LMGEX vs. MCEMX

Last updated Jun 5, 2026

LMGEX (Franklin International Equity Fund) and MCEMX (Martin Currie Emerging Markets Fund) are both mutual funds - LMGEX is a Foreign Large Cap Equities fund managed by Legg Mason, while MCEMX is a Emerging Markets Diversified fund managed by Legg Mason. Over the past 10 years, LMGEX returned 7.84%/yr vs 11.09%/yr for MCEMX. A 0.72 correlation means they provide meaningful diversification when combined. LMGEX charges 2.05%/yr vs 0.85%/yr for MCEMX.

Performance

LMGEX vs. MCEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin International Equity Fund (LMGEX) and Martin Currie Emerging Markets Fund (MCEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMGEX achieves a 6.84% return, which is significantly lower than MCEMX's 30.87% return. Over the past 10 years, LMGEX has underperformed MCEMX with an annualized return of 7.84%, while MCEMX has yielded a comparatively higher 11.09% annualized return.

LMGEX

• 1D: -0.73%
• 1M: 1.96%
• YTD: 6.84%
• 6M: 9.01%
• 1Y: 17.68%
• 3Y*: 16.77%
• 5Y*: 8.10%
• 10Y*: 7.84%

MCEMX

• 1D: -0.80%
• 1M: 9.83%
• YTD: 30.87%
• 6M: 35.11%
• 1Y: 62.80%
• 3Y*: 22.47%
• 5Y*: 5.15%
• 10Y*: 11.09%

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

LMGEX vs. MCEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LMGEX Franklin International Equity Fund	6.84%	32.05%	3.42%	18.48%	-13.55%	12.87%	2.74%	17.61%	-16.67%	23.58%
MCEMX Martin Currie Emerging Markets Fund	30.87%	36.77%	2.89%	6.28%	-26.82%	-5.00%	27.81%	29.29%	-18.82%	47.10%

Correlation

The correlation between LMGEX and MCEMX is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.72

The correlation between LMGEX and MCEMX has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.

Return for Risk

LMGEX vs. MCEMX — Risk / Return Rank

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

LMGEX

LMGEX Risk / Return Rank: 19
LMGEX Sharpe Ratio Rank: 18
LMGEX Sortino Ratio Rank: 18
LMGEX Omega Ratio Rank: 18
LMGEX Calmar Ratio Rank: 19
LMGEX Martin Ratio Rank: 23

MCEMX

MCEMX Risk / Return Rank: 88
MCEMX Sharpe Ratio Rank: 93
MCEMX Sortino Ratio Rank: 82
MCEMX Omega Ratio Rank: 85
MCEMX Calmar Ratio Rank: 90
MCEMX Martin Ratio Rank: 91

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.

LMGEX vs. MCEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin International Equity Fund (LMGEX) and Martin Currie Emerging Markets Fund (MCEMX). 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.

	LMGEX	MCEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	3.13	-1.94
Sortino ratio: Return per unit of downside risk	1.74	3.88	-2.15
Omega ratio: Gain probability vs. loss probability	1.22	1.57	-0.36
Calmar ratio: Return relative to maximum drawdown	1.54	4.54	-3.00
Martin ratio: Return relative to average drawdown	5.52	18.42	-12.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LMGEX vs. MCEMX - Sharpe Ratio Comparison

The current LMGEX Sharpe Ratio is 1.19, which is lower than the MCEMX Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of LMGEX and MCEMX, 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

	LMGEX	MCEMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	3.13	-1.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.26	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.55	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.57	-0.30

Drawdowns

LMGEX vs. MCEMX - Drawdown Comparison

The maximum LMGEX drawdown since its inception was -63.37%, which is greater than MCEMX's maximum drawdown of -46.45%. Use the drawdown chart below to compare losses from any high point for LMGEX and MCEMX.

Drawdown Indicators

	LMGEX	MCEMX	Difference
Max Drawdown Largest peak-to-trough decline	-63.37%	-46.45%	-16.92%
Max Drawdown (1Y) Largest decline over 1 year	-11.64%	-14.34%	+2.70%
Max Drawdown (3Y) Largest decline over 3 years	-13.05%	-18.19%	+5.14%
Max Drawdown (5Y) Largest decline over 5 years	-28.98%	-43.05%	+14.07%
Max Drawdown (10Y) Largest decline over 10 years	-39.79%	-46.45%	+6.66%
Current Drawdown Current decline from peak	-2.80%	-0.80%	-2.00%
Average Drawdown Average peak-to-trough decline	-18.21%	-17.12%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	3.53%	-0.28%

Volatility

LMGEX vs. MCEMX - Volatility Comparison

The current volatility for Franklin International Equity Fund (LMGEX) is 4.58%, while Martin Currie Emerging Markets Fund (MCEMX) has a volatility of 9.50%. This indicates that LMGEX experiences smaller price fluctuations and is considered to be less risky than MCEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMGEX	MCEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.58%	9.50%	-4.92%
Volatility (6M) Calculated over the trailing 6-month period	12.32%	18.06%	-5.74%
Volatility (1Y) Calculated over the trailing 1-year period	15.16%	20.80%	-5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.81%	19.77%	-3.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.18%	20.12%	-3.94%

LMGEX vs. MCEMX - Expense Ratio Comparison

LMGEX has a 2.05% expense ratio, which is higher than MCEMX's 0.85% expense ratio.

Dividends

LMGEX vs. MCEMX - Dividend Comparison

LMGEX's dividend yield for the trailing twelve months is around 7.75%, more than MCEMX's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LMGEX Franklin International Equity Fund	7.75%	8.28%	5.68%	1.51%	2.88%	5.10%	0.58%	0.49%	1.62%	1.60%	1.30%	0.91%
MCEMX Martin Currie Emerging Markets Fund	0.52%	0.68%	0.62%	1.41%	0.70%	0.23%	0.54%	2.54%	1.03%	0.17%	2.04%	0.00%

Frequently Asked Questions

Can I hold both LMGEX and MCEMX in my portfolio?

LMGEX and MCEMX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LMGEX or MCEMX?

MCEMX has higher volatility (9.50%) compared to LMGEX (4.58%). In terms of maximum drawdown, LMGEX dropped -63.37% vs MCEMX's -46.45%.

Which has better risk-adjusted returns?

MCEMX currently has the higher Sharpe Ratio (3.13 vs 1.19), 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.