FQEMX vs. LCSMX

Last updated Jun 4, 2026

FQEMX (Franklin Templeton SMACS: Series EM) and LCSMX (Martin Currie SMA-Shares Series EM Fund) are both Emerging Markets Diversified funds. Over the past 3 years, FQEMX returned 48.79%/yr vs 31.85%/yr for LCSMX. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.00% expense ratio.

Performance

FQEMX vs. LCSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Templeton SMACS: Series EM (FQEMX) and Martin Currie SMA-Shares Series EM Fund (LCSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FQEMX achieves a 90.39% return, which is significantly higher than LCSMX's 67.99% return.

FQEMX

• 1D: 0.04%
• 1M: 29.89%
• YTD: 90.39%
• 6M: 100.76%
• 1Y: 170.59%
• 3Y*: 48.79%
• 5Y*: —
• 10Y*: —

LCSMX

• 1D: 0.64%
• 1M: 21.90%
• YTD: 67.99%
• 6M: 76.65%
• 1Y: 132.69%
• 3Y*: 31.85%
• 5Y*: 12.36%
• 10Y*: —

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

FQEMX vs. LCSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FQEMX Franklin Templeton SMACS: Series EM	90.39%	55.98%	6.67%	12.18%	-20.68%	0.32%
LCSMX Martin Currie SMA-Shares Series EM Fund	67.99%	51.52%	-13.60%	16.26%	-27.25%	-2.18%

Correlation

The correlation between FQEMX and LCSMX is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Oct 21, 2021	0.87

The correlation between FQEMX and LCSMX has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

Return for Risk

FQEMX vs. LCSMX — Risk / Return Rank

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

FQEMX

FQEMX Risk / Return Rank: 98
FQEMX Sharpe Ratio Rank: 100
FQEMX Sortino Ratio Rank: 98
FQEMX Omega Ratio Rank: 97
FQEMX Calmar Ratio Rank: 98
FQEMX Martin Ratio Rank: 98

LCSMX

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

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.

FQEMX vs. LCSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Templeton SMACS: Series EM (FQEMX) and Martin Currie SMA-Shares Series EM Fund (LCSMX). 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.

	FQEMX	LCSMX	Difference
Sharpe ratio: Return per unit of total volatility	6.33	5.26	+1.07
Sortino ratio: Return per unit of downside risk	6.12	5.53	+0.59
Omega ratio: Gain probability vs. loss probability	2.03	1.90	+0.13
Calmar ratio: Return relative to maximum drawdown	9.27	8.64	+0.63
Martin ratio: Return relative to average drawdown	36.36	33.57	+2.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FQEMX vs. LCSMX - Sharpe Ratio Comparison

The current FQEMX Sharpe Ratio is 6.33, which is comparable to the LCSMX Sharpe Ratio of 5.26. The chart below compares the historical Sharpe Ratios of FQEMX and LCSMX, 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

	FQEMX	LCSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	6.33	5.26	+1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	0.67	+0.54

Drawdowns

FQEMX vs. LCSMX - Drawdown Comparison

The maximum FQEMX drawdown since its inception was -34.46%, smaller than the maximum LCSMX drawdown of -39.72%. Use the drawdown chart below to compare losses from any high point for FQEMX and LCSMX.

Drawdown Indicators

	FQEMX	LCSMX	Difference
Max Drawdown Largest peak-to-trough decline	-34.46%	-39.72%	+5.26%
Max Drawdown (1Y) Largest decline over 1 year	-18.93%	-15.39%	-3.54%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-23.31%	+4.38%
Max Drawdown (5Y) Largest decline over 5 years	—	-39.72%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.78%	-13.74%	+2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.78%	3.95%	+0.83%

Volatility

FQEMX vs. LCSMX - Volatility Comparison

Franklin Templeton SMACS: Series EM (FQEMX) and Martin Currie SMA-Shares Series EM Fund (LCSMX) have volatilities of 13.31% and 13.39%, 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

	FQEMX	LCSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.31%	13.39%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	24.44%	22.65%	+1.79%
Volatility (1Y) Calculated over the trailing 1-year period	27.74%	25.30%	+2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	19.25%	+1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.09%	20.02%	+1.07%

FQEMX vs. LCSMX - Expense Ratio Comparison

FQEMX has a 0.00% expense ratio, which is lower than LCSMX's 0.00% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FQEMX vs. LCSMX - Dividend Comparison

FQEMX's dividend yield for the trailing twelve months is around 1.67%, more than LCSMX's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FQEMX Franklin Templeton SMACS: Series EM	1.67%	3.18%	3.15%	4.82%	3.93%	0.62%	0.00%	0.00%	0.00%
LCSMX Martin Currie SMA-Shares Series EM Fund	0.59%	1.00%	1.29%	1.22%	1.11%	3.03%	0.48%	0.88%	1.40%

Frequently Asked Questions

Can I hold both FQEMX and LCSMX in my portfolio?

With a correlation of 0.93, FQEMX and LCSMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FQEMX or LCSMX?

LCSMX has higher volatility (13.39%) compared to FQEMX (13.31%). In terms of maximum drawdown, FQEMX dropped -34.46% vs LCSMX's -39.72%.

Which has better risk-adjusted returns?

FQEMX currently has the higher Sharpe Ratio (6.33 vs 5.26), 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.