FTTMX vs. EMO
FTTMX (Franklin Michigan Tax-Free Income Fund) and EMO (ClearBridge Energy Midstream Opportunity Fund Inc.) are both mutual funds - FTTMX is a Municipal Bonds fund managed by Franklin Templeton, while EMO is a MLPs fund actively managed by Franklin Templeton. Over the past 10 years, FTTMX returned 1.64%/yr vs 7.31%/yr for EMO. Their -0.04 correlation means they have often moved in opposite directions in the past. FTTMX charges 0.68%/yr vs 3.22%/yr for EMO.
Performance
FTTMX vs. EMO - Performance Comparison
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Returns By Period
In the year-to-date period, FTTMX achieves a 0.65% return, which is significantly lower than EMO's 20.68% return. Over the past 10 years, FTTMX has underperformed EMO with an annualized return of 1.64%, while EMO has yielded a comparatively higher 7.31% annualized return.
FTTMX
- 1D
- -0.10%
- 1M
- -1.99%
- 6M
- 0.27%
- YTD
- 0.65%
- 1Y
- 5.61%
- 3Y*
- 3.59%
- 5Y*
- 0.24%
- 10Y*
- 1.64%
- ALL TIME*
- 4.07%
EMO
- 1D
- -0.70%
- 1M
- 4.73%
- 6M
- 11.46%
- YTD
- 20.68%
- 1Y
- 20.65%
- 3Y*
- 29.46%
- 5Y*
- 30.65%
- 10Y*
- 7.31%
- ALL TIME*
- 4.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.88M | $2.05M | $2.43M | |
| $0.00 | $0.00 | $0.00 |
FTTMX vs. EMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTTMX Franklin Michigan Tax-Free Income Fund | 0.65% | 4.37% | 2.68% | 5.59% | -10.64% | 1.08% | 5.20% | 7.75% | 0.85% | 3.03% |
EMO ClearBridge Energy Midstream Opportunity Fund Inc. | 20.68% | 7.38% | 44.45% | 31.76% | 40.13% | 74.70% | -64.47% | 19.60% | -25.73% | 0.07% |
Correlation
The correlation between FTTMX and EMO is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.16 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011 | -0.04 |
The correlation between FTTMX and EMO shifts across timeframes, from -0.16 (1 year) to 0.01 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FTTMX vs. EMO — Risk / Return Rank
FTTMX
EMO
FTTMX vs. EMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Michigan Tax-Free Income Fund (FTTMX) and ClearBridge Energy Midstream Opportunity Fund Inc. (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.
| FTTMX | EMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.23 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 1.91 | +0.42 |
| Martin ratioReturn relative to average drawdown | 7.98 | 3.95 | +4.03 |
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Drawdowns
FTTMX vs. EMO - Drawdown Comparison
The maximum FTTMX drawdown since its inception was -18.79%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for FTTMX and EMO.
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Drawdown Indicators
| FTTMX | EMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.79% | -95.06% | +76.27% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -10.87% | +8.32% |
Max Drawdown (3Y)Largest decline over 3 years | -5.29% | -18.81% | +13.52% |
Max Drawdown (5Y)Largest decline over 5 years | -15.65% | -28.59% | +12.94% |
Max Drawdown (10Y)Largest decline over 10 years | -15.65% | -93.02% | +77.37% |
Current DrawdownCurrent decline from peak | -1.99% | -2.84% | +0.85% |
Average DrawdownAverage peak-to-trough decline | -2.21% | -31.66% | +29.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.74% | 5.24% | -4.50% |
Volatility
FTTMX vs. EMO - Volatility Comparison
The current volatility for Franklin Michigan Tax-Free Income Fund (FTTMX) is 0.88%, while ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) has a volatility of 5.14%. This indicates that FTTMX experiences smaller price fluctuations and is considered to be less risky than EMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTTMX | EMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 5.14% | -4.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | 12.68% | -10.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.95% | 16.45% | -13.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.12% | 26.05% | -21.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.95% | 41.14% | -37.19% |
FTTMX vs. EMO - Expense Ratio Comparison
FTTMX has a 0.68% expense ratio, which is lower than EMO's 3.22% expense ratio.
Dividends
FTTMX vs. EMO - Dividend Comparison
FTTMX's dividend yield for the trailing twelve months is around 3.13%, less than EMO's 8.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMO ClearBridge Energy Midstream Opportunity Fund Inc. | 8.41% | 9.41% | 7.16% | 6.79% | 6.71% | 6.71% | 15.82% | 10.94% | 16.39% | 10.85% | 9.76% | 11.88% |
FTTMX Franklin Michigan Tax-Free Income Fund | 3.13% | 4.31% | 3.69% | 2.78% | 2.84% | 2.34% | 2.50% | 3.24% | 3.13% | 2.97% | 3.59% | 3.23% |
Frequently Asked Questions
FTTMX and EMO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMO has higher volatility (5.14%) compared to FTTMX (0.88%). In terms of maximum drawdown, FTTMX dropped -18.79% vs EMO's -95.06%.
FTTMX currently has the higher Sharpe Ratio (2.06 vs 1.26), 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.
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