PAF.L vs. EMF

Last updated Jun 9, 2026

PAF.L (Pan African Resources plc) is a stock, while EMF (Templeton Emerging Markets Fund) is Emerging Markets Equities fund actively managed by Franklin Templeton. Over the past 10 years, PAF.L returned 25.11%/yr vs 15.64%/yr for EMF. At a 0.10 correlation, their price movements are largely independent.

Performance

PAF.L vs. EMF - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Pan African Resources plc (PAF.L) and Templeton Emerging Markets Fund (EMF). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PAF.L is traded in GBp, while EMF is traded in USD. To make them comparable, the EMF values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, PAF.L achieves a -10.18% return, which is significantly lower than EMF's 34.10% return. Over the past 10 years, PAF.L has outperformed EMF with an annualized return of 25.11%, while EMF has yielded a comparatively lower 15.64% annualized return.

PAF.L

• 1D: 1.79%
• 1M: -28.34%
• YTD: -10.18%
• 6M: 3.31%
• 1Y: 137.56%
• 3Y*: 107.18%
• 5Y*: 45.12%
• 10Y*: 25.11%

EMF

• 1D: -0.70%
• 1M: 1.12%
• YTD: 34.10%
• 6M: 36.01%
• 1Y: 80.29%
• 3Y*: 30.28%
• 5Y*: 11.81%
• 10Y*: 15.64%

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

PAF.L vs. EMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAF.L Pan African Resources plc	-10.18%	258.03%	109.32%	6.38%	4.14%	-25.77%	102.96%	40.81%	-34.94%	-11.75%
EMF Templeton Emerging Markets Fund	34.10%	46.93%	8.42%	3.40%	-12.20%	-7.36%	20.83%	22.37%	-9.73%	40.27%

Correlation

The correlation between PAF.L and EMF is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jul 5, 2007	0.10

Return for Risk

PAF.L vs. EMF — Risk / Return Rank

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

PAF.L

PAF.L Risk / Return Rank: 88
PAF.L Sharpe Ratio Rank: 93
PAF.L Sortino Ratio Rank: 87
PAF.L Omega Ratio Rank: 87
PAF.L Calmar Ratio Rank: 85
PAF.L Martin Ratio Rank: 89

EMF

EMF Risk / Return Rank: 89
EMF Sharpe Ratio Rank: 96
EMF Sortino Ratio Rank: 87
EMF Omega Ratio Rank: 88
EMF Calmar Ratio Rank: 87
EMF Martin Ratio Rank: 87

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.

PAF.L vs. EMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pan African Resources plc (PAF.L) and Templeton Emerging Markets Fund (EMF). 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.

	PAF.L	EMF	Difference
Sharpe ratio: Return per unit of total volatility	2.55	3.74	-1.18
Sortino ratio: Return per unit of downside risk	2.76	4.49	-1.72
Omega ratio: Gain probability vs. loss probability	1.37	1.66	-0.29
Calmar ratio: Return relative to maximum drawdown	3.27	4.70	-1.42
Martin ratio: Return relative to average drawdown	10.92	17.66	-6.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAF.L vs. EMF - Sharpe Ratio Comparison

The current PAF.L Sharpe Ratio is 2.55, which is lower than the EMF Sharpe Ratio of 3.74. The chart below compares the historical Sharpe Ratios of PAF.L and EMF, 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

	PAF.L	EMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	3.74	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.63	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.80	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.39	-0.05

Drawdowns

PAF.L vs. EMF - Drawdown Comparison

The maximum PAF.L drawdown since its inception was -80.73%, which is greater than EMF's maximum drawdown of -55.81%. Use the drawdown chart below to compare losses from any high point for PAF.L and EMF.

Drawdown Indicators

	PAF.L	EMF	Difference
Max Drawdown Largest peak-to-trough decline	-80.73%	-55.81%	-24.92%
Max Drawdown (1Y) Largest decline over 1 year	-41.78%	-17.19%	-24.59%
Max Drawdown (3Y) Largest decline over 3 years	-41.78%	-17.19%	-24.59%
Max Drawdown (5Y) Largest decline over 5 years	-47.34%	-34.17%	-13.17%
Max Drawdown (10Y) Largest decline over 10 years	-70.68%	-37.15%	-33.53%
Current Drawdown Current decline from peak	-40.74%	-6.87%	-33.87%
Average Drawdown Average peak-to-trough decline	-29.24%	-16.09%	-13.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.54%	4.56%	+7.98%

Volatility

PAF.L vs. EMF - Volatility Comparison

Pan African Resources plc (PAF.L) has a higher volatility of 20.81% compared to Templeton Emerging Markets Fund (EMF) at 9.07%. This indicates that PAF.L's price experiences larger fluctuations and is considered to be riskier than EMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAF.L	EMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.81%	9.07%	+11.74%
Volatility (6M) Calculated over the trailing 6-month period	44.49%	19.07%	+25.42%
Volatility (1Y) Calculated over the trailing 1-year period	53.71%	21.65%	+32.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.93%	18.85%	+29.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.54%	19.61%	+33.93%

Dividends

PAF.L vs. EMF - Dividend Comparison

PAF.L's dividend yield for the trailing twelve months is around 2.02%, less than EMF's 7.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMF Templeton Emerging Markets Fund	7.41%	9.73%	4.28%	6.22%	9.89%	6.92%	3.51%	7.36%	5.92%	12.11%	1.62%	12.81%
PAF.L Pan African Resources plc	2.02%	1.35%	2.79%	4.52%	5.25%	5.09%	2.92%	0.98%	0.00%	3.38%	5.67%	6.83%

Frequently Asked Questions

Can I hold both PAF.L and EMF in my portfolio?

PAF.L and EMF have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.