PEAFX vs. IIF

Last updated Jun 4, 2026

PEAFX (PIMCO RAE Emerging Markets Fund Class A) and IIF (Morgan Stanley India Investment Fund) are both Emerging Markets Equities funds. Over the past 10 years, PEAFX returned 11.41%/yr vs 7.75%/yr for IIF. A 0.57 correlation means they provide meaningful diversification when combined. PEAFX charges 1.10%/yr vs 0.01%/yr for IIF.

Performance

PEAFX vs. IIF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAE Emerging Markets Fund Class A (PEAFX) and Morgan Stanley India Investment Fund (IIF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEAFX achieves a 18.16% return, which is significantly higher than IIF's -15.01% return. Over the past 10 years, PEAFX has outperformed IIF with an annualized return of 11.41%, while IIF has yielded a comparatively lower 7.75% annualized return.

PEAFX

• 1D: 0.82%
• 1M: 2.95%
• YTD: 18.16%
• 6M: 14.06%
• 1Y: 30.79%
• 3Y*: 17.61%
• 5Y*: 8.10%
• 10Y*: 11.41%

IIF

• 1D: -1.71%
• 1M: -2.84%
• YTD: -15.01%
• 6M: -13.88%
• 1Y: -14.93%
• 3Y*: 11.82%
• 5Y*: 7.31%
• 10Y*: 7.75%

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

PEAFX vs. IIF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEAFX PIMCO RAE Emerging Markets Fund Class A	18.16%	20.25%	1.14%	22.28%	-10.71%	15.47%	6.43%	13.30%	-12.77%	28.91%
IIF Morgan Stanley India Investment Fund	-15.01%	6.71%	29.65%	21.43%	-9.55%	30.87%	6.66%	-0.66%	-21.25%	49.89%

Correlation

The correlation between PEAFX and IIF is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.57

The correlation between PEAFX and IIF shifts across timeframes, from 0.38 (1 year) to 0.57 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PEAFX vs. IIF — Risk / Return Rank

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

PEAFX

PEAFX Risk / Return Rank: 56
PEAFX Sharpe Ratio Rank: 59
PEAFX Sortino Ratio Rank: 47
PEAFX Omega Ratio Rank: 57
PEAFX Calmar Ratio Rank: 68
PEAFX Martin Ratio Rank: 52

IIF

IIF Risk / Return Rank: 1
IIF Sharpe Ratio Rank: 1
IIF Sortino Ratio Rank: 1
IIF Omega Ratio Rank: 1
IIF Calmar Ratio Rank: 1
IIF Martin Ratio Rank: 0

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.

PEAFX vs. IIF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAE Emerging Markets Fund Class A (PEAFX) and Morgan Stanley India Investment Fund (IIF). 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.

	PEAFX	IIF	Difference
Sharpe ratio: Return per unit of total volatility	2.26	-0.95	+3.21
Sortino ratio: Return per unit of downside risk	2.88	-1.36	+4.24
Omega ratio: Gain probability vs. loss probability	1.42	0.85	+0.57
Calmar ratio: Return relative to maximum drawdown	3.19	-0.62	+3.81
Martin ratio: Return relative to average drawdown	10.66	-1.50	+12.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEAFX vs. IIF - Sharpe Ratio Comparison

The current PEAFX Sharpe Ratio is 2.26, which is higher than the IIF Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of PEAFX and IIF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PEAFX	IIF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	-0.95	+3.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.47	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.39	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.38	+0.32

Drawdowns

PEAFX vs. IIF - Drawdown Comparison

The maximum PEAFX drawdown since its inception was -47.18%, smaller than the maximum IIF drawdown of -62.11%. Use the drawdown chart below to compare losses from any high point for PEAFX and IIF.

Drawdown Indicators

	PEAFX	IIF	Difference
Max Drawdown Largest peak-to-trough decline	-47.18%	-62.11%	+14.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-24.05%	+14.07%
Max Drawdown (3Y) Largest decline over 3 years	-22.22%	-24.05%	+1.83%
Max Drawdown (5Y) Largest decline over 5 years	-28.57%	-24.05%	-4.52%
Max Drawdown (10Y) Largest decline over 10 years	-47.18%	-59.05%	+11.87%
Current Drawdown Current decline from peak	0.00%	-19.22%	+19.22%
Average Drawdown Average peak-to-trough decline	-10.17%	-19.78%	+9.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	9.99%	-7.02%

Volatility

PEAFX vs. IIF - Volatility Comparison

The current volatility for PIMCO RAE Emerging Markets Fund Class A (PEAFX) is 4.63%, while Morgan Stanley India Investment Fund (IIF) has a volatility of 5.32%. This indicates that PEAFX experiences smaller price fluctuations and is considered to be less risky than IIF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEAFX	IIF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.63%	5.32%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	11.86%	13.33%	-1.47%
Volatility (1Y) Calculated over the trailing 1-year period	14.07%	15.82%	-1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.85%	15.72%	-0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.13%	19.79%	-2.66%

PEAFX vs. IIF - Expense Ratio Comparison

PEAFX has a 1.10% expense ratio, which is higher than IIF's 0.01% expense ratio.

Dividends

PEAFX vs. IIF - Dividend Comparison

PEAFX's dividend yield for the trailing twelve months is around 2.52%, less than IIF's 9.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IIF Morgan Stanley India Investment Fund	9.35%	7.95%	10.67%	14.61%	19.62%	3.75%	0.02%	0.14%	30.40%	15.23%	4.46%	0.16%
PEAFX PIMCO RAE Emerging Markets Fund Class A	2.52%	2.97%	1.01%	4.01%	11.33%	9.19%	7.05%	2.48%	11.05%	8.07%	2.59%	0.00%

Frequently Asked Questions

Can I hold both PEAFX and IIF in my portfolio?

PEAFX and IIF have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEAFX or IIF?

IIF has higher volatility (5.32%) compared to PEAFX (4.63%). In terms of maximum drawdown, PEAFX dropped -47.18% vs IIF's -62.11%.

Which has better risk-adjusted returns?

PEAFX currently has the higher Sharpe Ratio (2.26 vs -0.95), 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.