EMF vs. TX

Last updated Jun 4, 2026

EMF (Templeton Emerging Markets Fund) is Emerging Markets Equities fund actively managed by Franklin Templeton, while TX (Ternium S.A.) is a stock. Over the past 10 years, EMF returned 15.64%/yr vs 15.80%/yr for TX. At a 0.49 correlation, their price movements are largely independent.

Performance

EMF vs. TX - Performance Comparison

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

Returns By Period

In the year-to-date period, EMF achieves a 41.37% return, which is significantly higher than TX's 34.28% return. Both investments have delivered pretty close results over the past 10 years, with EMF having a 15.64% annualized return and TX not far ahead at 15.80%.

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%

TX

• 1D: -2.77%
• 1M: 19.93%
• YTD: 34.28%
• 6M: 33.41%
• 1Y: 83.30%
• 3Y*: 15.64%
• 5Y*: 14.01%
• 10Y*: 15.80%

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

EMF vs. TX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
TX Ternium S.A.	34.28%	43.56%	-25.86%	49.94%	-24.80%	60.96%	32.18%	-14.86%	-11.86%	36.48%

Correlation

The correlation between EMF and TX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Feb 2, 2006	0.49

The correlation between EMF and TX shifts across timeframes, from 0.38 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EMF vs. TX — Risk / Return Rank

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

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

TX

TX Risk / Return Rank: 92
TX Sharpe Ratio Rank: 93
TX Sortino Ratio Rank: 92
TX Omega Ratio Rank: 90
TX Calmar Ratio Rank: 91
TX 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.

EMF vs. TX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Emerging Markets Fund (EMF) and Ternium S.A. (TX). 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	TX	Difference
Sharpe ratio Return per unit of total volatility	4.12	2.74	+1.37
Sortino ratio Return per unit of downside risk	4.88	3.54	+1.34
Omega ratio Gain probability vs. loss probability	1.73	1.44	+0.29
Calmar ratio Return relative to maximum drawdown	4.82	4.88	-0.06
Martin ratio Return relative to average drawdown	19.26	15.92	+3.34
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. TX - Sharpe Ratio Comparison

The current EMF Sharpe Ratio is 4.12, which is higher than the TX Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of EMF and TX, 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	TX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.12	2.74	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.40	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.42	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.17	+0.06

Drawdowns

EMF vs. TX - Drawdown Comparison

The maximum EMF drawdown since its inception was -76.97%, smaller than the maximum TX drawdown of -89.66%. Use the drawdown chart below to compare losses from any high point for EMF and TX.

Drawdown Indicators

	EMF	TX	Difference
Max Drawdown Largest peak-to-trough decline	-76.97%	-89.66%	+12.69%
Max Drawdown (1Y) Largest decline over 1 year	-19.48%	-17.17%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	-19.48%	-42.04%	+22.56%
Max Drawdown (5Y) Largest decline over 5 years	-45.62%	-49.48%	+3.86%
Max Drawdown (10Y) Largest decline over 10 years	-47.65%	-74.94%	+27.29%
Current Drawdown Current decline from peak	-1.78%	-2.77%	+0.99%
Average Drawdown Average peak-to-trough decline	-29.00%	-31.30%	+2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.87%	5.25%	-0.38%

Volatility

EMF vs. TX - Volatility Comparison

The current volatility for Templeton Emerging Markets Fund (EMF) is 9.22%, while Ternium S.A. (TX) has a volatility of 15.68%. This indicates that EMF experiences smaller price fluctuations and is considered to be less risky than TX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMF	TX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.22%	15.68%	-6.46%
Volatility (6M) Calculated over the trailing 6-month period	20.12%	23.60%	-3.48%
Volatility (1Y) Calculated over the trailing 1-year period	22.81%	30.52%	-7.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.50%	35.34%	-14.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.58%	37.92%	-17.34%

Dividends

EMF vs. TX - Dividend Comparison

EMF's dividend yield for the trailing twelve months is around 6.97%, more than TX's 4.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TX Ternium S.A.	4.42%	7.07%	10.66%	6.83%	8.84%	6.66%	0.00%	5.45%	4.06%	3.17%	3.73%	7.24%

Frequently Asked Questions

Can I hold both EMF and TX in my portfolio?

EMF and TX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMF or TX?

TX has higher volatility (15.68%) compared to EMF (9.22%). In terms of maximum drawdown, EMF dropped -76.97% vs TX's -89.66%.

Which has better risk-adjusted returns?

EMF currently has the higher Sharpe Ratio (4.12 vs 2.74), 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.