POLEX vs. GLLSX

Last updated Jul 2, 2026

POLEX (Polar Capital Emerging Market Stars Fund) and GLLSX (abrdn Emerging Markets ex-China Fund) are both Emerging Markets Diversified funds. Over the past 5 years, POLEX returned 4.73%/yr vs 17.33%/yr for GLLSX. A 0.80 correlation means they provide meaningful diversification when combined. POLEX charges 1.00%/yr vs 1.23%/yr for GLLSX.

Performance

POLEX vs. GLLSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polar Capital Emerging Market Stars Fund (POLEX) and abrdn Emerging Markets ex-China Fund (GLLSX). 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 lower than GLLSX's 43.66% return.

POLEX

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

GLLSX

• 1D: 1.36%
• 1M: -1.83%
• YTD: 43.66%
• 6M: 43.66%
• 1Y: 71.52%
• 3Y*: 27.56%
• 5Y*: 17.33%
• 10Y*: 14.56%

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

POLEX vs. GLLSX - 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%
GLLSX abrdn Emerging Markets ex-China Fund	43.66%	34.81%	0.73%	21.35%	-23.04%	33.94%

Correlation

The correlation between POLEX and GLLSX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021	0.80

The correlation between POLEX and GLLSX has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

Return for Risk

POLEX vs. GLLSX — 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

GLLSX

GLLSX Risk / Return Rank: 91
GLLSX Sharpe Ratio Rank: 95
GLLSX Sortino Ratio Rank: 82
GLLSX Omega Ratio Rank: 88
GLLSX Calmar Ratio Rank: 95
GLLSX 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.

POLEX vs. GLLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polar Capital Emerging Market Stars Fund (POLEX) and abrdn Emerging Markets ex-China Fund (GLLSX). 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	GLLSX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.86	-0.73
Sortino ratio: Return per unit of downside risk	2.63	3.30	-0.67
Omega ratio: Gain probability vs. loss probability	1.39	1.54	-0.14
Calmar ratio: Return relative to maximum drawdown	3.78	5.03	-1.26
Martin ratio: Return relative to average drawdown	12.63	18.47	-5.84

POLEX vs. GLLSX - Sharpe Ratio Comparison

The current POLEX Sharpe Ratio is 2.13, which is comparable to the GLLSX Sharpe Ratio of 2.86. The chart below compares the historical Sharpe Ratios of POLEX and GLLSX, 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. GLLSX - Drawdown Comparison

The maximum POLEX drawdown since its inception was -45.74%, which is greater than GLLSX's maximum drawdown of -32.59%. Use the drawdown chart below to compare losses from any high point for POLEX and GLLSX.

Drawdown Indicators

	POLEX	GLLSX	Difference
Max Drawdown Largest peak-to-trough decline	-45.74%	-32.59%	-13.15%
Max Drawdown (1Y) Largest decline over 1 year	-13.75%	-14.39%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-21.94%	-20.95%	-0.99%
Max Drawdown (5Y) Largest decline over 5 years	-41.75%	-30.02%	-11.73%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.59%	—
Current Drawdown Current decline from peak	-2.73%	-3.71%	+0.98%
Average Drawdown Average peak-to-trough decline	-22.94%	-7.90%	-15.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	3.91%	+0.03%

Volatility

POLEX vs. GLLSX - Volatility Comparison

The current volatility for Polar Capital Emerging Market Stars Fund (POLEX) is 13.37%, while abrdn Emerging Markets ex-China Fund (GLLSX) has a volatility of 14.81%. This indicates that POLEX experiences smaller price fluctuations and is considered to be less risky than GLLSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	POLEX	GLLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.37%	14.81%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	21.54%	23.63%	-2.09%
Volatility (1Y) Calculated over the trailing 1-year period	24.39%	25.34%	-0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.40%	19.12%	+2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.26%	18.22%	+3.04%

POLEX vs. GLLSX - Expense Ratio Comparison

POLEX has a 1.00% expense ratio, which is lower than GLLSX's 1.23% expense ratio.

Dividends

POLEX vs. GLLSX - Dividend Comparison

POLEX has not paid dividends to shareholders, while GLLSX's dividend yield for the trailing twelve months is around 1.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLLSX abrdn Emerging Markets ex-China Fund	1.31%	1.88%	0.74%	0.77%	29.32%	22.85%	0.00%	3.38%	9.47%	8.40%	1.09%	0.94%
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%	0.00%

Frequently Asked Questions

Can I hold both POLEX and GLLSX in my portfolio?

POLEX and GLLSX have a correlation of 0.85, 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 GLLSX?

GLLSX has higher volatility (14.81%) compared to POLEX (13.37%). In terms of maximum drawdown, POLEX dropped -45.74% vs GLLSX's -32.59%.

Which has better risk-adjusted returns?

GLLSX currently has the higher Sharpe Ratio (2.86 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.