PDEZX vs. IEMFX

Last updated Jun 23, 2026

PDEZX (PGIM Jennison Emerging Markets Equity Opportunities Fund) and IEMFX (T. Rowe Price Institutional Emerging Markets Equity Fund) are both Emerging Markets Diversified funds. Over the past 10 years, PDEZX returned 12.41%/yr vs 8.55%/yr for IEMFX. Their correlation of 0.85 suggests significant overlap in exposure. PDEZX charges 1.05%/yr vs 1.06%/yr for IEMFX.

Performance

PDEZX vs. IEMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Jennison Emerging Markets Equity Opportunities Fund (PDEZX) and T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PDEZX achieves a 36.35% return, which is significantly higher than IEMFX's 32.70% return. Over the past 10 years, PDEZX has outperformed IEMFX with an annualized return of 12.41%, while IEMFX has yielded a comparatively lower 8.55% annualized return.

PDEZX

• 1D: 4.60%
• 1M: 6.60%
• YTD: 36.35%
• 6M: 38.25%
• 1Y: 50.87%
• 3Y*: 26.54%
• 5Y*: 2.35%
• 10Y*: 12.41%

IEMFX

• 1D: 3.39%
• 1M: 8.72%
• YTD: 32.70%
• 6M: 35.41%
• 1Y: 63.88%
• 3Y*: 18.45%
• 5Y*: 3.59%
• 10Y*: 8.55%

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

PDEZX vs. IEMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDEZX PGIM Jennison Emerging Markets Equity Opportunities Fund	36.35%	14.88%	18.48%	16.12%	-41.65%	-0.86%	72.88%	30.33%	-18.26%	40.80%
IEMFX T. Rowe Price Institutional Emerging Markets Equity Fund	32.70%	32.91%	-1.60%	2.26%	-23.34%	-10.61%	17.81%	26.62%	-16.02%	42.87%

Correlation

The correlation between PDEZX and IEMFX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Sep 17, 2014	0.85

The correlation between PDEZX and IEMFX has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

Return for Risk

PDEZX vs. IEMFX — Risk / Return Rank

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

PDEZX

PDEZX Risk / Return Rank: 56
PDEZX Sharpe Ratio Rank: 47
PDEZX Sortino Ratio Rank: 39
PDEZX Omega Ratio Rank: 49
PDEZX Calmar Ratio Rank: 81
PDEZX Martin Ratio Rank: 62

IEMFX

IEMFX Risk / Return Rank: 89
IEMFX Sharpe Ratio Rank: 93
IEMFX Sortino Ratio Rank: 81
IEMFX Omega Ratio Rank: 87
IEMFX Calmar Ratio Rank: 92
IEMFX Martin Ratio Rank: 93

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.

PDEZX vs. IEMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Jennison Emerging Markets Equity Opportunities Fund (PDEZX) and T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX). 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.

	PDEZX	IEMFX	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.94	-1.05
Sortino ratio: Return per unit of downside risk	2.41	3.52	-1.11
Omega ratio: Gain probability vs. loss probability	1.35	1.56	-0.21
Calmar ratio: Return relative to maximum drawdown	3.52	4.68	-1.16
Martin ratio: Return relative to average drawdown	11.46	18.02	-6.56

PDEZX vs. IEMFX - Sharpe Ratio Comparison

The current PDEZX Sharpe Ratio is 1.88, which is lower than the IEMFX Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of PDEZX and IEMFX, 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

PDEZX vs. IEMFX - Drawdown Comparison

The maximum PDEZX drawdown since its inception was -54.95%, smaller than the maximum IEMFX drawdown of -71.65%. Use the drawdown chart below to compare losses from any high point for PDEZX and IEMFX.

Drawdown Indicators

	PDEZX	IEMFX	Difference
Max Drawdown Largest peak-to-trough decline	-54.95%	-71.65%	+16.70%
Max Drawdown (1Y) Largest decline over 1 year	-13.94%	-13.49%	-0.45%
Max Drawdown (3Y) Largest decline over 3 years	-21.92%	-16.34%	-5.58%
Max Drawdown (5Y) Largest decline over 5 years	-52.88%	-42.79%	-10.09%
Max Drawdown (10Y) Largest decline over 10 years	-54.95%	-46.27%	-8.68%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-20.16%	-19.72%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.27%	3.50%	+0.77%

Volatility

PDEZX vs. IEMFX - Volatility Comparison

PGIM Jennison Emerging Markets Equity Opportunities Fund (PDEZX) has a higher volatility of 12.64% compared to T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX) at 11.79%. This indicates that PDEZX's price experiences larger fluctuations and is considered to be riskier than IEMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PDEZX	IEMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.64%	11.79%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	22.93%	19.32%	+3.61%
Volatility (1Y) Calculated over the trailing 1-year period	26.04%	21.49%	+4.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.07%	18.49%	+5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.52%	18.86%	+3.66%

PDEZX vs. IEMFX - Expense Ratio Comparison

PDEZX has a 1.05% expense ratio, which is lower than IEMFX's 1.06% expense ratio.

Dividends

PDEZX vs. IEMFX - Dividend Comparison

PDEZX's dividend yield for the trailing twelve months is around 1.62%, less than IEMFX's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMFX T. Rowe Price Institutional Emerging Markets Equity Fund	1.83%	2.43%	0.92%	1.88%	3.87%	3.07%	0.56%	1.43%	1.15%	0.54%	0.83%	0.69%
PDEZX PGIM Jennison Emerging Markets Equity Opportunities Fund	1.62%	2.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PDEZX and IEMFX in my portfolio?

With a correlation of 0.90, PDEZX and IEMFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PDEZX or IEMFX?

PDEZX has higher volatility (12.64%) compared to IEMFX (11.79%). In terms of maximum drawdown, PDEZX dropped -54.95% vs IEMFX's -71.65%.

Which has better risk-adjusted returns?

IEMFX currently has the higher Sharpe Ratio (2.94 vs 1.88), 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.