PAI vs. EMO
PAI (Western Asset Investment Grade Income Fund Inc.) and EMO (ClearBridge Energy Midstream Opportunity Fund) are both mutual funds - PAI is a Corporate Bonds fund actively managed by Franklin Templeton, while EMO is a MLPs fund actively managed by Franklin Templeton. Both are actively managed. Over the past 10 years, PAI returned 2.21%/yr vs 7.75%/yr for EMO. Their 0.12 correlation means their historical movements had little consistent relationship.
Performance
PAI vs. EMO - Performance Comparison
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Returns By Period
In the year-to-date period, PAI achieves a -2.64% return, which is significantly lower than EMO's 21.52% return. Over the past 10 years, PAI has underperformed EMO with an annualized return of 2.21%, while EMO has yielded a comparatively higher 7.75% annualized return.
PAI
- 1D
- -0.08%
- 1M
- -2.00%
- 6M
- -3.91%
- YTD
- -2.64%
- 1Y
- -3.87%
- 3Y*
- 5.38%
- 5Y*
- -0.88%
- 10Y*
- 2.21%
- ALL TIME*
- 6.46%
EMO
- 1D
- 1.14%
- 1M
- 5.46%
- 6M
- 10.79%
- YTD
- 21.52%
- 1Y
- 21.50%
- 3Y*
- 28.83%
- 5Y*
- 29.82%
- 10Y*
- 7.75%
- ALL TIME*
- 4.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.85M | $2.08M | $2.48M | |
| $159.85K | $149.51K | $197.78K |
PAI vs. EMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAI Western Asset Investment Grade Income Fund Inc. | -2.64% | 5.34% | 9.17% | 9.09% | -22.50% | 1.89% | 6.71% | 23.16% | -12.35% | 15.76% |
EMO ClearBridge Energy Midstream Opportunity Fund | 21.52% | 7.38% | 44.45% | 31.76% | 40.13% | 74.70% | -64.47% | 19.60% | -25.73% | 0.07% |
Correlation
The correlation between PAI and EMO is -0.00, 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. | -0.00 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011 | 0.12 |
The correlation between PAI and EMO shifts across timeframes, from -0.00 (1 year) to 0.17 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PAI vs. EMO — Risk / Return Rank
PAI
EMO
PAI vs. EMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Investment Grade Income Fund Inc. (PAI) and ClearBridge Energy Midstream Opportunity Fund (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.
| PAI | EMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.23 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.39 | 1.89 | -2.28 |
| Martin ratioReturn relative to average drawdown | -0.81 | 3.92 | -4.73 |
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Drawdowns
PAI vs. EMO - Drawdown Comparison
The maximum PAI drawdown since its inception was -39.03%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for PAI and EMO.
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Drawdown Indicators
| PAI | EMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.03% | -95.06% | +56.03% |
Max Drawdown (1Y)Largest decline over 1 year | -7.79% | -10.87% | +3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -8.87% | -18.81% | +9.94% |
Max Drawdown (5Y)Largest decline over 5 years | -33.71% | -28.59% | -5.12% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | -93.02% | +59.31% |
Current DrawdownCurrent decline from peak | -12.59% | -2.16% | -10.43% |
Average DrawdownAverage peak-to-trough decline | -7.14% | -31.67% | +24.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.79% | 5.24% | -1.45% |
Volatility
PAI vs. EMO - Volatility Comparison
The current volatility for Western Asset Investment Grade Income Fund Inc. (PAI) is 1.55%, while ClearBridge Energy Midstream Opportunity Fund (EMO) has a volatility of 5.06%. This indicates that PAI 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.
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Volatility by Period
| PAI | EMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 5.06% | -3.51% |
Volatility (6M)Calculated over the trailing 6-month period | 5.51% | 12.66% | -7.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.33% | 16.45% | -9.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.93% | 26.05% | -14.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.39% | 41.13% | -25.74% |
Dividends
PAI vs. EMO - Dividend Comparison
PAI's dividend yield for the trailing twelve months is around 5.32%, less than EMO's 8.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMO ClearBridge Energy Midstream Opportunity Fund | 8.35% | 9.41% | 7.16% | 6.79% | 6.71% | 6.71% | 15.82% | 10.94% | 16.39% | 10.85% | 9.76% | 11.88% |
PAI Western Asset Investment Grade Income Fund Inc. | 5.32% | 5.45% | 4.83% | 4.67% | 4.82% | 3.57% | 3.82% | 4.43% | 5.23% | 4.36% | 4.82% | 5.30% |
Frequently Asked Questions
PAI and EMO have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMO has higher volatility (5.06%) compared to PAI (1.55%). In terms of maximum drawdown, PAI dropped -39.03% vs EMO's -95.06%.
EMO currently has the higher Sharpe Ratio (1.25 vs -0.42), 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.
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