VYMSX vs. IHD

Last updated Jun 23, 2026

VYMSX (Voya Mid Cap Research Enhanced Index Fund) and IHD (Voya Emerging Markets High Dividend Equity Fund) are both mutual funds - VYMSX is a Mid Cap Blend Equities fund managed by Voya, while IHD is a Emerging Markets Diversified fund managed by Voya. Over the past 10 years, VYMSX returned 10.67%/yr vs 12.73%/yr for IHD. At a 0.48 correlation, their price movements are largely independent. VYMSX charges 0.82%/yr vs 0.01%/yr for IHD.

Performance

VYMSX vs. IHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Mid Cap Research Enhanced Index Fund (VYMSX) and Voya Emerging Markets High Dividend Equity Fund (IHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VYMSX achieves a 17.52% return, which is significantly lower than IHD's 31.68% return. Over the past 10 years, VYMSX has underperformed IHD with an annualized return of 10.67%, while IHD has yielded a comparatively higher 12.73% annualized return.

VYMSX

• 1D: 1.78%
• 1M: 4.37%
• YTD: 17.52%
• 6M: 14.73%
• 1Y: 28.62%
• 3Y*: 16.41%
• 5Y*: 9.82%
• 10Y*: 10.67%

IHD

• 1D: 0.63%
• 1M: 8.38%
• YTD: 31.68%
• 6M: 33.90%
• 1Y: 54.64%
• 3Y*: 30.56%
• 5Y*: 12.08%
• 10Y*: 12.73%

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

VYMSX vs. IHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VYMSX Voya Mid Cap Research Enhanced Index Fund	17.52%	6.79%	14.92%	17.35%	-14.63%	27.47%	8.26%	28.18%	-14.55%	13.43%
IHD Voya Emerging Markets High Dividend Equity Fund	31.68%	41.70%	7.80%	13.95%	-17.18%	7.39%	1.73%	20.55%	-10.23%	29.84%

Correlation

The correlation between VYMSX and IHD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 28, 2011	0.48

The correlation between VYMSX and IHD shifts across timeframes, from 0.32 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VYMSX vs. IHD — Risk / Return Rank

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

VYMSX

VYMSX Risk / Return Rank: 52
VYMSX Sharpe Ratio Rank: 45
VYMSX Sortino Ratio Rank: 44
VYMSX Omega Ratio Rank: 37
VYMSX Calmar Ratio Rank: 71
VYMSX Martin Ratio Rank: 66

IHD

IHD Risk / Return Rank: 89
IHD Sharpe Ratio Rank: 93
IHD Sortino Ratio Rank: 85
IHD Omega Ratio Rank: 84
IHD Calmar Ratio Rank: 93
IHD Martin Ratio Rank: 92

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.

VYMSX vs. IHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Mid Cap Research Enhanced Index Fund (VYMSX) and Voya Emerging Markets High Dividend Equity Fund (IHD). 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.

	VYMSX	IHD	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.91	-1.10
Sortino ratio: Return per unit of downside risk	2.58	3.73	-1.15
Omega ratio: Gain probability vs. loss probability	1.30	1.52	-0.22
Calmar ratio: Return relative to maximum drawdown	3.10	4.93	-1.82
Martin ratio: Return relative to average drawdown	12.02	17.33	-5.31

VYMSX vs. IHD - Sharpe Ratio Comparison

The current VYMSX Sharpe Ratio is 1.81, which is lower than the IHD Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of VYMSX and IHD, 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

VYMSX vs. IHD - Drawdown Comparison

The maximum VYMSX drawdown since its inception was -57.85%, which is greater than IHD's maximum drawdown of -48.76%. Use the drawdown chart below to compare losses from any high point for VYMSX and IHD.

Drawdown Indicators

	VYMSX	IHD	Difference
Max Drawdown Largest peak-to-trough decline	-57.85%	-48.76%	-9.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.34%	-11.15%	+0.81%
Max Drawdown (3Y) Largest decline over 3 years	-24.02%	-14.73%	-9.29%
Max Drawdown (5Y) Largest decline over 5 years	-31.71%	-35.53%	+3.82%
Max Drawdown (10Y) Largest decline over 10 years	-43.69%	-42.81%	-0.88%
Current Drawdown Current decline from peak	-0.16%	-1.00%	+0.84%
Average Drawdown Average peak-to-trough decline	-9.15%	-17.91%	+8.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	3.16%	-0.57%

Volatility

VYMSX vs. IHD - Volatility Comparison

The current volatility for Voya Mid Cap Research Enhanced Index Fund (VYMSX) is 6.09%, while Voya Emerging Markets High Dividend Equity Fund (IHD) has a volatility of 8.31%. This indicates that VYMSX experiences smaller price fluctuations and is considered to be less risky than IHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VYMSX	IHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.09%	8.31%	-2.22%
Volatility (6M) Calculated over the trailing 6-month period	13.12%	16.45%	-3.33%
Volatility (1Y) Calculated over the trailing 1-year period	17.68%	18.90%	-1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.40%	18.11%	+5.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.95%	19.60%	+3.35%

VYMSX vs. IHD - Expense Ratio Comparison

VYMSX has a 0.82% expense ratio, which is higher than IHD's 0.01% expense ratio.

Dividends

VYMSX vs. IHD - Dividend Comparison

VYMSX's dividend yield for the trailing twelve months is around 25.33%, more than IHD's 9.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHD Voya Emerging Markets High Dividend Equity Fund	9.01%	11.40%	13.67%	10.21%	13.95%	10.14%	9.92%	9.14%	10.15%	8.31%	11.74%	14.00%
VYMSX Voya Mid Cap Research Enhanced Index Fund	25.33%	29.77%	11.50%	0.96%	6.78%	14.81%	0.79%	2.00%	13.24%	7.58%	1.83%	6.83%

Frequently Asked Questions

Can I hold both VYMSX and IHD in my portfolio?

VYMSX and IHD have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VYMSX or IHD?

IHD has higher volatility (8.31%) compared to VYMSX (6.09%). In terms of maximum drawdown, VYMSX dropped -57.85% vs IHD's -48.76%.

Which has better risk-adjusted returns?

IHD currently has the higher Sharpe Ratio (2.91 vs 1.81), 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.