AEF vs. EMF

Last updated Jun 4, 2026

AEF (Aberdeen Emerging Markets Equity Income Fund, Inc.) is a stock, while EMF (Templeton Emerging Markets Fund) is Emerging Markets Equities fund actively managed by Franklin Templeton. Over the past 10 years, AEF returned 13.13%/yr vs 15.64%/yr for EMF. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

AEF vs. EMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aberdeen Emerging Markets Equity Income Fund, Inc. (AEF) and Templeton Emerging Markets Fund (EMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AEF achieves a 44.40% return, which is significantly higher than EMF's 41.37% return. Over the past 10 years, AEF has underperformed EMF with an annualized return of 13.13%, while EMF has yielded a comparatively higher 15.64% annualized return.

AEF

• 1D: -2.38%
• 1M: 6.04%
• YTD: 44.40%
• 6M: 52.45%
• 1Y: 100.60%
• 3Y*: 34.80%
• 5Y*: 10.32%
• 10Y*: 13.13%

EMF

• 1D: -1.78%
• 1M: 14.71%
• YTD: 41.37%
• 6M: 49.61%
• 1Y: 93.36%
• 3Y*: 36.22%
• 5Y*: 11.63%
• 10Y*: 15.64%

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

AEF vs. EMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEF Aberdeen Emerging Markets Equity Income Fund, Inc.	44.40%	50.22%	9.43%	7.13%	-29.63%	3.31%	11.62%	22.83%	-16.06%	57.92%
EMF Templeton Emerging Markets Fund	41.37%	58.20%	6.56%	8.84%	-21.53%	-8.23%	24.48%	27.20%	-14.78%	53.55%

Correlation

The correlation between AEF and EMF is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 3, 2001	0.52

The correlation between AEF and EMF shifts across timeframes, from 0.52 (all time) to 0.73 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

AEF vs. EMF — Risk / Return Rank

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

AEF

AEF Risk / Return Rank: 96
AEF Sharpe Ratio Rank: 97
AEF Sortino Ratio Rank: 97
AEF Omega Ratio Rank: 97
AEF Calmar Ratio Rank: 91
AEF Martin Ratio Rank: 95

EMF

EMF Risk / Return Rank: 94
EMF Sharpe Ratio Rank: 98
EMF Sortino Ratio Rank: 94
EMF Omega Ratio Rank: 94
EMF Calmar Ratio Rank: 91
EMF 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.

AEF vs. EMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aberdeen Emerging Markets Equity Income Fund, Inc. (AEF) and Templeton Emerging Markets Fund (EMF). 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.

	AEF	EMF	Difference
Sharpe ratio Return per unit of total volatility	4.13	4.12	+0.01
Sortino ratio Return per unit of downside risk	4.93	4.88	+0.05
Omega ratio Gain probability vs. loss probability	1.68	1.73	-0.05
Calmar ratio Return relative to maximum drawdown	5.07	4.82	+0.25
Martin ratio Return relative to average drawdown	20.05	19.26	+0.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AEF vs. EMF - Sharpe Ratio Comparison

The current AEF Sharpe Ratio is 4.13, which is comparable to the EMF Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of AEF and EMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AEF	EMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.13	4.12	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.57	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.76	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.23	+0.17

Drawdowns

AEF vs. EMF - Drawdown Comparison

The maximum AEF drawdown since its inception was -63.87%, smaller than the maximum EMF drawdown of -76.97%. Use the drawdown chart below to compare losses from any high point for AEF and EMF.

Drawdown Indicators

	AEF	EMF	Difference
Max Drawdown Largest peak-to-trough decline	-63.87%	-76.97%	+13.10%
Max Drawdown (1Y) Largest decline over 1 year	-19.96%	-19.48%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-19.96%	-19.48%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-47.20%	-45.62%	-1.58%
Max Drawdown (10Y) Largest decline over 10 years	-47.20%	-47.65%	+0.45%
Current Drawdown Current decline from peak	-2.38%	-1.78%	-0.60%
Average Drawdown Average peak-to-trough decline	-24.05%	-29.00%	+4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.04%	4.87%	+0.17%

Volatility

AEF vs. EMF - Volatility Comparison

Aberdeen Emerging Markets Equity Income Fund, Inc. (AEF) and Templeton Emerging Markets Fund (EMF) have volatilities of 9.07% and 9.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AEF	EMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	9.22%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	21.29%	20.12%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	24.49%	22.81%	+1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.38%	20.50%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.68%	20.58%	+1.10%

Dividends

AEF vs. EMF - Dividend Comparison

AEF's dividend yield for the trailing twelve months is around 7.22%, more than EMF's 6.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEF Aberdeen Emerging Markets Equity Income Fund, Inc.	7.22%	9.29%	7.51%	7.63%	8.54%	6.73%	3.37%	2.23%	20.97%	5.19%	7.05%	12.19%
EMF Templeton Emerging Markets Fund	6.97%	9.73%	4.28%	6.22%	9.89%	6.92%	3.51%	7.36%	5.92%	12.11%	1.62%	12.81%

Frequently Asked Questions

Can I hold both AEF and EMF in my portfolio?

AEF and EMF have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AEF or EMF?

EMF has higher volatility (9.22%) compared to AEF (9.07%). In terms of maximum drawdown, AEF dropped -63.87% vs EMF's -76.97%.

Which has better risk-adjusted returns?

AEF currently has the higher Sharpe Ratio (4.13 vs 4.12), 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.