THW vs. AEMSX

Last updated Jul 14, 2026

THW (abrdn World Healthcare Fund) and AEMSX (abrdn Emerging Markets Instl Svc) are both mutual funds - THW is a Health & Biotech Equities fund actively managed by Aberdeen, while AEMSX is a Emerging Markets Diversified fund managed by Aberdeen. Over the past 10 years, THW returned 10.14%/yr vs 9.14%/yr for AEMSX. At a 0.37 correlation, their price movements are largely independent. THW charges 1.54%/yr vs 1.25%/yr for AEMSX.

Performance

THW vs. AEMSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn World Healthcare Fund (THW) and abrdn Emerging Markets Instl Svc (AEMSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, THW achieves a 10.76% return, which is significantly lower than AEMSX's 25.94% return. Over the past 10 years, THW has outperformed AEMSX with an annualized return of 10.14%, while AEMSX has yielded a comparatively lower 9.14% annualized return.

THW

• 1D: -1.47%
• 1M: 10.40%
• 6M: 10.33%
• YTD: 10.76%
• 1Y: 44.57%
• 3Y*: 10.52%
• 5Y*: 6.36%
• 10Y*: 10.14%

AEMSX

• 1D: 0.19%
• 1M: -1.82%
• 6M: 18.96%
• YTD: 25.94%
• 1Y: 49.05%
• 3Y*: 20.49%
• 5Y*: 7.01%
• 10Y*: 9.14%

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

THW vs. AEMSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
THW abrdn World Healthcare Fund	10.76%	31.10%	5.35%	-11.52%	-1.21%	12.03%	26.40%	32.98%	-5.40%	16.95%
AEMSX abrdn Emerging Markets Instl Svc	25.94%	32.19%	3.81%	6.49%	-26.28%	7.03%	27.52%	20.24%	-14.71%	29.95%

Correlation

The correlation between THW and AEMSX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jun 26, 2015	0.37

The correlation between THW and AEMSX shifts across timeframes, from 0.22 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

Return for Risk

THW vs. AEMSX — Risk / Return Rank

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

THW

THW Risk / Return Rank: 85
THW Sharpe Ratio Rank: 84
THW Sortino Ratio Rank: 80
THW Omega Ratio Rank: 76
THW Calmar Ratio Rank: 92
THW Martin Ratio Rank: 91

AEMSX

AEMSX Risk / Return Rank: 82
AEMSX Sharpe Ratio Rank: 82
AEMSX Sortino Ratio Rank: 70
AEMSX Omega Ratio Rank: 81
AEMSX Calmar Ratio Rank: 89
AEMSX Martin Ratio Rank: 87

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.

THW vs. AEMSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn World Healthcare Fund (THW) and abrdn Emerging Markets Instl Svc (AEMSX). 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.

	THW	AEMSX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.12	+0.08
Sortino ratio: Return per unit of downside risk	2.98	2.65	+0.33
Omega ratio: Gain probability vs. loss probability	1.37	1.40	-0.03
Calmar ratio: Return relative to maximum drawdown	3.97	3.56	+0.41
Martin ratio: Return relative to average drawdown	14.11	12.58	+1.53

THW vs. AEMSX - Sharpe Ratio Comparison

The current THW Sharpe Ratio is 2.21, which is comparable to the AEMSX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of THW and AEMSX, 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

THW vs. AEMSX - Drawdown Comparison

The maximum THW drawdown since its inception was -37.36%, roughly equal to the maximum AEMSX drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for THW and AEMSX.

Drawdown Indicators

	THW	AEMSX	Difference
Max Drawdown Largest peak-to-trough decline	-37.36%	-38.58%	+1.22%
Max Drawdown (1Y) Largest decline over 1 year	-11.28%	-13.70%	+2.42%
Max Drawdown (3Y) Largest decline over 3 years	-28.26%	-18.72%	-9.54%
Max Drawdown (5Y) Largest decline over 5 years	-31.53%	-36.65%	+5.12%
Max Drawdown (10Y) Largest decline over 10 years	-37.36%	-38.58%	+1.22%
Current Drawdown Current decline from peak	-2.90%	-6.16%	+3.26%
Average Drawdown Average peak-to-trough decline	-9.64%	-12.52%	+2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	3.87%	-0.70%

Volatility

THW vs. AEMSX - Volatility Comparison

The current volatility for abrdn World Healthcare Fund (THW) is 5.35%, while abrdn Emerging Markets Instl Svc (AEMSX) has a volatility of 11.29%. This indicates that THW experiences smaller price fluctuations and is considered to be less risky than AEMSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	THW	AEMSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.35%	11.29%	-5.94%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	21.07%	-7.50%
Volatility (1Y) Calculated over the trailing 1-year period	20.34%	22.96%	-2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	19.54%	-0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	19.01%	+2.17%

THW vs. AEMSX - Expense Ratio Comparison

THW has a 1.54% expense ratio, which is higher than AEMSX's 1.25% expense ratio.

Dividends

THW vs. AEMSX - Dividend Comparison

THW's dividend yield for the trailing twelve months is around 10.46%, more than AEMSX's 4.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEMSX abrdn Emerging Markets Instl Svc	4.88%	6.14%	0.95%	1.39%	1.83%	22.97%	0.68%	1.82%	1.57%	1.09%	1.08%	2.32%
THW abrdn World Healthcare Fund	10.46%	10.96%	12.72%	12.00%	9.56%	8.60%	8.85%	10.11%	12.08%	10.29%	10.91%	3.69%

Frequently Asked Questions

Can I hold both THW and AEMSX in my portfolio?

THW and AEMSX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THW or AEMSX?

AEMSX has higher volatility (11.29%) compared to THW (5.35%). In terms of maximum drawdown, THW dropped -37.36% vs AEMSX's -38.58%.

Which has better risk-adjusted returns?

THW currently has the higher Sharpe Ratio (2.21 vs 2.12), 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.