FQEMX vs. MGEMX

Last updated Jun 25, 2026

FQEMX (Franklin Templeton SMACS: Series EM) and MGEMX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio) are both Emerging Markets Diversified funds. Over the past 3 years, FQEMX returned 45.68%/yr vs -0.62%/yr for MGEMX. Their correlation of 0.87 suggests significant overlap in exposure. FQEMX charges 0.00%/yr vs 1.05%/yr for MGEMX.

Performance

FQEMX vs. MGEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Templeton SMACS: Series EM (FQEMX) and Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FQEMX achieves a 75.65% return, which is significantly higher than MGEMX's 29.77% return.

FQEMX

• 1D: -8.80%
• 1M: 6.65%
• YTD: 75.65%
• 6M: 80.93%
• 1Y: 127.01%
• 3Y*: 45.68%
• 5Y*: —
• 10Y*: —

MGEMX

• 1D: -5.84%
• 1M: 2.24%
• YTD: 29.77%
• 6M: 31.55%
• 1Y: -24.65%
• 3Y*: -0.62%
• 5Y*: -5.91%
• 10Y*: 3.96%

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

FQEMX vs. MGEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FQEMX Franklin Templeton SMACS: Series EM	75.65%	55.98%	6.67%	12.18%	-20.68%	0.32%
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	29.77%	-34.08%	8.07%	12.16%	-25.07%	-3.51%

Correlation

The correlation between FQEMX and MGEMX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.87

The correlation between FQEMX and MGEMX has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

FQEMX vs. MGEMX — Risk / Return Rank

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

FQEMX

FQEMX Risk / Return Rank: 96
FQEMX Sharpe Ratio Rank: 99
FQEMX Sortino Ratio Rank: 90
FQEMX Omega Ratio Rank: 95
FQEMX Calmar Ratio Rank: 98
FQEMX Martin Ratio Rank: 98

MGEMX

MGEMX Risk / Return Rank: 2
MGEMX Sharpe Ratio Rank: 1
MGEMX Sortino Ratio Rank: 2
MGEMX Omega Ratio Rank: 2
MGEMX Calmar Ratio Rank: 1
MGEMX Martin Ratio Rank: 1

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. MGEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Templeton SMACS: Series EM (FQEMX) and Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX). 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.

	FQEMX	MGEMX	Difference
Sharpe ratio: Return per unit of total volatility	4.16	-0.41	+4.57
Sortino ratio: Return per unit of downside risk	4.05	-0.05	+4.10
Omega ratio: Gain probability vs. loss probability	1.71	0.98	+0.73
Calmar ratio: Return relative to maximum drawdown	7.34	-0.44	+7.78
Martin ratio: Return relative to average drawdown	26.71	-0.74	+27.45

FQEMX vs. MGEMX - Sharpe Ratio Comparison

The current FQEMX Sharpe Ratio is 4.16, which is higher than the MGEMX Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of FQEMX and MGEMX, 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

FQEMX vs. MGEMX - Drawdown Comparison

The maximum FQEMX drawdown since its inception was -34.46%, smaller than the maximum MGEMX drawdown of -64.93%. Use the drawdown chart below to compare losses from any high point for FQEMX and MGEMX.

Drawdown Indicators

	FQEMX	MGEMX	Difference
Max Drawdown Largest peak-to-trough decline	-34.46%	-64.93%	+30.47%
Max Drawdown (1Y) Largest decline over 1 year	-18.93%	-52.50%	+33.57%
Max Drawdown (3Y) Largest decline over 3 years	-18.93%	-52.50%	+33.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-52.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-52.50%	—
Current Drawdown Current decline from peak	-8.80%	-35.41%	+26.61%
Average Drawdown Average peak-to-trough decline	-10.72%	-19.84%	+9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.15%	30.92%	-25.77%

Volatility

FQEMX vs. MGEMX - Volatility Comparison

Franklin Templeton SMACS: Series EM (FQEMX) has a higher volatility of 21.08% compared to Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio (MGEMX) at 13.39%. This indicates that FQEMX's price experiences larger fluctuations and is considered to be riskier than MGEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FQEMX	MGEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.08%	13.39%	+7.69%
Volatility (6M) Calculated over the trailing 6-month period	30.88%	21.14%	+9.74%
Volatility (1Y) Calculated over the trailing 1-year period	33.42%	56.22%	-22.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.66%	29.47%	-6.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.66%	24.94%	-2.28%

FQEMX vs. MGEMX - Expense Ratio Comparison

FQEMX has a 0.00% expense ratio, which is lower than MGEMX's 1.05% expense ratio.

Dividends

FQEMX vs. MGEMX - Dividend Comparison

FQEMX's dividend yield for the trailing twelve months is around 1.81%, while MGEMX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FQEMX Franklin Templeton SMACS: Series EM	1.81%	3.18%	3.15%	4.82%	3.93%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MGEMX Morgan Stanley Institutional Fund, Inc. Emerging Markets Portfolio	0.00%	0.00%	1.27%	2.48%	4.48%	9.05%	1.07%	26.00%	2.46%	0.60%	0.82%	0.87%

Frequently Asked Questions

Can I hold both FQEMX and MGEMX in my portfolio?

FQEMX and MGEMX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FQEMX or MGEMX?

FQEMX has higher volatility (21.08%) compared to MGEMX (13.39%). In terms of maximum drawdown, FQEMX dropped -34.46% vs MGEMX's -64.93%.

Which has better risk-adjusted returns?

FQEMX currently has the higher Sharpe Ratio (4.16 vs -0.41), 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.