EMF vs. DEMAX

Last updated Apr 1, 2026

Compare and contrast key facts about Templeton Emerging Markets Fund (EMF) and Nomura Emerging Markets Fund Class A (DEMAX).

EMF is an actively managed fund by Franklin Templeton. It was launched on Feb 27, 1987. DEMAX is an actively managed fund by Nomura. It was launched on Jun 10, 1996.

Performance

EMF vs. DEMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Templeton Emerging Markets Fund (EMF) and Nomura Emerging Markets Fund Class A (DEMAX). The values are adjusted to include any dividend payments, if applicable.

EMF vs. DEMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMF Templeton Emerging Markets Fund	3.98%	58.20%	6.56%	8.84%	-21.53%	-8.23%	24.48%	27.20%	-14.78%	53.55%
DEMAX Nomura Emerging Markets Fund Class A	13.26%	86.33%	6.25%	17.34%	-28.85%	-2.32%	25.54%	24.05%	-17.32%	41.62%

Returns By Period

In the year-to-date period, EMF achieves a 3.98% return, which is significantly lower than DEMAX's 13.26% return. Over the past 10 years, EMF has underperformed DEMAX with an annualized return of 12.50%, while DEMAX has yielded a comparatively higher 14.09% annualized return.

EMF

• 1D: 4.67%
• 1M: -14.87%
• YTD: 3.98%
• 6M: 12.14%
• 1Y: 50.40%
• 3Y*: 23.03%
• 5Y*: 5.86%
• 10Y*: 12.50%

DEMAX

• 1D: 0.97%
• 1M: -18.27%
• YTD: 13.26%
• 6M: 43.25%
• 1Y: 104.18%
• 3Y*: 34.89%
• 5Y*: 12.22%
• 10Y*: 14.09%

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

EMF vs. DEMAX - Expense Ratio Comparison

EMF has a 1.43% expense ratio, which is higher than DEMAX's 1.42% expense ratio.

EMF

Templeton Emerging Markets Fund

DEMAX

Nomura Emerging Markets Fund Class A

Return for Risk

EMF vs. DEMAX — Risk / Return Rank

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

EMF

EMF Risk / Return Rank: 92
EMF Sharpe Ratio Rank: 95
EMF Sortino Ratio Rank: 92
EMF Omega Ratio Rank: 92
EMF Calmar Ratio Rank: 90
EMF Martin Ratio Rank: 91

DEMAX

DEMAX Risk / Return Rank: 97
DEMAX Sharpe Ratio Rank: 98
DEMAX Sortino Ratio Rank: 95
DEMAX Omega Ratio Rank: 95
DEMAX Calmar Ratio Rank: 98
DEMAX Martin Ratio Rank: 98

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.

EMF vs. DEMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Emerging Markets Fund (EMF) and Nomura Emerging Markets Fund Class A (DEMAX). 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.

	EMF	DEMAX	Difference
Sharpe ratio Return per unit of total volatility	2.29	3.10	-0.81
Sortino ratio Return per unit of downside risk	2.78	3.27	-0.50
Omega ratio Gain probability vs. loss probability	1.44	1.50	-0.06
Calmar ratio Return relative to maximum drawdown	2.49	4.78	-2.29
Martin ratio Return relative to average drawdown	10.41	18.45	-8.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMF vs. DEMAX - Sharpe Ratio Comparison

The current EMF Sharpe Ratio is 2.29, which is comparable to the DEMAX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of EMF and DEMAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EMF	DEMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.29	3.10	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.53	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.64	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.43	-0.23

Correlation

The correlation between EMF and DEMAX is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EMF vs. DEMAX - Dividend Comparison

EMF's dividend yield for the trailing twelve months is around 9.47%, less than DEMAX's 16.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMF Templeton Emerging Markets Fund	9.47%	9.73%	4.28%	6.22%	9.89%	6.92%	3.51%	7.36%	5.92%	12.11%	1.62%	12.81%
DEMAX Nomura Emerging Markets Fund Class A	16.80%	19.03%	1.74%	2.76%	1.60%	3.16%	0.56%	0.57%	0.34%	1.59%	0.70%	0.03%

Drawdowns

EMF vs. DEMAX - Drawdown Comparison

The maximum EMF drawdown since its inception was -76.97%, which is greater than DEMAX's maximum drawdown of -63.23%. Use the drawdown chart below to compare losses from any high point for EMF and DEMAX.

Drawdown Indicators

	EMF	DEMAX	Difference
Max Drawdown Largest peak-to-trough decline	-76.97%	-63.23%	-13.74%
Max Drawdown (1Y) Largest decline over 1 year	-19.48%	-20.32%	+0.84%
Max Drawdown (5Y) Largest decline over 5 years	-45.87%	-44.15%	-1.72%
Max Drawdown (10Y) Largest decline over 10 years	-47.65%	-46.51%	-1.14%
Current Drawdown Current decline from peak	-15.72%	-19.55%	+3.83%
Average Drawdown Average peak-to-trough decline	-29.12%	-18.84%	-10.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.66%	5.27%	-0.61%

Volatility

EMF vs. DEMAX - Volatility Comparison

The current volatility for Templeton Emerging Markets Fund (EMF) is 12.00%, while Nomura Emerging Markets Fund Class A (DEMAX) has a volatility of 19.13%. This indicates that EMF experiences smaller price fluctuations and is considered to be less risky than DEMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMF	DEMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.00%	19.13%	-7.13%
Volatility (6M) Calculated over the trailing 6-month period	17.23%	28.50%	-11.27%
Volatility (1Y) Calculated over the trailing 1-year period	22.15%	33.35%	-11.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.85%	23.12%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.28%	21.94%	-1.66%