FEMDX vs. TEDNX

Last updated Jun 4, 2026

FEMDX (Franklin Emerging Market Debt Opportunities Fund) and TEDNX (TIAA-CREF Emerging Markets Debt Fund) are both Emerging Markets Bonds funds. Over the past 10 years, FEMDX returned 7.15%/yr vs 5.07%/yr for TEDNX. A 0.78 correlation means they provide meaningful diversification when combined. FEMDX charges 1.00%/yr vs 0.62%/yr for TEDNX.

Performance

FEMDX vs. TEDNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Emerging Market Debt Opportunities Fund (FEMDX) and TIAA-CREF Emerging Markets Debt Fund (TEDNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEMDX achieves a 7.92% return, which is significantly higher than TEDNX's 0.99% return. Over the past 10 years, FEMDX has outperformed TEDNX with an annualized return of 7.15%, while TEDNX has yielded a comparatively lower 5.07% annualized return.

FEMDX

• 1D: 0.22%
• 1M: 1.97%
• YTD: 7.92%
• 6M: 8.95%
• 1Y: 20.76%
• 3Y*: 16.62%
• 5Y*: 7.89%
• 10Y*: 7.15%

TEDNX

• 1D: 0.22%
• 1M: 1.21%
• YTD: 0.99%
• 6M: 1.67%
• 1Y: 11.25%
• 3Y*: 11.19%
• 5Y*: 3.51%
• 10Y*: 5.07%

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

FEMDX vs. TEDNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FEMDX Franklin Emerging Market Debt Opportunities Fund	7.92%	15.69%	11.83%	15.47%	-8.87%	1.58%	3.93%	9.92%	-1.19%	11.68%
TEDNX TIAA-CREF Emerging Markets Debt Fund	0.99%	13.84%	8.61%	12.56%	-14.41%	-0.86%	6.13%	17.49%	-5.95%	12.07%

Correlation

The correlation between FEMDX and TEDNX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.78

The correlation between FEMDX and TEDNX has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.

Return for Risk

FEMDX vs. TEDNX — Risk / Return Rank

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

FEMDX

FEMDX Risk / Return Rank: 98
FEMDX Sharpe Ratio Rank: 99
FEMDX Sortino Ratio Rank: 99
FEMDX Omega Ratio Rank: 98
FEMDX Calmar Ratio Rank: 95
FEMDX Martin Ratio Rank: 97

TEDNX

TEDNX Risk / Return Rank: 66
TEDNX Sharpe Ratio Rank: 86
TEDNX Sortino Ratio Rank: 81
TEDNX Omega Ratio Rank: 92
TEDNX Calmar Ratio Rank: 32
TEDNX Martin Ratio Rank: 40

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.

FEMDX vs. TEDNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Emerging Market Debt Opportunities Fund (FEMDX) and TIAA-CREF Emerging Markets Debt Fund (TEDNX). 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.

	FEMDX	TEDNX	Difference
Sharpe ratio Return per unit of total volatility	4.92	2.79	+2.13
Sortino ratio Return per unit of downside risk	8.35	3.86	+4.50
Omega ratio Gain probability vs. loss probability	2.24	1.69	+0.55
Calmar ratio Return relative to maximum drawdown	5.98	2.14	+3.85
Martin ratio Return relative to average drawdown	28.54	8.62	+19.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEMDX vs. TEDNX - Sharpe Ratio Comparison

The current FEMDX Sharpe Ratio is 4.92, which is higher than the TEDNX Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of FEMDX and TEDNX, 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

	FEMDX	TEDNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.92	2.79	+2.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.22	0.65	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.21	0.84	+0.37
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.84	+0.18

Drawdowns

FEMDX vs. TEDNX - Drawdown Comparison

The maximum FEMDX drawdown since its inception was -36.14%, which is greater than TEDNX's maximum drawdown of -25.65%. Use the drawdown chart below to compare losses from any high point for FEMDX and TEDNX.

Drawdown Indicators

	FEMDX	TEDNX	Difference
Max Drawdown Largest peak-to-trough decline	-36.14%	-25.65%	-10.49%
Max Drawdown (1Y) Largest decline over 1 year	-3.54%	-5.36%	+1.82%
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	-5.77%	-0.40%
Max Drawdown (5Y) Largest decline over 5 years	-19.93%	-25.65%	+5.72%
Max Drawdown (10Y) Largest decline over 10 years	-19.93%	-25.65%	+5.72%
Current Drawdown Current decline from peak	0.00%	-1.18%	+1.18%
Average Drawdown Average peak-to-trough decline	-4.75%	-4.66%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	1.33%	-0.59%

Volatility

FEMDX vs. TEDNX - Volatility Comparison

Franklin Emerging Market Debt Opportunities Fund (FEMDX) and TIAA-CREF Emerging Markets Debt Fund (TEDNX) have volatilities of 1.21% and 1.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEMDX	TEDNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	1.27%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	3.74%	3.62%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	4.30%	4.11%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.48%	5.43%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.91%	6.07%	-0.16%

FEMDX vs. TEDNX - Expense Ratio Comparison

FEMDX has a 1.00% expense ratio, which is higher than TEDNX's 0.62% expense ratio.

Dividends

FEMDX vs. TEDNX - Dividend Comparison

FEMDX's dividend yield for the trailing twelve months is around 6.01%, more than TEDNX's 4.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEMDX Franklin Emerging Market Debt Opportunities Fund	6.01%	6.49%	4.65%	3.12%	9.31%	0.00%	0.00%	7.29%	8.06%	4.29%	0.69%	6.04%
TEDNX TIAA-CREF Emerging Markets Debt Fund	4.63%	5.80%	6.58%	5.03%	6.15%	4.81%	4.27%	5.28%	5.58%	5.93%	5.56%	5.18%

Frequently Asked Questions

Can I hold both FEMDX and TEDNX in my portfolio?

FEMDX and TEDNX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEMDX or TEDNX?

TEDNX has higher volatility (1.27%) compared to FEMDX (1.21%). In terms of maximum drawdown, FEMDX dropped -36.14% vs TEDNX's -25.65%.

Which has better risk-adjusted returns?

FEMDX currently has the higher Sharpe Ratio (4.92 vs 2.79), 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.