PIEFX vs. EMPTX

Last updated Aug 1, 2026

PIEFX (Federated Hermes Emerging Markets Equity Fund) and EMPTX (UBS Emerging Markets Equity Opportunity Fund) are both Emerging Markets Equities funds. Over the past 5 years, PIEFX returned 4.59%/yr vs 6.51%/yr for EMPTX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. PIEFX charges 0.98%/yr vs 0.19%/yr for EMPTX.

Performance

PIEFX vs. EMPTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Emerging Markets Equity Fund (PIEFX) and UBS Emerging Markets Equity Opportunity Fund (EMPTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PIEFX achieves a 20.42% return, which is significantly higher than EMPTX's 19.01% return.

PIEFX

• 1D: 2.69%
• 1M: -8.34%
• 6M: 4.81%
• YTD: 20.42%
• 1Y: 38.36%
• 3Y*: 20.32%
• 5Y*: 4.59%
• 10Y*: —
• ALL TIME*: 10.91%

EMPTX

• 1D: 4.95%
• 1M: -3.02%
• 6M: 7.56%
• YTD: 19.01%
• 1Y: 42.03%
• 3Y*: 20.39%
• 5Y*: 6.51%
• 10Y*: —
• ALL TIME*: 7.94%

*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)
EMPTX UBS Emerging Markets Equity Opportunity Fund	$0.00	$0.00	$0.00
PIEFX Federated Hermes Emerging Markets Equity Fund	$0.00	$0.00	$0.00

PIEFX vs. EMPTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
PIEFX Federated Hermes Emerging Markets Equity Fund	20.42%	36.22%	11.90%	4.79%	-30.60%	0.31%	49.73%	23.04%	-20.95%
EMPTX UBS Emerging Markets Equity Opportunity Fund	19.01%	43.82%	2.51%	8.92%	-25.38%	-9.36%	24.79%	14.98%	0.55%

Correlation

The correlation between PIEFX and EMPTX is 0.80, 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.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (All Time) Calculated using the full available price history since Jun 4, 2018	0.79

The correlation between PIEFX and EMPTX has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

Return for Risk

PIEFX vs. EMPTX — Risk / Return Rank

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

PIEFX

PIEFX Risk / Return Rank: 61
PIEFX Sharpe Ratio Rank: 64
PIEFX Sortino Ratio Rank: 52
PIEFX Omega Ratio Rank: 61
PIEFX Calmar Ratio Rank: 69
PIEFX Martin Ratio Rank: 57

EMPTX

EMPTX Risk / Return Rank: 77
EMPTX Sharpe Ratio Rank: 78
EMPTX Sortino Ratio Rank: 69
EMPTX Omega Ratio Rank: 76
EMPTX Calmar Ratio Rank: 86
EMPTX Martin Ratio Rank: 79

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.

PIEFX vs. EMPTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Emerging Markets Equity Fund (PIEFX) and UBS Emerging Markets Equity Opportunity Fund (EMPTX). 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.

	PIEFX	EMPTX	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.82	-0.22
Sortino ratio: Return per unit of downside risk	2.07	2.33	-0.26
Omega ratio: Gain probability vs. loss probability	1.29	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	2.34	2.98	-0.64
Martin ratio: Return relative to average drawdown	7.80	9.46	-1.66

PIEFX vs. EMPTX - Sharpe Ratio Comparison

The current PIEFX Sharpe Ratio is 1.60, which is comparable to the EMPTX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of PIEFX and EMPTX, 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

PIEFX vs. EMPTX - Drawdown Comparison

The maximum PIEFX drawdown since its inception was -48.43%, which is greater than EMPTX's maximum drawdown of -46.03%. Use the drawdown chart below to compare losses from any high point for PIEFX and EMPTX.

Drawdown Indicators

	PIEFX	EMPTX	Difference
Max Drawdown Largest peak-to-trough decline	-48.43%	-46.03%	-2.40%
Max Drawdown (1Y) Largest decline over 1 year	-17.47%	-14.50%	-2.97%
Max Drawdown (3Y) Largest decline over 3 years	-17.47%	-15.50%	-1.97%
Max Drawdown (5Y) Largest decline over 5 years	-46.27%	-38.78%	-7.49%
Current Drawdown Current decline from peak	-15.24%	-9.54%	-5.70%
Average Drawdown Average peak-to-trough decline	-18.98%	-18.12%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.05%	4.44%	+0.61%

Volatility

PIEFX vs. EMPTX - Volatility Comparison

Federated Hermes Emerging Markets Equity Fund (PIEFX) has a higher volatility of 10.76% compared to UBS Emerging Markets Equity Opportunity Fund (EMPTX) at 10.24%. This indicates that PIEFX's price experiences larger fluctuations and is considered to be riskier than EMPTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PIEFX	EMPTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.76%	10.24%	+0.52%
Volatility (6M) Calculated over the trailing 6-month period	22.51%	21.53%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	25.55%	23.77%	+1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	20.22%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	19.88%	+0.57%

PIEFX vs. EMPTX - Expense Ratio Comparison

PIEFX has a 0.98% expense ratio, which is higher than EMPTX's 0.19% expense ratio.

Dividends

PIEFX vs. EMPTX - Dividend Comparison

PIEFX's dividend yield for the trailing twelve months is around 1.41%, less than EMPTX's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMPTX UBS Emerging Markets Equity Opportunity Fund	1.61%	1.91%	3.40%	3.20%	3.84%	11.93%	1.50%	2.75%	0.54%	0.00%
PIEFX Federated Hermes Emerging Markets Equity Fund	1.41%	1.70%	1.12%	0.63%	0.99%	0.00%	0.00%	0.42%	2.01%	0.44%

Frequently Asked Questions

Can I hold both PIEFX and EMPTX in my portfolio?

PIEFX and EMPTX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIEFX or EMPTX?

PIEFX has higher volatility (10.76%) compared to EMPTX (10.24%). In terms of maximum drawdown, PIEFX dropped -48.43% vs EMPTX's -46.03%.

Which has better risk-adjusted returns?

EMPTX currently has the higher Sharpe Ratio (1.82 vs 1.60), 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.