LBWIX vs. EMO

Last updated Aug 5, 2026

LBWIX (BrandywineGLOBAL - Diversified US Large Cap Value Fund) and EMO (ClearBridge Energy Midstream Opportunity Fund Inc.) are both mutual funds - LBWIX is a Large Cap Value Equities fund managed by Franklin Templeton, while EMO is a MLPs fund actively managed by Franklin Templeton. Over the past 10 years, LBWIX returned 12.35%/yr vs 7.28%/yr for EMO. Their 0.48 correlation means their historical movements had little consistent relationship. LBWIX charges 0.84%/yr vs 3.22%/yr for EMO.

Performance

LBWIX vs. EMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BrandywineGLOBAL - Diversified US Large Cap Value Fund (LBWIX) and ClearBridge Energy Midstream Opportunity Fund Inc. (EMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LBWIX achieves a 17.22% return, which is significantly lower than EMO's 20.28% return. Over the past 10 years, LBWIX has outperformed EMO with an annualized return of 12.35%, while EMO has yielded a comparatively lower 7.28% annualized return.

LBWIX

• 1D: 0.70%
• 1M: 2.85%
• 6M: 11.26%
• YTD: 17.22%
• 1Y: 28.79%
• 3Y*: 19.38%
• 5Y*: 12.87%
• 10Y*: 12.35%
• ALL TIME*: 12.02%

EMO

• 1D: -0.33%
• 1M: 4.38%
• 6M: 11.72%
• YTD: 20.28%
• 1Y: 20.43%
• 3Y*: 29.32%
• 5Y*: 30.59%
• 10Y*: 7.28%
• ALL TIME*: 4.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMO ClearBridge Energy Midstream Opportunity Fund Inc.	$1.84M	$2.06M	$2.40M
LBWIX BrandywineGLOBAL - Diversified US Large Cap Value Fund	$0.00	$0.00	$0.00

LBWIX vs. EMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LBWIX BrandywineGLOBAL - Diversified US Large Cap Value Fund	17.22%	17.38%	18.59%	7.42%	-1.56%	29.74%	-1.41%	25.66%	-9.05%	17.79%
EMO ClearBridge Energy Midstream Opportunity Fund Inc.	20.28%	7.38%	44.45%	31.76%	40.13%	74.70%	-64.47%	19.60%	-25.73%	0.07%

Correlation

The correlation between LBWIX and EMO is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.02
Correlation (3Y) Balances recent behavior with more history.	0.35
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (10Y) Provides a long-term view across more market conditions.	0.51
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011	0.48

Over the past year, the correlation between LBWIX and EMO has dropped to 0.02 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

Return for Risk

LBWIX vs. EMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LBWIX

LBWIX Risk / Return Rank: 95
LBWIX Sharpe Ratio Rank: 96
LBWIX Sortino Ratio Rank: 96
LBWIX Omega Ratio Rank: 93
LBWIX Calmar Ratio Rank: 95
LBWIX Martin Ratio Rank: 94

EMO

EMO Risk / Return Rank: 35
EMO Sharpe Ratio Rank: 36
EMO Sortino Ratio Rank: 35
EMO Omega Ratio Rank: 35
EMO Calmar Ratio Rank: 43
EMO Martin Ratio Rank: 26

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LBWIX vs. EMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BrandywineGLOBAL - Diversified US Large Cap Value Fund (LBWIX) 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.

	LBWIX	EMO	Difference
Sharpe ratio: Return per unit of total volatility	2.82	1.25	+1.57
Sortino ratio: Return per unit of downside risk	4.11	1.79	+2.31
Omega ratio: Gain probability vs. loss probability	1.50	1.23	+0.27
Calmar ratio: Return relative to maximum drawdown	4.48	1.89	+2.59
Martin ratio: Return relative to average drawdown	16.24	3.90	+12.34

LBWIX vs. EMO - Sharpe Ratio Comparison

The current LBWIX Sharpe Ratio is 2.82, which is higher than the EMO Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of LBWIX 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

LBWIX vs. EMO - Drawdown Comparison

The maximum LBWIX drawdown since its inception was -38.22%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for LBWIX and EMO.

Drawdown Indicators

	LBWIX	EMO	Difference
Max Drawdown Largest peak-to-trough decline	-38.22%	-95.06%	+56.84%
Max Drawdown (1Y) Largest decline over 1 year	-6.80%	-10.87%	+4.07%
Max Drawdown (3Y) Largest decline over 3 years	-14.05%	-18.81%	+4.76%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-28.59%	+10.72%
Max Drawdown (10Y) Largest decline over 10 years	-38.22%	-93.02%	+54.80%
Current Drawdown Current decline from peak	-0.53%	-3.17%	+2.64%
Average Drawdown Average peak-to-trough decline	-3.91%	-31.65%	+27.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	5.25%	-3.38%

Volatility

LBWIX vs. EMO - Volatility Comparison

The current volatility for BrandywineGLOBAL - Diversified US Large Cap Value Fund (LBWIX) is 2.86%, while ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) has a volatility of 5.16%. This indicates that LBWIX 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

	LBWIX	EMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	5.16%	-2.30%
Volatility (6M) Calculated over the trailing 6-month period	8.04%	12.61%	-4.57%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	16.42%	-5.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.67%	26.03%	-11.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.79%	41.14%	-23.35%

LBWIX vs. EMO - Expense Ratio Comparison

LBWIX has a 0.84% expense ratio, which is lower than EMO's 3.22% expense ratio.

Dividends

LBWIX vs. EMO - Dividend Comparison

LBWIX's dividend yield for the trailing twelve months is around 10.62%, more than EMO's 8.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMO ClearBridge Energy Midstream Opportunity Fund Inc.	8.44%	9.41%	7.16%	6.79%	6.71%	6.71%	15.82%	10.94%	16.39%	10.85%	9.76%	11.88%
LBWIX BrandywineGLOBAL - Diversified US Large Cap Value Fund	10.62%	12.45%	11.18%	1.90%	13.87%	16.48%	2.89%	11.13%	11.30%	6.47%	6.95%	6.82%

Frequently Asked Questions

Can I hold both LBWIX and EMO in my portfolio?

LBWIX and EMO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LBWIX or EMO?

EMO has higher volatility (5.16%) compared to LBWIX (2.86%). In terms of maximum drawdown, LBWIX dropped -38.22% vs EMO's -95.06%.

Which has better risk-adjusted returns?

LBWIX currently has the higher Sharpe Ratio (2.82 vs 1.25), 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.