EMO vs. SHAPX

Last updated Jun 4, 2026

EMO (ClearBridge Energy Midstream Opportunity Fund) and SHAPX (ClearBridge Appreciation Fund) are both mutual funds - EMO is a MLPs fund actively managed by Franklin Templeton, while SHAPX is a Large Cap Blend Equities fund managed by Franklin Templeton. Over the past 10 years, EMO returned 6.84%/yr vs 13.25%/yr for SHAPX. At a 0.42 correlation, their price movements are largely independent. EMO charges 13.90%/yr vs 0.93%/yr for SHAPX.

Performance

EMO vs. SHAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ClearBridge Energy Midstream Opportunity Fund (EMO) and ClearBridge Appreciation Fund (SHAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMO achieves a 15.80% return, which is significantly higher than SHAPX's 6.04% return. Over the past 10 years, EMO has underperformed SHAPX with an annualized return of 6.84%, while SHAPX has yielded a comparatively higher 13.25% annualized return.

EMO

• 1D: -0.22%
• 1M: -2.28%
• YTD: 15.80%
• 6M: 14.62%
• 1Y: 20.96%
• 3Y*: 32.17%
• 5Y*: 26.12%
• 10Y*: 6.84%

SHAPX

• 1D: -0.05%
• 1M: 2.33%
• YTD: 6.04%
• 6M: 5.66%
• 1Y: 17.56%
• 3Y*: 17.64%
• 5Y*: 11.44%
• 10Y*: 13.25%

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

EMO vs. SHAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMO ClearBridge Energy Midstream Opportunity Fund	15.80%	7.38%	44.45%	31.76%	40.13%	74.70%	-64.47%	19.60%	-25.73%	0.07%
SHAPX ClearBridge Appreciation Fund	6.04%	14.32%	22.37%	19.50%	-12.56%	23.52%	14.53%	29.84%	-2.19%	18.31%

Correlation

The correlation between EMO and SHAPX is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 15, 2011	0.42

Over the past year, the correlation between EMO and SHAPX has dropped to 0.05 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

Return for Risk

EMO vs. SHAPX — Risk / Return Rank

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

EMO

EMO Risk / Return Rank: 20
EMO Sharpe Ratio Rank: 20
EMO Sortino Ratio Rank: 19
EMO Omega Ratio Rank: 21
EMO Calmar Ratio Rank: 27
EMO Martin Ratio Rank: 15

SHAPX

SHAPX Risk / Return Rank: 37
SHAPX Sharpe Ratio Rank: 36
SHAPX Sortino Ratio Rank: 36
SHAPX Omega Ratio Rank: 36
SHAPX Calmar Ratio Rank: 31
SHAPX Martin Ratio Rank: 45

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.

EMO vs. SHAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ClearBridge Energy Midstream Opportunity Fund (EMO) and ClearBridge Appreciation Fund (SHAPX). 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.

	EMO	SHAPX	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.73	-0.47
Sortino ratio: Return per unit of downside risk	1.86	2.50	-0.64
Omega ratio: Gain probability vs. loss probability	1.24	1.32	-0.08
Calmar ratio: Return relative to maximum drawdown	1.94	2.07	-0.14
Martin ratio: Return relative to average drawdown	4.29	9.48	-5.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMO vs. SHAPX - Sharpe Ratio Comparison

The current EMO Sharpe Ratio is 1.27, which is comparable to the SHAPX Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of EMO and SHAPX, 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

	EMO	SHAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	1.73	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	0.77	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.79	-0.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.11	0.79	-0.69

Drawdowns

EMO vs. SHAPX - Drawdown Comparison

The maximum EMO drawdown since its inception was -95.06%, which is greater than SHAPX's maximum drawdown of -46.19%. Use the drawdown chart below to compare losses from any high point for EMO and SHAPX.

Drawdown Indicators

	EMO	SHAPX	Difference
Max Drawdown Largest peak-to-trough decline	-95.06%	-46.19%	-48.87%
Max Drawdown (1Y) Largest decline over 1 year	-10.87%	-8.74%	-2.13%
Max Drawdown (3Y) Largest decline over 3 years	-18.81%	-16.15%	-2.66%
Max Drawdown (5Y) Largest decline over 5 years	-28.59%	-20.53%	-8.06%
Max Drawdown (10Y) Largest decline over 10 years	-93.02%	-32.21%	-60.81%
Current Drawdown Current decline from peak	-6.64%	-0.49%	-6.15%
Average Drawdown Average peak-to-trough decline	-31.96%	-4.78%	-27.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.90%	1.91%	+2.99%

Volatility

EMO vs. SHAPX - Volatility Comparison

ClearBridge Energy Midstream Opportunity Fund (EMO) has a higher volatility of 6.24% compared to ClearBridge Appreciation Fund (SHAPX) at 2.46%. This indicates that EMO's price experiences larger fluctuations and is considered to be riskier than SHAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMO	SHAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.24%	2.46%	+3.78%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	7.90%	+4.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.62%	10.46%	+6.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.74%	14.86%	+11.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.25%	16.73%	+24.52%

EMO vs. SHAPX - Expense Ratio Comparison

EMO has a 13.90% expense ratio, which is higher than SHAPX's 0.93% expense ratio.

Dividends

EMO vs. SHAPX - Dividend Comparison

EMO's dividend yield for the trailing twelve months is around 8.61%, less than SHAPX's 13.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMO ClearBridge Energy Midstream Opportunity Fund	8.61%	9.41%	7.16%	6.79%	6.71%	6.71%	15.82%	10.94%	16.39%	10.85%	9.76%	11.88%
SHAPX ClearBridge Appreciation Fund	13.27%	14.08%	9.00%	4.17%	8.85%	6.54%	4.13%	7.09%	6.71%	5.10%	3.29%	4.76%

Frequently Asked Questions

Can I hold both EMO and SHAPX in my portfolio?

EMO and SHAPX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMO or SHAPX?

EMO has higher volatility (6.24%) compared to SHAPX (2.46%). In terms of maximum drawdown, EMO dropped -95.06% vs SHAPX's -46.19%.

Which has better risk-adjusted returns?

SHAPX currently has the higher Sharpe Ratio (1.73 vs 1.27), 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.