PGEIX vs. IEMGX

Last updated Jun 5, 2026

PGEIX (Polen Global Emerging Markets Growth Fund) and IEMGX (Voya Multi-Manager Emerging Markets Equity Fund) are both Emerging Markets Diversified funds. Over the past year, PGEIX returned 11.27% vs 77.09% for IEMGX. Their correlation of 0.82 suggests significant overlap in exposure. PGEIX charges 1.25%/yr vs 1.15%/yr for IEMGX.

Performance

PGEIX vs. IEMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polen Global Emerging Markets Growth Fund (PGEIX) and Voya Multi-Manager Emerging Markets Equity Fund (IEMGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGEIX achieves a 4.01% return, which is significantly lower than IEMGX's 37.69% return.

PGEIX

• 1D: -0.48%
• 1M: -19.61%
• YTD: 4.01%
• 6M: 6.47%
• 1Y: 11.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IEMGX

• 1D: -0.73%
• 1M: 10.57%
• YTD: 37.69%
• 6M: 42.32%
• 1Y: 77.09%
• 3Y*: 29.87%
• 5Y*: 9.53%
• 10Y*: 11.92%

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

PGEIX vs. IEMGX - Yearly Performance Comparison

	2026 (YTD)	2025
PGEIX Polen Global Emerging Markets Growth Fund	4.01%	16.07%
IEMGX Voya Multi-Manager Emerging Markets Equity Fund	37.69%	40.69%

Correlation

The correlation between PGEIX and IEMGX is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	0.82

The correlation between PGEIX and IEMGX has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

Return for Risk

PGEIX vs. IEMGX — Risk / Return Rank

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

PGEIX

PGEIX Risk / Return Rank: 7
PGEIX Sharpe Ratio Rank: 6
PGEIX Sortino Ratio Rank: 6
PGEIX Omega Ratio Rank: 9
PGEIX Calmar Ratio Rank: 6
PGEIX Martin Ratio Rank: 7

IEMGX

IEMGX Risk / Return Rank: 95
IEMGX Sharpe Ratio Rank: 99
IEMGX Sortino Ratio Rank: 94
IEMGX Omega Ratio Rank: 93
IEMGX Calmar Ratio Rank: 95
IEMGX Martin Ratio Rank: 95

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.

PGEIX vs. IEMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polen Global Emerging Markets Growth Fund (PGEIX) and Voya Multi-Manager Emerging Markets Equity Fund (IEMGX). 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.

	PGEIX	IEMGX	Difference
Sharpe ratio: Return per unit of total volatility	0.40	4.22	-3.81
Sortino ratio: Return per unit of downside risk	0.68	4.86	-4.18
Omega ratio: Gain probability vs. loss probability	1.13	1.73	-0.60
Calmar ratio: Return relative to maximum drawdown	0.46	5.79	-5.33
Martin ratio: Return relative to average drawdown	1.77	22.01	-20.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGEIX vs. IEMGX - Sharpe Ratio Comparison

The current PGEIX Sharpe Ratio is 0.40, which is lower than the IEMGX Sharpe Ratio of 4.22. The chart below compares the historical Sharpe Ratios of PGEIX and IEMGX, 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

	PGEIX	IEMGX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.40	4.22	-3.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.54	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.43	+0.22

Drawdowns

PGEIX vs. IEMGX - Drawdown Comparison

The maximum PGEIX drawdown since its inception was -29.87%, smaller than the maximum IEMGX drawdown of -41.87%. Use the drawdown chart below to compare losses from any high point for PGEIX and IEMGX.

Drawdown Indicators

	PGEIX	IEMGX	Difference
Max Drawdown Largest peak-to-trough decline	-29.87%	-41.87%	+12.00%
Max Drawdown (1Y) Largest decline over 1 year	-29.87%	-15.85%	-14.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-39.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.87%	—
Current Drawdown Current decline from peak	-22.38%	-0.73%	-21.65%
Average Drawdown Average peak-to-trough decline	-4.10%	-15.10%	+11.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.96%	—

Volatility

PGEIX vs. IEMGX - Volatility Comparison

Polen Global Emerging Markets Growth Fund (PGEIX) has a higher volatility of 27.05% compared to Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) at 8.44%. This indicates that PGEIX's price experiences larger fluctuations and is considered to be riskier than IEMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGEIX	IEMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.05%	8.44%	+18.61%
Volatility (6M) Calculated over the trailing 6-month period	32.22%	18.31%	+13.91%
Volatility (1Y) Calculated over the trailing 1-year period	34.09%	21.78%	+12.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.98%	18.08%	+14.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.98%	18.31%	+14.67%

PGEIX vs. IEMGX - Expense Ratio Comparison

PGEIX has a 1.25% expense ratio, which is higher than IEMGX's 1.15% expense ratio.

Dividends

PGEIX vs. IEMGX - Dividend Comparison

PGEIX has not paid dividends to shareholders, while IEMGX's dividend yield for the trailing twelve months is around 4.36%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMGX Voya Multi-Manager Emerging Markets Equity Fund	4.36%	6.01%	4.66%	1.99%	4.22%	19.49%	3.91%	2.69%	1.01%	1.39%	1.17%	1.53%
PGEIX Polen Global Emerging Markets Growth Fund	0.00%	0.00%	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 PGEIX and IEMGX in my portfolio?

PGEIX and IEMGX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGEIX or IEMGX?

PGEIX has higher volatility (27.05%) compared to IEMGX (8.44%). In terms of maximum drawdown, PGEIX dropped -29.87% vs IEMGX's -41.87%.

Which has better risk-adjusted returns?

IEMGX currently has the higher Sharpe Ratio (4.22 vs 0.40), 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.