POLEX vs. ESCIX

Last updated Jul 2, 2026

POLEX (Polar Capital Emerging Market Stars Fund) and ESCIX (Ashmore Emerging Markets Small Cap Equity Fund) are both Emerging Markets Diversified funds. Over the past 5 years, POLEX returned 4.73%/yr vs 4.60%/yr for ESCIX. A 0.69 correlation means they provide meaningful diversification when combined. POLEX charges 1.00%/yr vs 1.52%/yr for ESCIX.

Performance

POLEX vs. ESCIX - Performance Comparison

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

Returns By Period

In the year-to-date period, POLEX achieves a 26.01% return, which is significantly higher than ESCIX's 8.91% return.

POLEX

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

ESCIX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 8.91%
• 6M: 8.91%
• 1Y: 19.67%
• 3Y*: 14.63%
• 5Y*: 4.60%
• 10Y*: 9.61%

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

POLEX vs. ESCIX - 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%
ESCIX Ashmore Emerging Markets Small Cap Equity Fund	8.91%	26.07%	3.55%	19.64%	-24.45%	11.54%

Correlation

The correlation between POLEX and ESCIX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021	0.69

Over the past year, the correlation between POLEX and ESCIX has dropped to 0.42 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

Return for Risk

POLEX vs. ESCIX — 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

ESCIX

ESCIX Risk / Return Rank: 81
ESCIX Sharpe Ratio Rank: 72
ESCIX Sortino Ratio Rank: 74
ESCIX Omega Ratio Rank: 83
ESCIX Calmar Ratio Rank: 89
ESCIX Martin Ratio Rank: 88

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. ESCIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polar Capital Emerging Market Stars Fund (POLEX) and Ashmore Emerging Markets Small Cap Equity Fund (ESCIX). 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	ESCIX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.00	+0.13
Sortino ratio: Return per unit of downside risk	2.63	2.92	-0.28
Omega ratio: Gain probability vs. loss probability	1.39	1.45	-0.06
Calmar ratio: Return relative to maximum drawdown	3.78	3.78	0.00
Martin ratio: Return relative to average drawdown	12.63	13.97	-1.35

POLEX vs. ESCIX - Sharpe Ratio Comparison

The current POLEX Sharpe Ratio is 2.13, which is comparable to the ESCIX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of POLEX and ESCIX, 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. ESCIX - Drawdown Comparison

The maximum POLEX drawdown since its inception was -45.74%, smaller than the maximum ESCIX drawdown of -48.76%. Use the drawdown chart below to compare losses from any high point for POLEX and ESCIX.

Drawdown Indicators

	POLEX	ESCIX	Difference
Max Drawdown Largest peak-to-trough decline	-45.74%	-48.76%	+3.02%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-5.70%	-8.05%
Max Drawdown (3Y) Largest decline over 3 years	-21.94%	-19.97%	-1.97%
Max Drawdown (5Y) Largest decline over 5 years	-41.75%	-36.59%	-5.16%
Max Drawdown (10Y) Largest decline over 10 years	—	-48.76%	—
Current Drawdown Current decline from peak	-2.73%	-0.74%	-1.99%
Average Drawdown Average peak-to-trough decline	-22.94%	-13.27%	-9.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	1.52%	+2.42%

Volatility

POLEX vs. ESCIX - Volatility Comparison

Polar Capital Emerging Market Stars Fund (POLEX) has a higher volatility of 13.37% compared to Ashmore Emerging Markets Small Cap Equity Fund (ESCIX) at 0.00%. This indicates that POLEX's price experiences larger fluctuations and is considered to be riskier than ESCIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	POLEX	ESCIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.37%	0.00%	+13.37%
Volatility (6M) Calculated over the trailing 6-month period	21.54%	6.33%	+15.21%
Volatility (1Y) Calculated over the trailing 1-year period	24.39%	10.80%	+13.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.40%	15.64%	+5.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	17.48%	+3.78%

POLEX vs. ESCIX - Expense Ratio Comparison

POLEX has a 1.00% expense ratio, which is lower than ESCIX's 1.52% expense ratio.

Dividends

POLEX vs. ESCIX - Dividend Comparison

POLEX has not paid dividends to shareholders, while ESCIX's dividend yield for the trailing twelve months is around 0.42%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESCIX Ashmore Emerging Markets Small Cap Equity Fund	0.42%	0.91%	0.00%	0.56%	0.60%	0.00%	0.00%	0.13%	0.11%	1.66%	1.16%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both POLEX and ESCIX in my portfolio?

POLEX and ESCIX have a correlation of 0.42, 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 ESCIX?

POLEX has higher volatility (13.37%) compared to ESCIX (0.00%). In terms of maximum drawdown, POLEX dropped -45.74% vs ESCIX's -48.76%.

Which has better risk-adjusted returns?

POLEX currently has the higher Sharpe Ratio (2.13 vs 2.00), 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.