POLEX vs. VIESX

Last updated Jul 31, 2026

POLEX (Polar Capital Emerging Market Stars Fund) and VIESX (Virtus KAR Emerging Markets Small-Cap Fund) are both Emerging Markets Equities funds. Over the past 5 years, POLEX returned 2.48%/yr vs 0.86%/yr for VIESX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. POLEX charges 1.00%/yr vs 1.51%/yr for VIESX.

Performance

POLEX vs. VIESX - Performance Comparison

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

Returns By Period

In the year-to-date period, POLEX achieves a 7.95% return, which is significantly higher than VIESX's 0.67% return.

POLEX

• 1D: -3.34%
• 1M: -14.33%
• 6M: -2.05%
• YTD: 7.95%
• 1Y: 24.29%
• 3Y*: 12.80%
• 5Y*: 2.48%
• 10Y*: —
• ALL TIME*: 1.46%

VIESX

• 1D: -0.48%
• 1M: -0.78%
• 6M: -6.26%
• YTD: 0.67%
• 1Y: -0.55%
• 3Y*: 8.32%
• 5Y*: 0.86%
• 10Y*: 8.47%
• ALL TIME*: 6.38%

*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)
POLEX Polar Capital Emerging Market Stars Fund	$0.00	$0.00	$0.00
VIESX Virtus KAR Emerging Markets Small-Cap Fund	$0.00	$0.00	$0.00

POLEX vs. VIESX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
POLEX Polar Capital Emerging Market Stars Fund	7.95%	25.80%	6.91%	12.41%	-29.27%	-6.12%
VIESX Virtus KAR Emerging Markets Small-Cap Fund	0.67%	13.61%	3.62%	21.83%	-22.92%	-0.94%

Correlation

The correlation between POLEX and VIESX is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.58
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021	0.65

The correlation between POLEX and VIESX has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.

Return for Risk

POLEX vs. VIESX — Risk / Return Rank

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

POLEX

POLEX Risk / Return Rank: 34
POLEX Sharpe Ratio Rank: 31
POLEX Sortino Ratio Rank: 29
POLEX Omega Ratio Rank: 34
POLEX Calmar Ratio Rank: 39
POLEX Martin Ratio Rank: 38

VIESX

VIESX Risk / Return Rank: 4
VIESX Sharpe Ratio Rank: 4
VIESX Sortino Ratio Rank: 4
VIESX Omega Ratio Rank: 4
VIESX Calmar Ratio Rank: 4
VIESX Martin Ratio Rank: 4

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.

POLEX vs. VIESX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polar Capital Emerging Market Stars Fund (POLEX) and Virtus KAR Emerging Markets Small-Cap Fund (VIESX). 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	VIESX	Difference
Sharpe ratio: Return per unit of total volatility	0.98	-0.08	+1.06
Sortino ratio: Return per unit of downside risk	1.39	-0.03	+1.42
Omega ratio: Gain probability vs. loss probability	1.19	1.00	+0.20
Calmar ratio: Return relative to maximum drawdown	1.56	-0.09	+1.65
Martin ratio: Return relative to average drawdown	5.31	-0.20	+5.51

POLEX vs. VIESX - Sharpe Ratio Comparison

The current POLEX Sharpe Ratio is 0.98, which is higher than the VIESX Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of POLEX and VIESX, 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. VIESX - Drawdown Comparison

The maximum POLEX drawdown since its inception was -45.74%, which is greater than VIESX's maximum drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for POLEX and VIESX.

Drawdown Indicators

	POLEX	VIESX	Difference
Max Drawdown Largest peak-to-trough decline	-45.74%	-35.10%	-10.64%
Max Drawdown (1Y) Largest decline over 1 year	-16.67%	-10.58%	-6.09%
Max Drawdown (3Y) Largest decline over 3 years	-21.94%	-11.97%	-9.97%
Max Drawdown (5Y) Largest decline over 5 years	-41.75%	-35.10%	-6.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	-16.67%	-8.25%	-8.42%
Average Drawdown Average peak-to-trough decline	-22.73%	-9.70%	-13.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.69%	4.77%	-0.08%

Volatility

POLEX vs. VIESX - Volatility Comparison

Polar Capital Emerging Market Stars Fund (POLEX) has a higher volatility of 10.47% compared to Virtus KAR Emerging Markets Small-Cap Fund (VIESX) at 3.52%. This indicates that POLEX's price experiences larger fluctuations and is considered to be riskier than VIESX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	POLEX	VIESX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.47%	3.52%	+6.95%
Volatility (6M) Calculated over the trailing 6-month period	23.55%	9.51%	+14.04%
Volatility (1Y) Calculated over the trailing 1-year period	26.48%	11.79%	+14.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.76%	13.27%	+8.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.58%	13.22%	+8.36%

POLEX vs. VIESX - Expense Ratio Comparison

POLEX has a 1.00% expense ratio, which is lower than VIESX's 1.51% expense ratio.

Dividends

POLEX vs. VIESX - Dividend Comparison

POLEX has not paid dividends to shareholders, while VIESX's dividend yield for the trailing twelve months is around 2.77%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VIESX Virtus KAR Emerging Markets Small-Cap Fund	2.77%	2.79%	3.64%	0.00%	0.00%	8.80%	1.17%	2.06%	0.38%	0.83%	2.01%	2.24%

Frequently Asked Questions

Can I hold both POLEX and VIESX in my portfolio?

POLEX and VIESX have a correlation of 0.58, 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 VIESX?

POLEX has higher volatility (10.47%) compared to VIESX (3.52%). In terms of maximum drawdown, POLEX dropped -45.74% vs VIESX's -35.10%.

Which has better risk-adjusted returns?

POLEX currently has the higher Sharpe Ratio (0.98 vs -0.08), 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.