PCEMX vs. EAEMX

Last updated Aug 1, 2026

PCEMX (PACE International Emerging Markets Equity Investments) and EAEMX (Parametric Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 10 years, PCEMX returned 8.97%/yr vs 6.24%/yr for EAEMX. Their correlation of 0.90 means they have usually moved in the same direction. PCEMX charges 1.20%/yr vs 1.58%/yr for EAEMX.

Performance

PCEMX vs. EAEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PACE International Emerging Markets Equity Investments (PCEMX) and Parametric Emerging Markets Fund (EAEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PCEMX achieves a 22.93% return, which is significantly higher than EAEMX's 9.08% return. Over the past 10 years, PCEMX has outperformed EAEMX with an annualized return of 8.97%, while EAEMX has yielded a comparatively lower 6.24% annualized return.

PCEMX

• 1D: 3.34%
• 1M: 0.14%
• 6M: 11.62%
• YTD: 22.93%
• 1Y: 43.05%
• 3Y*: 19.46%
• 5Y*: 8.64%
• 10Y*: 8.97%
• ALL TIME*: 5.30%

EAEMX

• 1D: 1.89%
• 1M: 0.59%
• 6M: 1.45%
• YTD: 9.08%
• 1Y: 21.36%
• 3Y*: 12.86%
• 5Y*: 7.08%
• 10Y*: 6.24%
• ALL TIME*: 5.01%

*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)
EAEMX Parametric Emerging Markets Fund	$0.00	$0.00	$0.00
PCEMX PACE International Emerging Markets Equity Investments	$0.00	$0.00	$0.00

PCEMX vs. EAEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PCEMX PACE International Emerging Markets Equity Investments	22.93%	36.75%	4.15%	10.33%	-18.97%	-1.79%	20.13%	19.01%	-16.42%	34.14%
EAEMX Parametric Emerging Markets Fund	9.08%	27.16%	5.39%	9.46%	-11.27%	4.19%	2.65%	12.32%	-14.02%	27.03%

Correlation

The correlation between PCEMX and EAEMX is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (10Y) Provides a long-term view across more market conditions.	0.86
Correlation (All Time) Calculated using the full available price history since Jun 30, 2006	0.90

The correlation between PCEMX and EAEMX shifts across timeframes, from 0.74 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PCEMX vs. EAEMX — Risk / Return Rank

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

PCEMX

PCEMX Risk / Return Rank: 83
PCEMX Sharpe Ratio Rank: 87
PCEMX Sortino Ratio Rank: 78
PCEMX Omega Ratio Rank: 81
PCEMX Calmar Ratio Rank: 87
PCEMX Martin Ratio Rank: 83

EAEMX

EAEMX Risk / Return Rank: 61
EAEMX Sharpe Ratio Rank: 66
EAEMX Sortino Ratio Rank: 62
EAEMX Omega Ratio Rank: 69
EAEMX Calmar Ratio Rank: 59
EAEMX Martin Ratio Rank: 47

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.

PCEMX vs. EAEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PACE International Emerging Markets Equity Investments (PCEMX) and Parametric Emerging Markets Fund (EAEMX). 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.

	PCEMX	EAEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.55	+0.62
Sortino ratio: Return per unit of downside risk	2.74	2.15	+0.59
Omega ratio: Gain probability vs. loss probability	1.39	1.30	+0.09
Calmar ratio: Return relative to maximum drawdown	3.09	2.01	+1.07
Martin ratio: Return relative to average drawdown	10.40	6.59	+3.81

PCEMX vs. EAEMX - Sharpe Ratio Comparison

The current PCEMX Sharpe Ratio is 2.17, which is higher than the EAEMX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of PCEMX and EAEMX, 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

PCEMX vs. EAEMX - Drawdown Comparison

The maximum PCEMX drawdown since its inception was -65.32%, roughly equal to the maximum EAEMX drawdown of -62.70%. Use the drawdown chart below to compare losses from any high point for PCEMX and EAEMX.

Drawdown Indicators

	PCEMX	EAEMX	Difference
Max Drawdown Largest peak-to-trough decline	-65.32%	-62.70%	-2.62%
Max Drawdown (1Y) Largest decline over 1 year	-14.42%	-9.90%	-4.52%
Max Drawdown (3Y) Largest decline over 3 years	-18.18%	-11.74%	-6.44%
Max Drawdown (5Y) Largest decline over 5 years	-34.55%	-24.73%	-9.82%
Max Drawdown (10Y) Largest decline over 10 years	-39.17%	-44.16%	+4.99%
Current Drawdown Current decline from peak	-5.47%	-3.68%	-1.79%
Average Drawdown Average peak-to-trough decline	-20.79%	-13.40%	-7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	3.02%	+1.14%

Volatility

PCEMX vs. EAEMX - Volatility Comparison

PACE International Emerging Markets Equity Investments (PCEMX) has a higher volatility of 6.37% compared to Parametric Emerging Markets Fund (EAEMX) at 3.99%. This indicates that PCEMX's price experiences larger fluctuations and is considered to be riskier than EAEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PCEMX	EAEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.37%	3.99%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	18.25%	11.47%	+6.78%
Volatility (1Y) Calculated over the trailing 1-year period	20.53%	12.85%	+7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.94%	11.86%	+6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	13.40%	+4.29%

PCEMX vs. EAEMX - Expense Ratio Comparison

PCEMX has a 1.20% expense ratio, which is lower than EAEMX's 1.58% expense ratio.

Dividends

PCEMX vs. EAEMX - Dividend Comparison

PCEMX's dividend yield for the trailing twelve months is around 3.99%, more than EAEMX's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EAEMX Parametric Emerging Markets Fund	2.59%	2.83%	3.00%	2.71%	4.40%	1.64%	1.08%	2.48%	2.14%	2.31%	1.52%	1.68%
PCEMX PACE International Emerging Markets Equity Investments	3.99%	4.91%	1.22%	1.44%	2.52%	11.70%	1.10%	1.04%	1.84%	1.16%	1.09%	1.09%

Frequently Asked Questions

Can I hold both PCEMX and EAEMX in my portfolio?

PCEMX and EAEMX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCEMX or EAEMX?

PCEMX has higher volatility (6.37%) compared to EAEMX (3.99%). In terms of maximum drawdown, PCEMX dropped -65.32% vs EAEMX's -62.70%.

Which has better risk-adjusted returns?

PCEMX currently has the higher Sharpe Ratio (2.17 vs 1.55), 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.