IJPIX vs. FQEMX

Last updated Jun 4, 2026

IJPIX (VY JPMorgan Emerging Markets Equity Portfolio) and FQEMX (Franklin Templeton SMACS: Series EM) are both Emerging Markets Diversified funds. Over the past 3 years, IJPIX returned 24.53%/yr vs 48.79%/yr for FQEMX. Their correlation of 0.80 suggests significant overlap in exposure. IJPIX charges 1.51%/yr vs 0.00%/yr for FQEMX.

Performance

IJPIX vs. FQEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VY JPMorgan Emerging Markets Equity Portfolio (IJPIX) and Franklin Templeton SMACS: Series EM (FQEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IJPIX achieves a 32.86% return, which is significantly lower than FQEMX's 90.39% return.

IJPIX

• 1D: 0.79%
• 1M: 9.68%
• YTD: 32.86%
• 6M: 35.48%
• 1Y: 65.28%
• 3Y*: 24.53%
• 5Y*: 5.52%
• 10Y*: 11.35%

FQEMX

• 1D: 0.04%
• 1M: 29.89%
• YTD: 90.39%
• 6M: 100.76%
• 1Y: 170.59%
• 3Y*: 48.79%
• 5Y*: —
• 10Y*: —

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

IJPIX vs. FQEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IJPIX VY JPMorgan Emerging Markets Equity Portfolio	32.86%	38.95%	1.91%	6.58%	-26.16%	-9.07%
FQEMX Franklin Templeton SMACS: Series EM	90.39%	55.98%	6.67%	12.18%	-20.68%	0.32%

Correlation

The correlation between IJPIX and FQEMX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Oct 21, 2021	0.80

The correlation between IJPIX and FQEMX has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

Return for Risk

IJPIX vs. FQEMX — Risk / Return Rank

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

IJPIX

IJPIX Risk / Return Rank: 95
IJPIX Sharpe Ratio Rank: 98
IJPIX Sortino Ratio Rank: 93
IJPIX Omega Ratio Rank: 91
IJPIX Calmar Ratio Rank: 95
IJPIX Martin Ratio Rank: 96

FQEMX

FQEMX Risk / Return Rank: 98
FQEMX Sharpe Ratio Rank: 100
FQEMX Sortino Ratio Rank: 98
FQEMX Omega Ratio Rank: 97
FQEMX Calmar Ratio Rank: 98
FQEMX Martin Ratio Rank: 98

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.

IJPIX vs. FQEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VY JPMorgan Emerging Markets Equity Portfolio (IJPIX) and Franklin Templeton SMACS: Series EM (FQEMX). 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.

	IJPIX	FQEMX	Difference
Sharpe ratio: Return per unit of total volatility	3.84	6.33	-2.49
Sortino ratio: Return per unit of downside risk	4.72	6.12	-1.40
Omega ratio: Gain probability vs. loss probability	1.67	2.03	-0.36
Calmar ratio: Return relative to maximum drawdown	5.99	9.27	-3.28
Martin ratio: Return relative to average drawdown	24.59	36.36	-11.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IJPIX vs. FQEMX - Sharpe Ratio Comparison

The current IJPIX Sharpe Ratio is 3.84, which is lower than the FQEMX Sharpe Ratio of 6.33. The chart below compares the historical Sharpe Ratios of IJPIX and FQEMX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IJPIX	FQEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.84	6.33	-2.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.21	-0.88

Drawdowns

IJPIX vs. FQEMX - Drawdown Comparison

The maximum IJPIX drawdown since its inception was -64.21%, which is greater than FQEMX's maximum drawdown of -34.46%. Use the drawdown chart below to compare losses from any high point for IJPIX and FQEMX.

Drawdown Indicators

	IJPIX	FQEMX	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-34.46%	-29.75%
Max Drawdown (1Y) Largest decline over 1 year	-12.53%	-18.93%	+6.40%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-18.93%	+3.51%
Max Drawdown (5Y) Largest decline over 5 years	-45.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.88%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-20.12%	-10.78%	-9.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	4.78%	-1.87%

Volatility

IJPIX vs. FQEMX - Volatility Comparison

The current volatility for VY JPMorgan Emerging Markets Equity Portfolio (IJPIX) is 7.77%, while Franklin Templeton SMACS: Series EM (FQEMX) has a volatility of 13.31%. This indicates that IJPIX experiences smaller price fluctuations and is considered to be less risky than FQEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IJPIX	FQEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	13.31%	-5.54%
Volatility (6M) Calculated over the trailing 6-month period	16.16%	24.44%	-8.28%
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	27.74%	-8.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.36%	21.09%	-1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.52%	21.09%	-1.57%

IJPIX vs. FQEMX - Expense Ratio Comparison

IJPIX has a 1.51% expense ratio, which is higher than FQEMX's 0.00% expense ratio.

Dividends

IJPIX vs. FQEMX - Dividend Comparison

IJPIX's dividend yield for the trailing twelve months is around 19.48%, more than FQEMX's 1.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FQEMX Franklin Templeton SMACS: Series EM	1.67%	3.18%	3.15%	4.82%	3.93%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IJPIX VY JPMorgan Emerging Markets Equity Portfolio	19.48%	25.88%	0.82%	1.67%	42.85%	8.66%	5.75%	5.37%	0.66%	0.40%	1.15%	9.47%

Frequently Asked Questions

Can I hold both IJPIX and FQEMX in my portfolio?

IJPIX and FQEMX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IJPIX or FQEMX?

FQEMX has higher volatility (13.31%) compared to IJPIX (7.77%). In terms of maximum drawdown, IJPIX dropped -64.21% vs FQEMX's -34.46%.

Which has better risk-adjusted returns?

FQEMX currently has the higher Sharpe Ratio (6.33 vs 3.84), 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.