SHMDX vs. EDF

Last updated Jun 24, 2026

SHMDX (Virtus Stone Harbor Emerging Mkts Debt) and EDF (Virtus Stone Harbor Emerging Markets Income Fund) are both Emerging Markets Bonds funds. Over the past 10 years, SHMDX returned 4.32%/yr vs 5.31%/yr for EDF. At a 0.34 correlation, their price movements are largely independent. SHMDX charges 0.73%/yr vs 1.45%/yr for EDF.

Performance

SHMDX vs. EDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Stone Harbor Emerging Mkts Debt (SHMDX) and Virtus Stone Harbor Emerging Markets Income Fund (EDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHMDX achieves a 4.39% return, which is significantly lower than EDF's 19.48% return. Over the past 10 years, SHMDX has underperformed EDF with an annualized return of 4.32%, while EDF has yielded a comparatively higher 5.31% annualized return.

SHMDX

• 1D: -0.25%
• 1M: 1.84%
• YTD: 4.39%
• 6M: 4.65%
• 1Y: 15.28%
• 3Y*: 12.87%
• 5Y*: 3.45%
• 10Y*: 4.32%

EDF

• 1D: -1.42%
• 1M: 6.26%
• YTD: 19.48%
• 6M: 22.69%
• 1Y: 28.33%
• 3Y*: 26.08%
• 5Y*: 5.52%
• 10Y*: 5.31%

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

SHMDX vs. EDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHMDX Virtus Stone Harbor Emerging Mkts Debt	4.39%	15.13%	8.90%	14.81%	-19.74%	-2.52%	7.06%	15.20%	-7.86%	11.58%
EDF Virtus Stone Harbor Emerging Markets Income Fund	19.48%	22.24%	25.54%	21.63%	-27.96%	-8.47%	-31.14%	45.06%	-18.24%	24.22%

Correlation

The correlation between SHMDX and EDF is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Dec 27, 2010	0.34

Return for Risk

SHMDX vs. EDF — Risk / Return Rank

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

SHMDX

SHMDX Risk / Return Rank: 92
SHMDX Sharpe Ratio Rank: 97
SHMDX Sortino Ratio Rank: 97
SHMDX Omega Ratio Rank: 95
SHMDX Calmar Ratio Rank: 82
SHMDX Martin Ratio Rank: 88

EDF

EDF Risk / Return Rank: 56
EDF Sharpe Ratio Rank: 50
EDF Sortino Ratio Rank: 53
EDF Omega Ratio Rank: 46
EDF Calmar Ratio Rank: 67
EDF Martin Ratio Rank: 62

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.

SHMDX vs. EDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Stone Harbor Emerging Mkts Debt (SHMDX) and Virtus Stone Harbor Emerging Markets Income Fund (EDF). 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.

	SHMDX	EDF	Difference
Sharpe ratio: Return per unit of total volatility	3.31	1.91	+1.40
Sortino ratio: Return per unit of downside risk	5.47	2.83	+2.64
Omega ratio: Gain probability vs. loss probability	1.72	1.34	+0.38
Calmar ratio: Return relative to maximum drawdown	3.58	3.02	+0.56
Martin ratio: Return relative to average drawdown	15.82	11.54	+4.28

SHMDX vs. EDF - Sharpe Ratio Comparison

The current SHMDX Sharpe Ratio is 3.31, which is higher than the EDF Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of SHMDX and EDF, 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

SHMDX vs. EDF - Drawdown Comparison

The maximum SHMDX drawdown since its inception was -35.83%, smaller than the maximum EDF drawdown of -64.23%. Use the drawdown chart below to compare losses from any high point for SHMDX and EDF.

Drawdown Indicators

	SHMDX	EDF	Difference
Max Drawdown Largest peak-to-trough decline	-35.83%	-64.23%	+28.40%
Max Drawdown (1Y) Largest decline over 1 year	-4.33%	-9.44%	+5.11%
Max Drawdown (3Y) Largest decline over 3 years	-6.23%	-24.32%	+18.09%
Max Drawdown (5Y) Largest decline over 5 years	-31.98%	-52.47%	+20.49%
Max Drawdown (10Y) Largest decline over 10 years	-31.98%	-64.23%	+32.25%
Current Drawdown Current decline from peak	-0.55%	-2.12%	+1.57%
Average Drawdown Average peak-to-trough decline	-5.93%	-21.41%	+15.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	2.46%	-1.48%

Volatility

SHMDX vs. EDF - Volatility Comparison

The current volatility for Virtus Stone Harbor Emerging Mkts Debt (SHMDX) is 1.27%, while Virtus Stone Harbor Emerging Markets Income Fund (EDF) has a volatility of 4.96%. This indicates that SHMDX experiences smaller price fluctuations and is considered to be less risky than EDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHMDX	EDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	4.96%	-3.69%
Volatility (6M) Calculated over the trailing 6-month period	3.94%	12.16%	-8.22%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	14.89%	-10.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.95%	25.71%	-18.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.60%	30.70%	-23.10%

SHMDX vs. EDF - Expense Ratio Comparison

SHMDX has a 0.73% expense ratio, which is lower than EDF's 1.45% expense ratio.

Dividends

SHMDX vs. EDF - Dividend Comparison

SHMDX's dividend yield for the trailing twelve months is around 6.20%, less than EDF's 13.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EDF Virtus Stone Harbor Emerging Markets Income Fund	13.00%	14.49%	15.32%	16.71%	17.31%	12.91%	16.46%	15.67%	19.37%	13.58%	14.75%	17.93%
SHMDX Virtus Stone Harbor Emerging Mkts Debt	6.20%	6.21%	6.73%	8.10%	10.70%	4.78%	5.24%	5.51%	6.80%	6.12%	6.72%	6.65%

Frequently Asked Questions

Can I hold both SHMDX and EDF in my portfolio?

SHMDX and EDF have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHMDX or EDF?

EDF has higher volatility (4.96%) compared to SHMDX (1.27%). In terms of maximum drawdown, SHMDX dropped -35.83% vs EDF's -64.23%.

Which has better risk-adjusted returns?

SHMDX currently has the higher Sharpe Ratio (3.31 vs 1.91), 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.