FRURX vs. EMO

Last updated Jun 25, 2026

FRURX (Franklin Utilities Fund Class R) and EMO (ClearBridge Energy Midstream Opportunity Fund) are both mutual funds - FRURX is a Utilities Equities fund tracking the S&P 500 Utilities Index, while EMO is a MLPs fund actively managed by Franklin Templeton. FRURX is passively managed, while EMO is actively managed. Over the past 10 years, FRURX returned 9.28%/yr vs 7.00%/yr for EMO. At a 0.28 correlation, their price movements are largely independent. FRURX charges 1.07%/yr vs 13.90%/yr for EMO.

Performance

FRURX vs. EMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Utilities Fund Class R (FRURX) 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, FRURX achieves a 8.54% return, which is significantly lower than EMO's 14.74% return. Over the past 10 years, FRURX has outperformed EMO with an annualized return of 9.28%, while EMO has yielded a comparatively lower 7.00% annualized return.

FRURX

• 1D: 0.78%
• 1M: -0.66%
• YTD: 8.54%
• 6M: 8.26%
• 1Y: 15.55%
• 3Y*: 16.23%
• 5Y*: 11.39%
• 10Y*: 9.28%

EMO

• 1D: -1.37%
• 1M: -4.92%
• YTD: 14.74%
• 6M: 15.43%
• 1Y: 18.67%
• 3Y*: 31.87%
• 5Y*: 26.30%
• 10Y*: 7.00%

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

FRURX vs. EMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRURX Franklin Utilities Fund Class R	8.54%	14.28%	26.66%	-5.22%	1.32%	17.55%	-2.13%	26.68%	2.19%	9.34%
EMO ClearBridge Energy Midstream Opportunity Fund	14.74%	7.38%	44.45%	31.76%	40.13%	74.70%	-64.47%	19.60%	-25.73%	0.07%

Correlation

The correlation between FRURX and EMO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011	0.28

The correlation between FRURX and EMO shifts across timeframes, from 0.20 (1 year) to 0.34 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FRURX vs. EMO — Risk / Return Rank

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

FRURX

FRURX Risk / Return Rank: 23
FRURX Sharpe Ratio Rank: 21
FRURX Sortino Ratio Rank: 18
FRURX Omega Ratio Rank: 20
FRURX Calmar Ratio Rank: 32
FRURX Martin Ratio Rank: 21

EMO

EMO Risk / Return Rank: 19
EMO Sharpe Ratio Rank: 19
EMO Sortino Ratio Rank: 19
EMO Omega Ratio Rank: 20
EMO Calmar Ratio Rank: 26
EMO Martin Ratio Rank: 14

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.

FRURX vs. EMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Utilities Fund Class R (FRURX) 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.

	FRURX	EMO	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.12	+0.03
Sortino ratio: Return per unit of downside risk	1.58	1.66	-0.07
Omega ratio: Gain probability vs. loss probability	1.20	1.21	-0.01
Calmar ratio: Return relative to maximum drawdown	1.97	1.72	+0.25
Martin ratio: Return relative to average drawdown	4.70	3.62	+1.08

FRURX vs. EMO - Sharpe Ratio Comparison

The current FRURX Sharpe Ratio is 1.14, which is comparable to the EMO Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of FRURX 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

FRURX vs. EMO - Drawdown Comparison

The maximum FRURX drawdown since its inception was -43.83%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for FRURX and EMO.

Drawdown Indicators

	FRURX	EMO	Difference
Max Drawdown Largest peak-to-trough decline	-43.83%	-95.06%	+51.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	-10.87%	+2.72%
Max Drawdown (3Y) Largest decline over 3 years	-16.42%	-18.81%	+2.39%
Max Drawdown (5Y) Largest decline over 5 years	-22.83%	-28.59%	+5.76%
Max Drawdown (10Y) Largest decline over 10 years	-36.56%	-93.02%	+56.46%
Current Drawdown Current decline from peak	-4.00%	-7.50%	+3.50%
Average Drawdown Average peak-to-trough decline	-7.55%	-31.86%	+24.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	5.16%	-1.75%

Volatility

FRURX vs. EMO - Volatility Comparison

Franklin Utilities Fund Class R (FRURX) and ClearBridge Energy Midstream Opportunity Fund (EMO) have volatilities of 5.02% and 4.86%, 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

	FRURX	EMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	4.86%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	11.31%	12.39%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	14.09%	16.82%	-2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	26.49%	-9.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.85%	41.23%	-22.38%

FRURX vs. EMO - Expense Ratio Comparison

FRURX has a 1.07% expense ratio, which is lower than EMO's 13.90% expense ratio.

Dividends

FRURX vs. EMO - Dividend Comparison

FRURX's dividend yield for the trailing twelve months is around 6.91%, less than EMO's 8.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMO ClearBridge Energy Midstream Opportunity Fund	8.77%	9.41%	7.16%	6.79%	6.71%	6.71%	15.82%	10.94%	16.39%	10.85%	9.76%	11.88%
FRURX Franklin Utilities Fund Class R	6.91%	7.48%	8.37%	6.12%	3.39%	4.66%	9.54%	3.90%	5.49%	3.30%	2.43%	5.78%

Frequently Asked Questions

Can I hold both FRURX and EMO in my portfolio?

FRURX and EMO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRURX or EMO?

FRURX has higher volatility (5.02%) compared to EMO (4.86%). In terms of maximum drawdown, FRURX dropped -43.83% vs EMO's -95.06%.

Which has better risk-adjusted returns?

FRURX currently has the higher Sharpe Ratio (1.14 vs 1.12), 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.