SBSPX vs. EMO

Last updated Jun 25, 2026

SBSPX (Franklin S&P 500 Index Fund) and EMO (ClearBridge Energy Midstream Opportunity Fund) are both mutual funds - SBSPX is a Large Cap Blend Equities fund managed by Franklin Templeton, while EMO is a MLPs fund actively managed by Franklin Templeton. Over the past 10 years, SBSPX returned 14.87%/yr vs 7.00%/yr for EMO. At a 0.43 correlation, their price movements are largely independent. SBSPX charges 0.54%/yr vs 13.90%/yr for EMO.

Performance

SBSPX vs. EMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin S&P 500 Index Fund (SBSPX) and ClearBridge Energy Midstream Opportunity Fund (EMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBSPX achieves a 7.95% return, which is significantly lower than EMO's 14.74% return. Over the past 10 years, SBSPX has outperformed EMO with an annualized return of 14.87%, while EMO has yielded a comparatively lower 7.00% annualized return.

SBSPX

• 1D: -1.45%
• 1M: -1.40%
• YTD: 7.95%
• 6M: 6.60%
• 1Y: 21.70%
• 3Y*: 20.18%
• 5Y*: 12.57%
• 10Y*: 14.87%

EMO

• 1D: -1.37%
• 1M: -4.92%
• YTD: 14.74%
• 6M: 15.43%
• 1Y: 18.67%
• 3Y*: 31.87%
• 5Y*: 26.30%
• 10Y*: 7.00%

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

SBSPX vs. EMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBSPX Franklin S&P 500 Index Fund	7.95%	17.25%	24.35%	25.62%	-18.49%	27.92%	17.86%	30.68%	-4.94%	19.50%
EMO ClearBridge Energy Midstream Opportunity Fund	14.74%	7.38%	44.45%	31.76%	40.13%	74.70%	-64.47%	19.60%	-25.73%	0.07%

Correlation

The correlation between SBSPX and EMO is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011	0.43

The correlation between SBSPX and EMO shifts across timeframes, from -0.02 (1 year) to 0.43 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

SBSPX vs. EMO — Risk / Return Rank

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

SBSPX

SBSPX Risk / Return Rank: 51
SBSPX Sharpe Ratio Rank: 48
SBSPX Sortino Ratio Rank: 44
SBSPX Omega Ratio Rank: 46
SBSPX Calmar Ratio Rank: 51
SBSPX Martin Ratio Rank: 64

EMO

EMO Risk / Return Rank: 19
EMO Sharpe Ratio Rank: 19
EMO Sortino Ratio Rank: 19
EMO Omega Ratio Rank: 20
EMO Calmar Ratio Rank: 26
EMO Martin Ratio Rank: 14

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.

SBSPX vs. EMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin S&P 500 Index Fund (SBSPX) 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.

	SBSPX	EMO	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.12	+0.73
Sortino ratio: Return per unit of downside risk	2.52	1.66	+0.86
Omega ratio: Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio: Return relative to maximum drawdown	2.58	1.72	+0.85
Martin ratio: Return relative to average drawdown	11.55	3.62	+7.92

SBSPX vs. EMO - Sharpe Ratio Comparison

The current SBSPX Sharpe Ratio is 1.84, which is higher than the EMO Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of SBSPX and EMO, 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

SBSPX vs. EMO - Drawdown Comparison

The maximum SBSPX drawdown since its inception was -55.62%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for SBSPX and EMO.

Drawdown Indicators

	SBSPX	EMO	Difference
Max Drawdown Largest peak-to-trough decline	-55.62%	-95.06%	+39.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.98%	-10.87%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-18.82%	-18.81%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-24.66%	-28.59%	+3.93%
Max Drawdown (10Y) Largest decline over 10 years	-33.82%	-93.02%	+59.20%
Current Drawdown Current decline from peak	-3.17%	-7.50%	+4.33%
Average Drawdown Average peak-to-trough decline	-10.63%	-31.86%	+21.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	5.16%	-3.16%

Volatility

SBSPX vs. EMO - Volatility Comparison

Franklin S&P 500 Index Fund (SBSPX) and ClearBridge Energy Midstream Opportunity Fund (EMO) have volatilities of 4.91% and 4.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBSPX	EMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	4.86%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	12.39%	-2.44%
Volatility (1Y) Calculated over the trailing 1-year period	12.58%	16.82%	-4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	26.49%	-9.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.12%	41.23%	-23.11%

SBSPX vs. EMO - Expense Ratio Comparison

SBSPX has a 0.54% expense ratio, which is lower than EMO's 13.90% expense ratio.

Dividends

SBSPX vs. EMO - Dividend Comparison

SBSPX's dividend yield for the trailing twelve months is around 0.73%, less than EMO's 8.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMO ClearBridge Energy Midstream Opportunity Fund	8.77%	9.41%	7.16%	6.79%	6.71%	6.71%	15.82%	10.94%	16.39%	10.85%	9.76%	11.88%
SBSPX Franklin S&P 500 Index Fund	0.73%	0.78%	1.11%	0.97%	4.08%	5.10%	5.99%	5.49%	5.96%	3.50%	4.08%	2.65%

Frequently Asked Questions

Can I hold both SBSPX and EMO in my portfolio?

SBSPX and EMO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBSPX or EMO?

SBSPX has higher volatility (4.91%) compared to EMO (4.86%). In terms of maximum drawdown, SBSPX dropped -55.62% vs EMO's -95.06%.

Which has better risk-adjusted returns?

SBSPX currently has the higher Sharpe Ratio (1.84 vs 1.12), 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.