PAIJX vs. DODEX

Last updated Aug 1, 2026

PAIJX (T. Rowe Price Emerging Markets Discovery Stock Fund) and DODEX (Dodge & Cox Emerging Markets Stock Fund) are both Emerging Markets Equities funds. Over the past 5 years, PAIJX returned 9.52%/yr vs 10.47%/yr for DODEX. Their correlation of 0.91 means they have usually moved in the same direction. PAIJX charges 1.60%/yr vs 0.70%/yr for DODEX.

Performance

PAIJX vs. DODEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAIJX achieves a 18.11% return, which is significantly lower than DODEX's 19.88% return.

PAIJX

• 1D: 4.01%
• 1M: -1.36%
• 6M: 7.20%
• YTD: 18.11%
• 1Y: 42.06%
• 3Y*: 19.21%
• 5Y*: 9.52%
• 10Y*: 9.71%
• ALL TIME*: 9.38%

DODEX

• 1D: 3.08%
• 1M: -1.89%
• 6M: 8.75%
• YTD: 19.88%
• 1Y: 41.63%
• 3Y*: 20.86%
• 5Y*: 10.47%
• 10Y*: —
• ALL TIME*: 8.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DODEX Dodge & Cox Emerging Markets Stock Fund	$0.00	$0.00	$0.00
PAIJX T. Rowe Price Emerging Markets Discovery Stock Fund	$0.00	$0.00	$0.00

PAIJX vs. DODEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PAIJX T. Rowe Price Emerging Markets Discovery Stock Fund	18.11%	37.89%	5.37%	10.72%	-16.04%	-4.65%
DODEX Dodge & Cox Emerging Markets Stock Fund	19.88%	38.64%	7.47%	13.37%	-14.91%	-9.57%

Correlation

The correlation between PAIJX and DODEX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (All Time) Calculated using the full available price history since May 20, 2021	0.91

The correlation between PAIJX and DODEX has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

PAIJX vs. DODEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PAIJX

PAIJX Risk / Return Rank: 73
PAIJX Sharpe Ratio Rank: 73
PAIJX Sortino Ratio Rank: 64
PAIJX Omega Ratio Rank: 74
PAIJX Calmar Ratio Rank: 84
PAIJX Martin Ratio Rank: 70

DODEX

DODEX Risk / Return Rank: 88
DODEX Sharpe Ratio Rank: 90
DODEX Sortino Ratio Rank: 83
DODEX Omega Ratio Rank: 84
DODEX Calmar Ratio Rank: 92
DODEX Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PAIJX vs. DODEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). 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.

	PAIJX	DODEX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.25	-0.49
Sortino ratio: Return per unit of downside risk	2.30	2.91	-0.62
Omega ratio: Gain probability vs. loss probability	1.33	1.40	-0.07
Calmar ratio: Return relative to maximum drawdown	2.97	3.53	-0.56
Martin ratio: Return relative to average drawdown	8.90	12.12	-3.22

PAIJX vs. DODEX - Sharpe Ratio Comparison

The current PAIJX Sharpe Ratio is 1.76, which is comparable to the DODEX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of PAIJX and DODEX, 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

PAIJX vs. DODEX - Drawdown Comparison

The maximum PAIJX drawdown since its inception was -42.19%, which is greater than DODEX's maximum drawdown of -37.01%. Use the drawdown chart below to compare losses from any high point for PAIJX and DODEX.

Drawdown Indicators

	PAIJX	DODEX	Difference
Max Drawdown Largest peak-to-trough decline	-42.19%	-37.01%	-5.18%
Max Drawdown (1Y) Largest decline over 1 year	-13.29%	-10.97%	-2.32%
Max Drawdown (3Y) Largest decline over 3 years	-16.35%	-16.15%	-0.20%
Max Drawdown (5Y) Largest decline over 5 years	-30.91%	-33.05%	+2.14%
Max Drawdown (10Y) Largest decline over 10 years	-42.19%	—	—
Current Drawdown Current decline from peak	-9.76%	-4.81%	-4.95%
Average Drawdown Average peak-to-trough decline	-10.29%	-12.50%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	3.19%	+1.24%

Volatility

PAIJX vs. DODEX - Volatility Comparison

T. Rowe Price Emerging Markets Discovery Stock Fund (PAIJX) has a higher volatility of 9.40% compared to Dodge & Cox Emerging Markets Stock Fund (DODEX) at 6.48%. This indicates that PAIJX's price experiences larger fluctuations and is considered to be riskier than DODEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAIJX	DODEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.40%	6.48%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	20.53%	15.26%	+5.27%
Volatility (1Y) Calculated over the trailing 1-year period	22.44%	17.22%	+5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.76%	17.21%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	17.10%	+0.98%

PAIJX vs. DODEX - Expense Ratio Comparison

PAIJX has a 1.60% expense ratio, which is higher than DODEX's 0.70% expense ratio.

Dividends

PAIJX vs. DODEX - Dividend Comparison

PAIJX's dividend yield for the trailing twelve months is around 3.56%, more than DODEX's 2.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODEX Dodge & Cox Emerging Markets Stock Fund	2.36%	2.83%	1.94%	1.92%	1.93%	1.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAIJX T. Rowe Price Emerging Markets Discovery Stock Fund	3.56%	4.20%	2.72%	2.71%	1.85%	2.24%	0.00%	2.49%	1.24%	3.68%	3.00%	1.53%

Frequently Asked Questions

Can I hold both PAIJX and DODEX in my portfolio?

PAIJX and DODEX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAIJX or DODEX?

PAIJX has higher volatility (9.40%) compared to DODEX (6.48%). In terms of maximum drawdown, PAIJX dropped -42.19% vs DODEX's -37.01%.

Which has better risk-adjusted returns?

DODEX currently has the higher Sharpe Ratio (2.25 vs 1.76), 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.