MMU vs. TFEQX

Last updated Jul 14, 2026

MMU (Western Asset Managed Municipals Fund Inc) and TFEQX (Templeton Institutional Fund International Equity Series) are both mutual funds - MMU is a Municipal Bonds fund managed by Franklin Templeton, while TFEQX is a Foreign Large Cap Equities fund managed by Franklin Templeton. Over the past 10 years, MMU returned 1.33%/yr vs 9.11%/yr for TFEQX. At a 0.07 correlation, their price movements are largely independent. MMU charges 0.01%/yr vs 0.83%/yr for TFEQX.

Performance

MMU vs. TFEQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Managed Municipals Fund Inc (MMU) and Templeton Institutional Fund International Equity Series (TFEQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMU achieves a 2.42% return, which is significantly lower than TFEQX's 15.10% return. Over the past 10 years, MMU has underperformed TFEQX with an annualized return of 1.33%, while TFEQX has yielded a comparatively higher 9.11% annualized return.

MMU

• 1D: 0.39%
• 1M: 1.41%
• 6M: 1.35%
• YTD: 2.42%
• 1Y: 10.41%
• 3Y*: 7.60%
• 5Y*: -0.04%
• 10Y*: 1.33%

TFEQX

• 1D: 0.47%
• 1M: -0.56%
• 6M: 10.71%
• YTD: 15.10%
• 1Y: 24.78%
• 3Y*: 21.92%
• 5Y*: 12.34%
• 10Y*: 9.11%

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

MMU vs. TFEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMU Western Asset Managed Municipals Fund Inc	2.42%	9.19%	6.58%	5.63%	-19.58%	5.83%	0.71%	10.08%	-4.55%	8.30%
TFEQX Templeton Institutional Fund International Equity Series	15.10%	31.58%	9.44%	22.68%	-9.21%	5.70%	5.29%	11.56%	-17.40%	19.78%

Correlation

The correlation between MMU and TFEQX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jul 17, 1992	0.07

Over the past year, MMU and TFEQX have become more correlated (0.29) than their long-term average of 0.07, meaning their price movements have been converging.

Return for Risk

MMU vs. TFEQX — Risk / Return Rank

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

MMU

MMU Risk / Return Rank: 35
MMU Sharpe Ratio Rank: 32
MMU Sortino Ratio Rank: 37
MMU Omega Ratio Rank: 35
MMU Calmar Ratio Rank: 35
MMU Martin Ratio Rank: 35

TFEQX

TFEQX Risk / Return Rank: 43
TFEQX Sharpe Ratio Rank: 40
TFEQX Sortino Ratio Rank: 42
TFEQX Omega Ratio Rank: 42
TFEQX Calmar Ratio Rank: 45
TFEQX Martin Ratio Rank: 43

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.

MMU vs. TFEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Managed Municipals Fund Inc (MMU) and Templeton Institutional Fund International Equity Series (TFEQX). 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.

	MMU	TFEQX	Difference
Sharpe ratio: Return per unit of total volatility	1.23	1.42	-0.19
Sortino ratio: Return per unit of downside risk	1.95	2.09	-0.15
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.03
Calmar ratio: Return relative to maximum drawdown	1.78	2.07	-0.29
Martin ratio: Return relative to average drawdown	6.11	7.32	-1.21

MMU vs. TFEQX - Sharpe Ratio Comparison

The current MMU Sharpe Ratio is 1.23, which is comparable to the TFEQX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of MMU and TFEQX, 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

MMU vs. TFEQX - Drawdown Comparison

The maximum MMU drawdown since its inception was -34.51%, smaller than the maximum TFEQX drawdown of -57.70%. Use the drawdown chart below to compare losses from any high point for MMU and TFEQX.

Drawdown Indicators

	MMU	TFEQX	Difference
Max Drawdown Largest peak-to-trough decline	-34.51%	-57.70%	+23.19%
Max Drawdown (1Y) Largest decline over 1 year	-5.88%	-11.56%	+5.68%
Max Drawdown (3Y) Largest decline over 3 years	-12.86%	-16.94%	+4.08%
Max Drawdown (5Y) Largest decline over 5 years	-31.89%	-29.20%	-2.69%
Max Drawdown (10Y) Largest decline over 10 years	-34.51%	-42.65%	+8.14%
Current Drawdown Current decline from peak	-4.75%	-2.01%	-2.74%
Average Drawdown Average peak-to-trough decline	-6.83%	-10.49%	+3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	3.26%	-1.54%

Volatility

MMU vs. TFEQX - Volatility Comparison

The current volatility for Western Asset Managed Municipals Fund Inc (MMU) is 2.51%, while Templeton Institutional Fund International Equity Series (TFEQX) has a volatility of 5.85%. This indicates that MMU experiences smaller price fluctuations and is considered to be less risky than TFEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMU	TFEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	5.85%	-3.34%
Volatility (6M) Calculated over the trailing 6-month period	7.25%	14.45%	-7.20%
Volatility (1Y) Calculated over the trailing 1-year period	8.54%	16.87%	-8.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.72%	18.85%	-8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.00%	17.36%	-4.36%

MMU vs. TFEQX - Expense Ratio Comparison

MMU has a 0.01% expense ratio, which is lower than TFEQX's 0.83% expense ratio.

Dividends

MMU vs. TFEQX - Dividend Comparison

MMU's dividend yield for the trailing twelve months is around 6.31%, less than TFEQX's 37.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMU Western Asset Managed Municipals Fund Inc	6.31%	6.26%	6.16%	4.36%	4.65%	3.88%	4.21%	4.96%	5.68%	5.37%	5.67%	5.50%
TFEQX Templeton Institutional Fund International Equity Series	37.22%	42.84%	16.75%	14.08%	6.20%	34.04%	6.78%	6.65%	22.18%	1.60%	3.46%	2.46%

Frequently Asked Questions

Can I hold both MMU and TFEQX in my portfolio?

MMU and TFEQX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMU or TFEQX?

TFEQX has higher volatility (5.85%) compared to MMU (2.51%). In terms of maximum drawdown, MMU dropped -34.51% vs TFEQX's -57.70%.

Which has better risk-adjusted returns?

TFEQX currently has the higher Sharpe Ratio (1.42 vs 1.23), 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.