026

PAELX (T. Rowe Price Emerging Markets Local Currency Bond Fund) and IMCDX (Voya Emerging Markets Corporate Debt Fund) are both Emerging Markets Bonds funds. At a 0.45 correlation, their price movements are largely independent. PAELX charges 1.10%/yr vs 0.10%/yr for IMCDX.

Performance

PAELX vs. IMCDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Emerging Markets Local Currency Bond Fund (PAELX) and Voya Emerging Markets Corporate Debt Fund (IMCDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PAELX

• 1D: -0.40%
• 1M: -0.45%
• 6M: 0.40%
• YTD: 0.40%
• 1Y: 6.38%
• 3Y*: 5.90%
• 5Y*: 1.35%
• 10Y*: 2.18%

IMCDX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAELX vs. IMCDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAELX T. Rowe Price Emerging Markets Local Currency Bond Fund	0.40%	19.02%	-4.90%	14.00%	-12.54%	-9.77%	3.80%	13.03%	-7.73%	15.33%
IMCDX Voya Emerging Markets Corporate Debt Fund	0.00%	0.00%	6.44%	8.51%	-13.79%	0.08%	8.35%	13.65%	-1.77%	9.40%

Correlation

The correlation between PAELX and IMCDX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jul 31, 2012	0.45

The correlation between PAELX and IMCDX shifts across timeframes, from 0.35 (3 years) to 0.46 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

PAELX vs. IMCDX — Risk / Return Rank

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

PAELX

PAELX Risk / Return Rank: 17
PAELX Sharpe Ratio Rank: 18
PAELX Sortino Ratio Rank: 18
PAELX Omega Ratio Rank: 20
PAELX Calmar Ratio Rank: 14
PAELX Martin Ratio Rank: 14

IMCDX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PAELX vs. IMCDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Emerging Markets Local Currency Bond Fund (PAELX) and Voya Emerging Markets Corporate Debt Fund (IMCDX). 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.

	PAELX	IMCDX	Difference
Sharpe ratio: Return per unit of total volatility	0.92	—	—
Sortino ratio: Return per unit of downside risk	1.35	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	0.93	—	—
Martin ratio: Return relative to average drawdown	2.75	—	—

Drawdowns

Drawdown Indicators

	PAELX	IMCDX	Difference
Max Drawdown Largest peak-to-trough decline	-34.71%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-6.70%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-8.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.15%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-29.32%	—	—
Current Drawdown Current decline from peak	-3.55%	—	—
Average Drawdown Average peak-to-trough decline	-14.92%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	—	—

Volatility

Volatility by Period

	PAELX	IMCDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.76%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.84%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.60%	—	—

PAELX vs. IMCDX - Expense Ratio Comparison

PAELX has a 1.10% expense ratio, which is higher than IMCDX's 0.10% expense ratio.

Dividends

PAELX vs. IMCDX - Dividend Comparison

PAELX's dividend yield for the trailing twelve months is around 5.61%, while IMCDX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCDX Voya Emerging Markets Corporate Debt Fund	0.00%	0.00%	4.08%	4.21%	3.80%	6.14%	4.64%	4.99%	5.30%	4.79%	5.22%	5.11%
PAELX T. Rowe Price Emerging Markets Local Currency Bond Fund	5.61%	5.70%	5.71%	5.06%	4.25%	4.71%	4.03%	5.19%	5.91%	5.40%	5.46%	5.87%

Frequently Asked Questions

Can I hold both PAELX and IMCDX in my portfolio?

PAELX and IMCDX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.