SFENX vs. DEMCX

Last updated Jun 24, 2026

SFENX (Schwab Fundamental Emerging Markets Equity Index Fund) and DEMCX (Nomura Emerging Markets Fund Class C) are both Emerging Markets Equities funds. SFENX is passively managed, while DEMCX is actively managed. Over the past 10 years, SFENX returned 11.13%/yr vs 22.46%/yr for DEMCX. Their correlation of 0.86 suggests significant overlap in exposure. SFENX charges 0.39%/yr vs 2.17%/yr for DEMCX.

Performance

SFENX vs. DEMCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) and Nomura Emerging Markets Fund Class C (DEMCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SFENX achieves a 13.84% return, which is significantly lower than DEMCX's 143.99% return. Over the past 10 years, SFENX has underperformed DEMCX with an annualized return of 11.13%, while DEMCX has yielded a comparatively higher 22.46% annualized return.

SFENX

• 1D: 0.23%
• 1M: 1.33%
• YTD: 13.84%
• 6M: 14.25%
• 1Y: 32.69%
• 3Y*: 20.69%
• 5Y*: 9.76%
• 10Y*: 11.13%

DEMCX

• 1D: 4.38%
• 1M: 29.01%
• YTD: 143.99%
• 6M: 161.07%
• 1Y: 268.12%
• 3Y*: 73.09%
• 5Y*: 29.14%
• 10Y*: 22.46%

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

SFENX vs. DEMCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	13.84%	29.19%	12.31%	14.90%	-15.50%	13.91%	-3.01%	19.46%	-9.96%	26.44%
DEMCX Nomura Emerging Markets Fund Class C	143.99%	84.86%	5.47%	16.47%	-29.38%	-3.05%	24.55%	23.16%	-17.94%	40.59%

Correlation

The correlation between SFENX and DEMCX is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 2, 2009	0.86

Over the past year, the correlation between SFENX and DEMCX has dropped to 0.61 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

Return for Risk

SFENX vs. DEMCX — Risk / Return Rank

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

SFENX

SFENX Risk / Return Rank: 75
SFENX Sharpe Ratio Rank: 80
SFENX Sortino Ratio Rank: 73
SFENX Omega Ratio Rank: 75
SFENX Calmar Ratio Rank: 81
SFENX Martin Ratio Rank: 67

DEMCX

DEMCX Risk / Return Rank: 98
DEMCX Sharpe Ratio Rank: 100
DEMCX Sortino Ratio Rank: 96
DEMCX Omega Ratio Rank: 96
DEMCX Calmar Ratio Rank: 99
DEMCX Martin Ratio Rank: 99

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.

SFENX vs. DEMCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) and Nomura Emerging Markets Fund Class C (DEMCX). 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.

	SFENX	DEMCX	Difference
Sharpe ratio: Return per unit of total volatility	2.41	5.98	-3.57
Sortino ratio: Return per unit of downside risk	3.24	4.85	-1.61
Omega ratio: Gain probability vs. loss probability	1.44	1.80	-0.36
Calmar ratio: Return relative to maximum drawdown	3.52	12.81	-9.29
Martin ratio: Return relative to average drawdown	12.26	46.74	-34.48

SFENX vs. DEMCX - Sharpe Ratio Comparison

The current SFENX Sharpe Ratio is 2.41, which is lower than the DEMCX Sharpe Ratio of 5.98. The chart below compares the historical Sharpe Ratios of SFENX and DEMCX, 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

SFENX vs. DEMCX - Drawdown Comparison

The maximum SFENX drawdown since its inception was -47.19%, smaller than the maximum DEMCX drawdown of -63.54%. Use the drawdown chart below to compare losses from any high point for SFENX and DEMCX.

Drawdown Indicators

	SFENX	DEMCX	Difference
Max Drawdown Largest peak-to-trough decline	-47.19%	-63.54%	+16.35%
Max Drawdown (1Y) Largest decline over 1 year	-9.45%	-21.11%	+11.66%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-23.22%	+6.71%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-43.73%	+14.47%
Max Drawdown (10Y) Largest decline over 10 years	-39.59%	-47.21%	+7.62%
Current Drawdown Current decline from peak	-2.93%	0.00%	-2.93%
Average Drawdown Average peak-to-trough decline	-12.86%	-19.60%	+6.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	5.76%	-3.05%

Volatility

SFENX vs. DEMCX - Volatility Comparison

The current volatility for Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) is 5.29%, while Nomura Emerging Markets Fund Class C (DEMCX) has a volatility of 25.61%. This indicates that SFENX experiences smaller price fluctuations and is considered to be less risky than DEMCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFENX	DEMCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	25.61%	-20.32%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	41.21%	-29.71%
Volatility (1Y) Calculated over the trailing 1-year period	13.82%	45.33%	-31.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.49%	27.58%	-12.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	24.36%	-7.47%

SFENX vs. DEMCX - Expense Ratio Comparison

SFENX has a 0.39% expense ratio, which is lower than DEMCX's 2.17% expense ratio.

Dividends

SFENX vs. DEMCX - Dividend Comparison

SFENX's dividend yield for the trailing twelve months is around 3.45%, less than DEMCX's 8.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMCX Nomura Emerging Markets Fund Class C	8.39%	20.47%	1.09%	2.03%	0.69%	2.58%	0.61%	0.00%	0.00%	1.03%	0.08%	0.00%
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	3.45%	3.93%	4.67%	5.00%	5.46%	4.61%	2.95%	3.82%	2.90%	2.37%	2.16%	3.23%

Frequently Asked Questions

Can I hold both SFENX and DEMCX in my portfolio?

SFENX and DEMCX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFENX or DEMCX?

DEMCX has higher volatility (25.61%) compared to SFENX (5.29%). In terms of maximum drawdown, SFENX dropped -47.19% vs DEMCX's -63.54%.

Which has better risk-adjusted returns?

DEMCX currently has the higher Sharpe Ratio (5.98 vs 2.41), 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.