HYI vs. EMO
HYI (Western Asset High Yield Opportunity Fund Inc) and EMO (ClearBridge Energy Midstream Opportunity Fund) are both mutual funds - HYI 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, HYI returned 5.10%/yr vs 7.52%/yr for EMO. At a 0.27 correlation, their price movements are largely independent. HYI charges 0.01%/yr vs 13.90%/yr for EMO.
Performance
HYI vs. EMO - Performance Comparison
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Returns By Period
In the year-to-date period, HYI achieves a 0.01% return, which is significantly lower than EMO's 23.18% return. Over the past 10 years, HYI has underperformed EMO with an annualized return of 5.10%, while EMO has yielded a comparatively higher 7.52% annualized return.
HYI
- 1D
- 0.00%
- 1M
- 0.43%
- 6M
- 0.19%
- YTD
- 0.01%
- 1Y
- -2.11%
- 3Y*
- 6.49%
- 5Y*
- 1.64%
- 10Y*
- 5.10%
EMO
- 1D
- 1.35%
- 1M
- 8.08%
- 6M
- 18.17%
- YTD
- 23.18%
- 1Y
- 24.99%
- 3Y*
- 31.46%
- 5Y*
- 30.52%
- 10Y*
- 7.52%
HYI vs. EMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYI Western Asset High Yield Opportunity Fund Inc | 0.01% | 4.09% | 7.58% | 6.72% | -13.48% | 10.04% | 6.78% | 27.90% | -6.36% | 8.57% |
EMO ClearBridge Energy Midstream Opportunity Fund | 23.18% | 7.38% | 44.45% | 31.76% | 40.13% | 74.70% | -64.47% | 19.60% | -25.73% | 0.07% |
Correlation
The correlation between HYI and EMO is -0.00, 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 | -0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
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 | 0.27 |
The correlation between HYI and EMO shifts across timeframes, from -0.00 (1 year) to 0.28 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYI vs. EMO — Risk / Return Rank
HYI
EMO
HYI vs. EMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset High Yield Opportunity Fund Inc (HYI) 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.
| HYI | EMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.48 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.27 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | 2.31 | -2.57 |
| Martin ratioReturn relative to average drawdown | -0.48 | 4.72 | -5.19 |
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Drawdowns
HYI vs. EMO - Drawdown Comparison
The maximum HYI drawdown since its inception was -36.06%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for HYI and EMO.
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Drawdown Indicators
| HYI | EMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.06% | -95.06% | +59.00% |
Max Drawdown (1Y)Largest decline over 1 year | -8.19% | -10.87% | +2.68% |
Max Drawdown (3Y)Largest decline over 3 years | -8.19% | -18.81% | +10.62% |
Max Drawdown (5Y)Largest decline over 5 years | -26.35% | -28.59% | +2.24% |
Max Drawdown (10Y)Largest decline over 10 years | -36.06% | -93.02% | +56.96% |
Current DrawdownCurrent decline from peak | -4.53% | -0.69% | -3.84% |
Average DrawdownAverage peak-to-trough decline | -5.79% | -31.76% | +25.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.41% | 5.31% | -0.90% |
Volatility
HYI vs. EMO - Volatility Comparison
The current volatility for Western Asset High Yield Opportunity Fund Inc (HYI) is 1.63%, while ClearBridge Energy Midstream Opportunity Fund (EMO) has a volatility of 4.67%. This indicates that HYI 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
| HYI | EMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.63% | 4.67% | -3.04% |
Volatility (6M)Calculated over the trailing 6-month period | 5.43% | 12.47% | -7.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.03% | 17.05% | -10.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 26.31% | -15.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.90% | 41.15% | -28.25% |
HYI vs. EMO - Expense Ratio Comparison
HYI has a 0.02% expense ratio, which is lower than EMO's 13.90% expense ratio.
Dividends
HYI vs. EMO - Dividend Comparison
HYI's dividend yield for the trailing twelve months is around 10.76%, more than EMO's 8.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMO ClearBridge Energy Midstream Opportunity Fund | 8.17% | 9.41% | 7.16% | 6.79% | 6.71% | 6.71% | 15.82% | 10.94% | 16.39% | 10.85% | 9.76% | 11.88% |
HYI Western Asset High Yield Opportunity Fund Inc | 10.76% | 10.22% | 9.64% | 9.40% | 9.09% | 7.19% | 7.35% | 6.87% | 8.10% | 7.81% | 8.73% | 9.36% |
Frequently Asked Questions
HYI and EMO have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMO has higher volatility (4.67%) compared to HYI (1.63%). In terms of maximum drawdown, HYI dropped -36.06% vs EMO's -95.06%.
EMO currently has the higher Sharpe Ratio (1.47 vs -0.30), 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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