HIX vs. EMO

Last updated Jun 23, 2026

HIX (Western Asset High Income Fund II) and EMO (ClearBridge Energy Midstream Opportunity Fund) are both mutual funds - HIX is a High Yield Bonds fund managed by Franklin Templeton, while EMO is a MLPs fund actively managed by Franklin Templeton. Over the past 10 years, HIX returned 5.29%/yr vs 7.02%/yr for EMO. At a 0.29 correlation, their price movements are largely independent. HIX charges 3.70%/yr vs 13.90%/yr for EMO.

Performance

HIX vs. EMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset High Income Fund II (HIX) 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, HIX achieves a 1.83% return, which is significantly lower than EMO's 14.85% return. Over the past 10 years, HIX has underperformed EMO with an annualized return of 5.29%, while EMO has yielded a comparatively higher 7.02% annualized return.

HIX

• 1D: 0.25%
• 1M: 1.27%
• YTD: 1.83%
• 6M: 4.06%
• 1Y: 8.08%
• 3Y*: 7.88%
• 5Y*: 0.70%
• 10Y*: 5.29%

EMO

• 1D: 1.35%
• 1M: -4.83%
• YTD: 14.85%
• 6M: 16.60%
• 1Y: 18.20%
• 3Y*: 31.92%
• 5Y*: 26.27%
• 10Y*: 7.02%

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

HIX vs. EMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIX Western Asset High Income Fund II	1.83%	13.56%	-1.32%	15.72%	-24.60%	13.02%	12.36%	27.26%	-9.99%	7.13%
EMO ClearBridge Energy Midstream Opportunity Fund	14.85%	7.38%	44.45%	31.76%	40.13%	74.70%	-64.47%	19.60%	-25.73%	0.07%

Correlation

The correlation between HIX and EMO is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011	0.29

Over the past year, the correlation between HIX and EMO has dropped to 0.07 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.

Return for Risk

HIX vs. EMO — Risk / Return Rank

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

HIX

HIX Risk / Return Rank: 8
HIX Sharpe Ratio Rank: 8
HIX Sortino Ratio Rank: 8
HIX Omega Ratio Rank: 8
HIX Calmar Ratio Rank: 8
HIX Martin Ratio Rank: 9

EMO

EMO Risk / Return Rank: 18
EMO Sharpe Ratio Rank: 17
EMO Sortino Ratio Rank: 17
EMO Omega Ratio Rank: 18
EMO Calmar Ratio Rank: 24
EMO Martin Ratio Rank: 13

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.

HIX vs. EMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset High Income Fund II (HIX) 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.

	HIX	EMO	Difference
Sharpe ratio: Return per unit of total volatility	0.61	1.09	-0.48
Sortino ratio: Return per unit of downside risk	0.97	1.63	-0.66
Omega ratio: Gain probability vs. loss probability	1.12	1.21	-0.08
Calmar ratio: Return relative to maximum drawdown	0.73	1.68	-0.95
Martin ratio: Return relative to average drawdown	2.36	3.56	-1.20

HIX vs. EMO - Sharpe Ratio Comparison

The current HIX Sharpe Ratio is 0.61, which is lower than the EMO Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of HIX 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

HIX vs. EMO - Drawdown Comparison

The maximum HIX drawdown since its inception was -61.03%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for HIX and EMO.

Drawdown Indicators

	HIX	EMO	Difference
Max Drawdown Largest peak-to-trough decline	-61.03%	-95.06%	+34.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.07%	-10.87%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-14.86%	-18.81%	+3.95%
Max Drawdown (5Y) Largest decline over 5 years	-38.75%	-28.59%	-10.16%
Max Drawdown (10Y) Largest decline over 10 years	-44.77%	-93.02%	+48.25%
Current Drawdown Current decline from peak	-4.85%	-7.40%	+2.55%
Average Drawdown Average peak-to-trough decline	-8.92%	-31.88%	+22.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	5.13%	-1.70%

Volatility

HIX vs. EMO - Volatility Comparison

The current volatility for Western Asset High Income Fund II (HIX) is 3.10%, while ClearBridge Energy Midstream Opportunity Fund (EMO) has a volatility of 4.48%. This indicates that HIX 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.

Volatility by Period

	HIX	EMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	4.48%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	10.80%	12.27%	-1.47%
Volatility (1Y) Calculated over the trailing 1-year period	13.23%	16.78%	-3.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.06%	26.48%	-9.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.12%	41.24%	-23.12%

HIX vs. EMO - Expense Ratio Comparison

HIX has a 3.70% expense ratio, which is lower than EMO's 13.90% expense ratio.

Dividends

HIX vs. EMO - Dividend Comparison

HIX's dividend yield for the trailing twelve months is around 14.74%, more than EMO's 8.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMO ClearBridge Energy Midstream Opportunity Fund	8.69%	9.41%	7.16%	6.79%	6.71%	6.71%	15.82%	10.94%	16.39%	10.85%	9.76%	11.88%
HIX Western Asset High Income Fund II	14.74%	14.13%	13.95%	11.85%	12.15%	8.21%	8.53%	8.28%	9.50%	8.73%	10.53%	13.12%

Frequently Asked Questions

Can I hold both HIX and EMO in my portfolio?

HIX and EMO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIX or EMO?

EMO has higher volatility (4.48%) compared to HIX (3.10%). In terms of maximum drawdown, HIX dropped -61.03% vs EMO's -95.06%.

Which has better risk-adjusted returns?

EMO currently has the higher Sharpe Ratio (1.09 vs 0.61), 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.