ODMAX vs. FCEEX

Last updated Jun 5, 2026

ODMAX (Invesco Developing Markets Fund) and FCEEX (Franklin Emerging Market Core Equity (IU) Fund Advisor) are both Emerging Markets Diversified funds. Over the past 5 years, ODMAX returned 1.93%/yr vs 10.05%/yr for FCEEX. Their correlation of 0.91 suggests significant overlap in exposure. ODMAX charges 1.24%/yr vs 0.17%/yr for FCEEX.

Performance

ODMAX vs. FCEEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Developing Markets Fund (ODMAX) and Franklin Emerging Market Core Equity (IU) Fund Advisor (FCEEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ODMAX achieves a 22.15% return, which is significantly lower than FCEEX's 30.10% return.

ODMAX

• 1D: -1.31%
• 1M: 8.49%
• YTD: 22.15%
• 6M: 24.33%
• 1Y: 45.37%
• 3Y*: 15.73%
• 5Y*: 1.93%
• 10Y*: 7.87%

FCEEX

• 1D: -0.52%
• 1M: 7.76%
• YTD: 30.10%
• 6M: 32.10%
• 1Y: 56.17%
• 3Y*: 27.97%
• 5Y*: 10.05%
• 10Y*: —

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

ODMAX vs. FCEEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ODMAX Invesco Developing Markets Fund	22.15%	28.34%	-1.39%	11.17%	-25.16%	-7.54%	17.22%	10.45%
FCEEX Franklin Emerging Market Core Equity (IU) Fund Advisor	30.10%	34.81%	10.51%	12.52%	-16.96%	-1.29%	10.19%	9.77%

Correlation

The correlation between ODMAX and FCEEX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019	0.91

The correlation between ODMAX and FCEEX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

ODMAX vs. FCEEX — Risk / Return Rank

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

ODMAX

ODMAX Risk / Return Rank: 82
ODMAX Sharpe Ratio Rank: 86
ODMAX Sortino Ratio Rank: 76
ODMAX Omega Ratio Rank: 79
ODMAX Calmar Ratio Rank: 84
ODMAX Martin Ratio Rank: 84

FCEEX

FCEEX Risk / Return Rank: 90
FCEEX Sharpe Ratio Rank: 94
FCEEX Sortino Ratio Rank: 87
FCEEX Omega Ratio Rank: 87
FCEEX Calmar Ratio Rank: 90
FCEEX 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.

ODMAX vs. FCEEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Developing Markets Fund (ODMAX) and Franklin Emerging Market Core Equity (IU) Fund Advisor (FCEEX). 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.

	ODMAX	FCEEX	Difference
Sharpe ratio: Return per unit of total volatility	2.81	3.31	-0.50
Sortino ratio: Return per unit of downside risk	3.69	4.20	-0.51
Omega ratio: Gain probability vs. loss probability	1.52	1.61	-0.09
Calmar ratio: Return relative to maximum drawdown	3.90	4.56	-0.66
Martin ratio: Return relative to average drawdown	15.50	18.13	-2.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ODMAX vs. FCEEX - Sharpe Ratio Comparison

The current ODMAX Sharpe Ratio is 2.81, which is comparable to the FCEEX Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of ODMAX and FCEEX, 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

	ODMAX	FCEEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	3.31	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.60	-0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.67	-0.14

Drawdowns

ODMAX vs. FCEEX - Drawdown Comparison

The maximum ODMAX drawdown since its inception was -61.63%, which is greater than FCEEX's maximum drawdown of -34.68%. Use the drawdown chart below to compare losses from any high point for ODMAX and FCEEX.

Drawdown Indicators

	ODMAX	FCEEX	Difference
Max Drawdown Largest peak-to-trough decline	-61.63%	-34.68%	-26.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.08%	-12.98%	+0.90%
Max Drawdown (3Y) Largest decline over 3 years	-18.26%	-15.47%	-2.79%
Max Drawdown (5Y) Largest decline over 5 years	-45.07%	-33.90%	-11.17%
Max Drawdown (10Y) Largest decline over 10 years	-46.23%	—	—
Current Drawdown Current decline from peak	-1.31%	-0.52%	-0.79%
Average Drawdown Average peak-to-trough decline	-14.59%	-11.25%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.25%	-0.22%

Volatility

ODMAX vs. FCEEX - Volatility Comparison

The current volatility for Invesco Developing Markets Fund (ODMAX) is 6.90%, while Franklin Emerging Market Core Equity (IU) Fund Advisor (FCEEX) has a volatility of 7.80%. This indicates that ODMAX experiences smaller price fluctuations and is considered to be less risky than FCEEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ODMAX	FCEEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.90%	7.80%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	15.09%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	16.76%	17.86%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.82%	16.96%	+0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.88%	18.37%	-0.49%

ODMAX vs. FCEEX - Expense Ratio Comparison

ODMAX has a 1.24% expense ratio, which is higher than FCEEX's 0.17% expense ratio.

Dividends

ODMAX vs. FCEEX - Dividend Comparison

ODMAX's dividend yield for the trailing twelve months is around 34.02%, more than FCEEX's 2.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCEEX Franklin Emerging Market Core Equity (IU) Fund Advisor	2.27%	3.29%	4.17%	4.36%	4.08%	3.38%	2.98%	0.40%	0.00%	0.00%	0.00%	0.00%
ODMAX Invesco Developing Markets Fund	34.02%	41.55%	0.01%	0.53%	0.57%	5.01%	0.00%	2.12%	0.28%	0.30%	0.23%	0.43%

Frequently Asked Questions

Can I hold both ODMAX and FCEEX in my portfolio?

With a correlation of 0.94, ODMAX and FCEEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ODMAX or FCEEX?

FCEEX has higher volatility (7.80%) compared to ODMAX (6.90%). In terms of maximum drawdown, ODMAX dropped -61.63% vs FCEEX's -34.68%.

Which has better risk-adjusted returns?

FCEEX currently has the higher Sharpe Ratio (3.31 vs 2.81), 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.