FKRCX vs. EMO

Last updated Jun 24, 2026

FKRCX (Franklin Gold and Precious Metals Fund) and EMO (ClearBridge Energy Midstream Opportunity Fund) are both mutual funds - FKRCX is a Gold fund managed by Franklin Templeton, while EMO is a MLPs fund actively managed by Franklin Templeton. Over the past 10 years, FKRCX returned 14.12%/yr vs 7.15%/yr for EMO. At a 0.24 correlation, their price movements are largely independent. FKRCX charges 0.88%/yr vs 13.90%/yr for EMO.

Performance

FKRCX vs. EMO - Performance Comparison

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

Returns By Period

In the year-to-date period, FKRCX achieves a -1.84% return, which is significantly lower than EMO's 16.33% return. Over the past 10 years, FKRCX has outperformed EMO with an annualized return of 14.12%, while EMO has yielded a comparatively lower 7.15% annualized return.

FKRCX

• 1D: -1.37%
• 1M: -4.21%
• YTD: -1.84%
• 6M: -5.57%
• 1Y: 74.96%
• 3Y*: 52.41%
• 5Y*: 21.73%
• 10Y*: 14.12%

EMO

• 1D: 1.28%
• 1M: -3.61%
• YTD: 16.33%
• 6M: 17.56%
• 1Y: 20.89%
• 3Y*: 32.48%
• 5Y*: 26.57%
• 10Y*: 7.15%

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

FKRCX vs. EMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKRCX Franklin Gold and Precious Metals Fund	-1.84%	196.59%	17.64%	2.03%	-23.47%	-4.03%	44.30%	51.48%	-18.11%	-0.12%
EMO ClearBridge Energy Midstream Opportunity Fund	16.33%	7.38%	44.45%	31.76%	40.13%	74.70%	-64.47%	19.60%	-25.73%	0.07%

Correlation

The correlation between FKRCX and EMO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011	0.24

The correlation between FKRCX and EMO shifts across timeframes, from -0.11 (1 year) to 0.29 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FKRCX vs. EMO — Risk / Return Rank

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

FKRCX

FKRCX Risk / Return Rank: 34
FKRCX Sharpe Ratio Rank: 41
FKRCX Sortino Ratio Rank: 30
FKRCX Omega Ratio Rank: 35
FKRCX Calmar Ratio Rank: 38
FKRCX Martin Ratio Rank: 28

EMO

EMO Risk / Return Rank: 23
EMO Sharpe Ratio Rank: 22
EMO Sortino Ratio Rank: 22
EMO Omega Ratio Rank: 23
EMO Calmar Ratio Rank: 30
EMO Martin Ratio Rank: 16

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.

FKRCX vs. EMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Gold and Precious Metals Fund (FKRCX) and ClearBridge Energy Midstream Opportunity Fund (EMO). 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.

	FKRCX	EMO	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.25	+0.49
Sortino ratio: Return per unit of downside risk	2.11	1.84	+0.27
Omega ratio: Gain probability vs. loss probability	1.29	1.23	+0.06
Calmar ratio: Return relative to maximum drawdown	2.21	1.93	+0.28
Martin ratio: Return relative to average drawdown	6.07	4.07	+2.00

FKRCX vs. EMO - Sharpe Ratio Comparison

The current FKRCX Sharpe Ratio is 1.74, which is higher than the EMO Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of FKRCX and EMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FKRCX vs. EMO - Drawdown Comparison

The maximum FKRCX drawdown since its inception was -78.85%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for FKRCX and EMO.

Drawdown Indicators

	FKRCX	EMO	Difference
Max Drawdown Largest peak-to-trough decline	-78.85%	-95.06%	+16.21%
Max Drawdown (1Y) Largest decline over 1 year	-34.78%	-10.87%	-23.91%
Max Drawdown (3Y) Largest decline over 3 years	-34.78%	-18.81%	-15.97%
Max Drawdown (5Y) Largest decline over 5 years	-48.79%	-28.59%	-20.20%
Max Drawdown (10Y) Largest decline over 10 years	-49.54%	-93.02%	+43.48%
Current Drawdown Current decline from peak	-27.05%	-6.22%	-20.83%
Average Drawdown Average peak-to-trough decline	-33.73%	-31.87%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.61%	5.14%	+7.47%

Volatility

FKRCX vs. EMO - Volatility Comparison

Franklin Gold and Precious Metals Fund (FKRCX) has a higher volatility of 16.59% compared to ClearBridge Energy Midstream Opportunity Fund (EMO) at 4.72%. This indicates that FKRCX's price experiences larger fluctuations and is considered to be riskier than EMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKRCX	EMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.59%	4.72%	+11.87%
Volatility (6M) Calculated over the trailing 6-month period	37.75%	12.31%	+25.44%
Volatility (1Y) Calculated over the trailing 1-year period	44.23%	16.79%	+27.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.31%	26.48%	+7.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.13%	41.23%	-8.10%

FKRCX vs. EMO - Expense Ratio Comparison

FKRCX has a 0.88% expense ratio, which is lower than EMO's 13.90% expense ratio.

Dividends

FKRCX vs. EMO - Dividend Comparison

FKRCX's dividend yield for the trailing twelve months is around 10.95%, more than EMO's 8.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMO ClearBridge Energy Midstream Opportunity Fund	8.65%	9.41%	7.16%	6.79%	6.71%	6.71%	15.82%	10.94%	16.39%	10.85%	9.76%	11.88%
FKRCX Franklin Gold and Precious Metals Fund	10.95%	10.75%	13.44%	3.12%	0.00%	9.37%	10.55%	0.00%	0.00%	0.37%	8.73%	0.00%

Frequently Asked Questions

Can I hold both FKRCX and EMO in my portfolio?

FKRCX and EMO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FKRCX or EMO?

FKRCX has higher volatility (16.59%) compared to EMO (4.72%). In terms of maximum drawdown, FKRCX dropped -78.85% vs EMO's -95.06%.

Which has better risk-adjusted returns?

FKRCX currently has the higher Sharpe Ratio (1.74 vs 1.25), 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.