EMO vs. PAI
EMO (ClearBridge Energy Midstream Opportunity Fund Inc.) and PAI (Western Asset Investment Grade Income Fund Inc.) are both mutual funds - EMO is a MLPs fund actively managed by Franklin Templeton, while PAI is a Corporate Bonds fund actively managed by Franklin Templeton. Both are actively managed. Over the past 10 years, EMO returned 7.31%/yr vs 2.30%/yr for PAI. Their 0.12 correlation means their historical movements had little consistent relationship.
Performance
EMO vs. PAI - Performance Comparison
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Returns By Period
In the year-to-date period, EMO achieves a 20.68% return, which is significantly higher than PAI's -2.23% return. Over the past 10 years, EMO has outperformed PAI with an annualized return of 7.31%, while PAI has yielded a comparatively lower 2.30% annualized return.
EMO
- 1D
- -0.70%
- 1M
- 4.73%
- 6M
- 11.46%
- YTD
- 20.68%
- 1Y
- 20.65%
- 3Y*
- 29.46%
- 5Y*
- 30.65%
- 10Y*
- 7.31%
- ALL TIME*
- 4.24%
PAI
- 1D
- 0.42%
- 1M
- -1.59%
- 6M
- -3.13%
- YTD
- -2.23%
- 1Y
- -3.46%
- 3Y*
- 6.01%
- 5Y*
- -1.16%
- 10Y*
- 2.30%
- ALL TIME*
- 6.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.88M | $2.05M | $2.43M | |
| $161.97K | $141.25K | $198.44K |
EMO vs. PAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMO ClearBridge Energy Midstream Opportunity Fund Inc. | 20.68% | 7.38% | 44.45% | 31.76% | 40.13% | 74.70% | -64.47% | 19.60% | -25.73% | 0.07% |
PAI Western Asset Investment Grade Income Fund Inc. | -2.23% | 5.34% | 9.17% | 9.09% | -22.50% | 1.89% | 6.71% | 23.16% | -12.35% | 15.76% |
Correlation
The correlation between EMO and PAI is -0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011 | 0.12 |
The correlation between EMO and PAI shifts across timeframes, from -0.00 (1 year) to 0.17 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMO vs. PAI — Risk / Return Rank
EMO
PAI
EMO vs. PAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) and Western Asset Investment Grade Income Fund Inc. (PAI). 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.
| EMO | PAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +2.41 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.93 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | -0.45 | +2.35 |
| Martin ratioReturn relative to average drawdown | 3.95 | -0.92 | +4.87 |
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Drawdowns
EMO vs. PAI - Drawdown Comparison
The maximum EMO drawdown since its inception was -95.06%, which is greater than PAI's maximum drawdown of -39.03%. Use the drawdown chart below to compare losses from any high point for EMO and PAI.
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Drawdown Indicators
| EMO | PAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.06% | -39.03% | -56.03% |
Max Drawdown (1Y)Largest decline over 1 year | -10.87% | -7.79% | -3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -18.81% | -8.87% | -9.94% |
Max Drawdown (5Y)Largest decline over 5 years | -28.59% | -33.71% | +5.12% |
Max Drawdown (10Y)Largest decline over 10 years | -93.02% | -33.71% | -59.31% |
Current DrawdownCurrent decline from peak | -2.84% | -12.23% | +9.39% |
Average DrawdownAverage peak-to-trough decline | -31.66% | -7.14% | -24.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.24% | 3.80% | +1.44% |
Volatility
EMO vs. PAI - Volatility Comparison
ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) has a higher volatility of 5.14% compared to Western Asset Investment Grade Income Fund Inc. (PAI) at 1.62%. This indicates that EMO's price experiences larger fluctuations and is considered to be riskier than PAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMO | PAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 1.62% | +3.52% |
Volatility (6M)Calculated over the trailing 6-month period | 12.68% | 5.53% | +7.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.45% | 7.28% | +9.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.05% | 11.93% | +14.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.14% | 15.39% | +25.75% |
Dividends
EMO vs. PAI - Dividend Comparison
EMO's dividend yield for the trailing twelve months is around 8.41%, more than PAI's 5.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMO ClearBridge Energy Midstream Opportunity Fund Inc. | 8.41% | 9.41% | 7.16% | 6.79% | 6.71% | 6.71% | 15.82% | 10.94% | 16.39% | 10.85% | 9.76% | 11.88% |
PAI Western Asset Investment Grade Income Fund Inc. | 5.30% | 5.45% | 4.83% | 4.67% | 4.82% | 3.57% | 3.82% | 4.43% | 5.23% | 4.36% | 4.82% | 5.30% |
Frequently Asked Questions
EMO and PAI have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMO has higher volatility (5.14%) compared to PAI (1.62%). In terms of maximum drawdown, EMO dropped -95.06% vs PAI's -39.03%.
EMO currently has the higher Sharpe Ratio (1.26 vs -0.48), 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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