EMD vs. MSD
EMD (Western Asset Emerging Markets Debt Fund Inc) is Emerging Markets Bonds fund managed by Franklin Templeton, while MSD (Morgan Stanley Emerging Markets Debt Fund, Inc.) is a stock. Over the past 10 years, EMD returned 5.54%/yr vs 4.88%/yr for MSD. Their 0.51 correlation means they have sometimes moved together and sometimes differently.
Performance
EMD vs. MSD - Performance Comparison
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Returns By Period
In the year-to-date period, EMD achieves a 5.44% return, which is significantly higher than MSD's 2.71% return. Over the past 10 years, EMD has outperformed MSD with an annualized return of 5.54%, while MSD has yielded a comparatively lower 4.88% annualized return.
EMD
- 1D
- 0.57%
- 1M
- -1.43%
- 6M
- 1.66%
- YTD
- 5.44%
- 1Y
- 15.54%
- 3Y*
- 17.81%
- 5Y*
- 4.87%
- 10Y*
- 5.54%
- ALL TIME*
- 6.66%
MSD
- 1D
- 0.69%
- 1M
- 0.14%
- 6M
- -1.23%
- YTD
- 2.71%
- 1Y
- 6.39%
- 3Y*
- 15.52%
- 5Y*
- 4.07%
- 10Y*
- 4.88%
- ALL TIME*
- 7.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.73M | $2.01M | $1.96M | |
| $427.78K | $500.54K | $665.65K |
EMD vs. MSD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMD Western Asset Emerging Markets Debt Fund Inc | 5.44% | 23.41% | 16.23% | 12.23% | -20.78% | -0.32% | 7.03% | 26.62% | -13.70% | 14.29% |
MSD Morgan Stanley Emerging Markets Debt Fund, Inc. | 2.71% | 5.58% | 24.92% | 19.14% | -22.10% | 2.20% | 0.73% | 24.38% | -12.31% | 16.33% |
Correlation
The correlation between EMD and MSD is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.52 |
Correlation (3Y) Balances recent behavior with more history. | 0.50 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.53 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2003 | 0.51 |
The correlation between EMD and MSD has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.
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Return for Risk
EMD vs. MSD — Risk / Return Rank
EMD
MSD
EMD vs. MSD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Emerging Markets Debt Fund Inc (EMD) and Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD). 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.
| EMD | MSD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.12 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 0.61 | +0.56 |
| Martin ratioReturn relative to average drawdown | 4.60 | 1.66 | +2.93 |
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Drawdowns
EMD vs. MSD - Drawdown Comparison
The maximum EMD drawdown since its inception was -48.26%, smaller than the maximum MSD drawdown of -58.51%. Use the drawdown chart below to compare losses from any high point for EMD and MSD.
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Drawdown Indicators
| EMD | MSD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.26% | -58.51% | +10.25% |
Max Drawdown (1Y)Largest decline over 1 year | -13.33% | -10.59% | -2.74% |
Max Drawdown (3Y)Largest decline over 3 years | -13.33% | -12.84% | -0.49% |
Max Drawdown (5Y)Largest decline over 5 years | -40.43% | -33.89% | -6.54% |
Max Drawdown (10Y)Largest decline over 10 years | -46.44% | -37.50% | -8.94% |
Current DrawdownCurrent decline from peak | -1.67% | -4.28% | +2.61% |
Average DrawdownAverage peak-to-trough decline | -8.75% | -11.27% | +2.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.39% | 3.85% | -0.46% |
Volatility
EMD vs. MSD - Volatility Comparison
Western Asset Emerging Markets Debt Fund Inc (EMD) has a higher volatility of 2.95% compared to Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD) at 2.55%. This indicates that EMD's price experiences larger fluctuations and is considered to be riskier than MSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMD | MSD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.95% | 2.55% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 10.40% | 8.38% | +2.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.77% | 10.07% | +2.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.24% | 14.07% | +2.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.38% | 14.73% | +3.65% |
Dividends
EMD vs. MSD - Dividend Comparison
EMD's dividend yield for the trailing twelve months is around 10.83%, more than MSD's 8.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMD Western Asset Emerging Markets Debt Fund Inc | 10.83% | 10.44% | 10.57% | 9.97% | 11.09% | 8.44% | 8.45% | 8.41% | 9.76% | 7.78% | 9.99% | 9.54% |
MSD Morgan Stanley Emerging Markets Debt Fund, Inc. | 8.37% | 9.88% | 11.88% | 10.90% | 7.34% | 4.99% | 4.67% | 5.37% | 6.56% | 5.81% | 6.87% | 7.03% |
Frequently Asked Questions
EMD and MSD have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMD has higher volatility (2.95%) compared to MSD (2.55%). In terms of maximum drawdown, EMD dropped -48.26% vs MSD's -58.51%.
EMD currently has the higher Sharpe Ratio (1.22 vs 0.64), 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.
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