EMF vs. PAF.L

Last updated Jun 9, 2026

EMF (Templeton Emerging Markets Fund) is Emerging Markets Equities fund actively managed by Franklin Templeton, while PAF.L (Pan African Resources plc) is a stock. Over the past 10 years, EMF returned 14.87%/yr vs 24.29%/yr for PAF.L. At a 0.17 correlation, their price movements are largely independent.

Performance

EMF vs. PAF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Templeton Emerging Markets Fund (EMF) and Pan African Resources plc (PAF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EMF is traded in USD, while PAF.L is traded in GBp. To make them comparable, the PAF.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EMF achieves a 32.81% return, which is significantly higher than PAF.L's -10.97% return. Over the past 10 years, EMF has underperformed PAF.L with an annualized return of 14.87%, while PAF.L has yielded a comparatively higher 24.29% annualized return.

EMF

• 1D: -0.67%
• 1M: -1.02%
• YTD: 32.81%
• 6M: 36.23%
• 1Y: 77.86%
• 3Y*: 32.88%
• 5Y*: 10.56%
• 10Y*: 14.87%

PAF.L

• 1D: 1.84%
• 1M: -29.87%
• YTD: -10.97%
• 6M: 3.44%
• 1Y: 134.26%
• 3Y*: 111.26%
• 5Y*: 43.48%
• 10Y*: 24.29%

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

EMF vs. PAF.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMF Templeton Emerging Markets Fund	32.81%	58.20%	6.56%	8.84%	-21.53%	-8.23%	24.48%	27.20%	-14.78%	53.55%
PAF.L Pan African Resources plc	-10.97%	285.04%	105.84%	11.99%	-6.99%	-26.45%	109.18%	46.45%	-38.63%	-3.35%

Correlation

The correlation between EMF and PAF.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jul 5, 2007	0.17

The correlation between EMF and PAF.L shifts across timeframes, from 0.17 (all time) to 0.28 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

EMF vs. PAF.L — Risk / Return Rank

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

EMF

EMF Risk / Return Rank: 89
EMF Sharpe Ratio Rank: 96
EMF Sortino Ratio Rank: 87
EMF Omega Ratio Rank: 88
EMF Calmar Ratio Rank: 87
EMF Martin Ratio Rank: 87

PAF.L

PAF.L Risk / Return Rank: 88
PAF.L Sharpe Ratio Rank: 93
PAF.L Sortino Ratio Rank: 87
PAF.L Omega Ratio Rank: 87
PAF.L Calmar Ratio Rank: 85
PAF.L Martin Ratio Rank: 89

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. PAF.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Emerging Markets Fund (EMF) and Pan African Resources plc (PAF.L). 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	PAF.L	Difference
Sharpe ratio: Return per unit of total volatility	3.36	2.42	+0.94
Sortino ratio: Return per unit of downside risk	4.07	2.68	+1.39
Omega ratio: Gain probability vs. loss probability	1.60	1.35	+0.25
Calmar ratio: Return relative to maximum drawdown	4.02	3.17	+0.85
Martin ratio: Return relative to average drawdown	15.90	10.54	+5.36
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. PAF.L - Sharpe Ratio Comparison

The current EMF Sharpe Ratio is 3.36, which is higher than the PAF.L Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of EMF and PAF.L, 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

	EMF	PAF.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.36	2.42	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.87	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.44	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.28	-0.05

Drawdowns

EMF vs. PAF.L - Drawdown Comparison

The maximum EMF drawdown since its inception was -76.97%, smaller than the maximum PAF.L drawdown of -86.42%. Use the drawdown chart below to compare losses from any high point for EMF and PAF.L.

Drawdown Indicators

	EMF	PAF.L	Difference
Max Drawdown Largest peak-to-trough decline	-76.97%	-86.42%	+9.45%
Max Drawdown (1Y) Largest decline over 1 year	-19.48%	-42.10%	+22.62%
Max Drawdown (3Y) Largest decline over 3 years	-19.48%	-42.10%	+22.62%
Max Drawdown (5Y) Largest decline over 5 years	-45.08%	-49.04%	+3.96%
Max Drawdown (10Y) Largest decline over 10 years	-47.65%	-70.44%	+22.79%
Current Drawdown Current decline from peak	-7.72%	-41.04%	+33.32%
Average Drawdown Average peak-to-trough decline	-28.99%	-32.81%	+3.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.91%	12.69%	-7.78%

Volatility

EMF vs. PAF.L - Volatility Comparison

The current volatility for Templeton Emerging Markets Fund (EMF) is 9.80%, while Pan African Resources plc (PAF.L) has a volatility of 21.25%. This indicates that EMF experiences smaller price fluctuations and is considered to be less risky than PAF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMF	PAF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.80%	21.25%	-11.45%
Volatility (6M) Calculated over the trailing 6-month period	20.78%	45.65%	-24.87%
Volatility (1Y) Calculated over the trailing 1-year period	23.34%	55.28%	-31.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.60%	50.26%	-29.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.63%	55.08%	-34.45%

Dividends

EMF vs. PAF.L - Dividend Comparison

EMF's dividend yield for the trailing twelve months is around 7.41%, more than PAF.L's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMF Templeton Emerging Markets Fund	7.41%	9.73%	4.28%	6.22%	9.89%	6.92%	3.51%	7.36%	5.92%	12.11%	1.62%	12.81%
PAF.L Pan African Resources plc	2.02%	1.35%	2.79%	4.52%	5.25%	5.09%	2.92%	0.98%	0.00%	3.38%	5.67%	6.83%

Frequently Asked Questions

Can I hold both EMF and PAF.L in my portfolio?

EMF and PAF.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.