POLEX vs. EMPTX

Last updated Jul 2, 2026

POLEX (Polar Capital Emerging Market Stars Fund) and EMPTX (UBS Emerging Markets Equity Opportunity Fund) are both Emerging Markets Diversified funds. Over the past 5 years, POLEX returned 4.73%/yr vs 6.01%/yr for EMPTX. A 0.77 correlation means they provide meaningful diversification when combined. POLEX charges 1.00%/yr vs 0.19%/yr for EMPTX.

Performance

POLEX vs. EMPTX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with POLEX having a 26.01% return and EMPTX slightly lower at 25.29%.

POLEX

• 1D: 1.90%
• 1M: -1.91%
• YTD: 26.01%
• 6M: 26.01%
• 1Y: 45.74%
• 3Y*: 20.79%
• 5Y*: 4.73%
• 10Y*: —

EMPTX

• 1D: 1.07%
• 1M: -2.51%
• YTD: 25.29%
• 6M: 25.29%
• 1Y: 51.89%
• 3Y*: 24.69%
• 5Y*: 6.01%
• 10Y*: —

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

POLEX vs. EMPTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
POLEX Polar Capital Emerging Market Stars Fund	26.01%	25.80%	6.91%	12.41%	-29.27%	-6.12%
EMPTX UBS Emerging Markets Equity Opportunity Fund	25.29%	43.82%	2.51%	8.92%	-25.38%	-13.85%

Correlation

The correlation between POLEX and EMPTX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021	0.77

The correlation between POLEX and EMPTX has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.

Return for Risk

POLEX vs. EMPTX — Risk / Return Rank

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

POLEX

POLEX Risk / Return Rank: 77
POLEX Sharpe Ratio Rank: 78
POLEX Sortino Ratio Rank: 63
POLEX Omega Ratio Rank: 75
POLEX Calmar Ratio Rank: 89
POLEX Martin Ratio Rank: 83

EMPTX

EMPTX Risk / Return Rank: 88
EMPTX Sharpe Ratio Rank: 92
EMPTX Sortino Ratio Rank: 81
EMPTX Omega Ratio Rank: 85
EMPTX Calmar Ratio Rank: 90
EMPTX Martin Ratio Rank: 90

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.

POLEX vs. EMPTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polar Capital Emerging Market Stars Fund (POLEX) 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.

	POLEX	EMPTX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.66	-0.53
Sortino ratio: Return per unit of downside risk	2.63	3.18	-0.55
Omega ratio: Gain probability vs. loss probability	1.39	1.48	-0.09
Calmar ratio: Return relative to maximum drawdown	3.78	3.98	-0.20
Martin ratio: Return relative to average drawdown	12.63	14.78	-2.16

POLEX vs. EMPTX - Sharpe Ratio Comparison

The current POLEX Sharpe Ratio is 2.13, which is comparable to the EMPTX Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of POLEX 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

POLEX vs. EMPTX - Drawdown Comparison

The maximum POLEX drawdown since its inception was -45.74%, roughly equal to the maximum EMPTX drawdown of -46.03%. Use the drawdown chart below to compare losses from any high point for POLEX and EMPTX.

Drawdown Indicators

	POLEX	EMPTX	Difference
Max Drawdown Largest peak-to-trough decline	-45.74%	-46.03%	+0.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-14.50%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-21.94%	-15.50%	-6.44%
Max Drawdown (5Y) Largest decline over 5 years	-41.75%	-40.13%	-1.62%
Current Drawdown Current decline from peak	-2.73%	-4.77%	+2.04%
Average Drawdown Average peak-to-trough decline	-22.94%	-18.23%	-4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	3.76%	+0.18%

Volatility

POLEX vs. EMPTX - Volatility Comparison

Polar Capital Emerging Market Stars Fund (POLEX) has a higher volatility of 13.37% compared to UBS Emerging Markets Equity Opportunity Fund (EMPTX) at 11.54%. This indicates that POLEX'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

	POLEX	EMPTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.37%	11.54%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	21.54%	19.28%	+2.26%
Volatility (1Y) Calculated over the trailing 1-year period	24.39%	21.66%	+2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.40%	19.87%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	19.66%	+1.60%

POLEX vs. EMPTX - Expense Ratio Comparison

POLEX has a 1.00% expense ratio, which is higher than EMPTX's 0.19% expense ratio.

Dividends

POLEX vs. EMPTX - Dividend Comparison

POLEX has not paid dividends to shareholders, while EMPTX's dividend yield for the trailing twelve months is around 1.53%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EMPTX UBS Emerging Markets Equity Opportunity Fund	1.53%	1.91%	3.40%	3.20%	3.84%	11.93%	1.50%	2.75%	0.54%
POLEX Polar Capital Emerging Market Stars Fund	0.00%	0.00%	0.31%	0.42%	0.00%	3.60%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both POLEX and EMPTX in my portfolio?

POLEX and EMPTX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, POLEX or EMPTX?

POLEX has higher volatility (13.37%) compared to EMPTX (11.54%). In terms of maximum drawdown, POLEX dropped -45.74% vs EMPTX's -46.03%.

Which has better risk-adjusted returns?

EMPTX currently has the higher Sharpe Ratio (2.66 vs 2.13), 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.