ZEMIX vs. DODEX

Last updated Jul 17, 2026

ZEMIX (Ninety One Emerging Markets Equity Fund) and DODEX (Dodge & Cox Emerging Markets Stock Fund) are both Emerging Markets Diversified funds. Over the past 5 years, ZEMIX returned 8.62%/yr vs 10.46%/yr for DODEX. Their correlation of 0.88 suggests significant overlap in exposure. ZEMIX charges 0.85%/yr vs 0.70%/yr for DODEX.

Performance

ZEMIX vs. DODEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ninety One Emerging Markets Equity Fund (ZEMIX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZEMIX achieves a 26.79% return, which is significantly higher than DODEX's 23.72% return.

ZEMIX

• 1D: 1.87%
• 1M: -3.08%
• 6M: 18.32%
• YTD: 26.79%
• 1Y: 47.11%
• 3Y*: 24.65%
• 5Y*: 8.62%
• 10Y*: —

DODEX

• 1D: 1.47%
• 1M: -0.28%
• 6M: 16.19%
• YTD: 23.72%
• 1Y: 44.89%
• 3Y*: 23.31%
• 5Y*: 10.46%
• 10Y*: —

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

ZEMIX vs. DODEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZEMIX Ninety One Emerging Markets Equity Fund	26.79%	36.71%	11.16%	10.49%	-23.11%	-6.04%
DODEX Dodge & Cox Emerging Markets Stock Fund	23.72%	38.64%	7.47%	13.37%	-14.91%	-9.57%

Correlation

The correlation between ZEMIX and DODEX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since May 20, 2021	0.88

The correlation between ZEMIX and DODEX has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

Return for Risk

ZEMIX vs. DODEX — Risk / Return Rank

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

ZEMIX

ZEMIX Risk / Return Rank: 82
ZEMIX Sharpe Ratio Rank: 83
ZEMIX Sortino Ratio Rank: 73
ZEMIX Omega Ratio Rank: 80
ZEMIX Calmar Ratio Rank: 89
ZEMIX Martin Ratio Rank: 84

DODEX

DODEX Risk / Return Rank: 91
DODEX Sharpe Ratio Rank: 95
DODEX Sortino Ratio Rank: 87
DODEX Omega Ratio Rank: 87
DODEX Calmar Ratio Rank: 93
DODEX Martin Ratio Rank: 93

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.

ZEMIX vs. DODEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ninety One Emerging Markets Equity Fund (ZEMIX) and Dodge & Cox Emerging Markets Stock Fund (DODEX). 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.

	ZEMIX	DODEX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.77	-0.55
Sortino ratio: Return per unit of downside risk	2.80	3.49	-0.70
Omega ratio: Gain probability vs. loss probability	1.41	1.50	-0.09
Calmar ratio: Return relative to maximum drawdown	3.64	4.16	-0.52
Martin ratio: Return relative to average drawdown	12.23	15.01	-2.78

ZEMIX vs. DODEX - Sharpe Ratio Comparison

The current ZEMIX Sharpe Ratio is 2.22, which is comparable to the DODEX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of ZEMIX and DODEX, 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

ZEMIX vs. DODEX - Drawdown Comparison

The maximum ZEMIX drawdown since its inception was -40.26%, which is greater than DODEX's maximum drawdown of -37.01%. Use the drawdown chart below to compare losses from any high point for ZEMIX and DODEX.

Drawdown Indicators

	ZEMIX	DODEX	Difference
Max Drawdown Largest peak-to-trough decline	-40.26%	-37.01%	-3.25%
Max Drawdown (1Y) Largest decline over 1 year	-13.12%	-10.97%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-15.47%	-16.15%	+0.68%
Max Drawdown (5Y) Largest decline over 5 years	-36.38%	-33.33%	-3.05%
Current Drawdown Current decline from peak	-5.52%	-1.76%	-3.76%
Average Drawdown Average peak-to-trough decline	-14.26%	-12.56%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.90%	3.04%	+0.86%

Volatility

ZEMIX vs. DODEX - Volatility Comparison

Ninety One Emerging Markets Equity Fund (ZEMIX) has a higher volatility of 9.77% compared to Dodge & Cox Emerging Markets Stock Fund (DODEX) at 6.01%. This indicates that ZEMIX's price experiences larger fluctuations and is considered to be riskier than DODEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZEMIX	DODEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.77%	6.01%	+3.76%
Volatility (6M) Calculated over the trailing 6-month period	19.52%	14.55%	+4.97%
Volatility (1Y) Calculated over the trailing 1-year period	21.57%	16.51%	+5.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.05%	17.18%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.45%	17.02%	+2.43%

ZEMIX vs. DODEX - Expense Ratio Comparison

ZEMIX has a 0.85% expense ratio, which is higher than DODEX's 0.70% expense ratio.

Dividends

ZEMIX vs. DODEX - Dividend Comparison

ZEMIX's dividend yield for the trailing twelve months is around 13.27%, more than DODEX's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DODEX Dodge & Cox Emerging Markets Stock Fund	2.29%	2.83%	1.94%	1.92%	1.93%	1.38%	0.00%	0.00%	0.00%
ZEMIX Ninety One Emerging Markets Equity Fund	13.27%	16.82%	0.00%	2.28%	1.22%	8.23%	1.08%	2.74%	0.16%

Frequently Asked Questions

Can I hold both ZEMIX and DODEX in my portfolio?

ZEMIX and DODEX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZEMIX or DODEX?

ZEMIX has higher volatility (9.77%) compared to DODEX (6.01%). In terms of maximum drawdown, ZEMIX dropped -40.26% vs DODEX's -37.01%.

Which has better risk-adjusted returns?

DODEX currently has the higher Sharpe Ratio (2.77 vs 2.22), 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.