SFENX vs. FQEMX

Last updated Aug 1, 2026

SFENX (Schwab Fundamental Emerging Markets Equity Index Fund) and FQEMX (Franklin Templeton SMACS: Series EM) are both Emerging Markets Equities funds. Over the past 3 years, SFENX returned 17.96%/yr vs 36.13%/yr for FQEMX. Their 0.76 correlation means they have sometimes moved together and sometimes differently. SFENX charges 0.39%/yr vs 0.00%/yr for FQEMX.

Performance

SFENX vs. FQEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) and Franklin Templeton SMACS: Series EM (FQEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SFENX achieves a 13.49% return, which is significantly lower than FQEMX's 50.59% return.

SFENX

• 1D: 1.90%
• 1M: 3.71%
• 6M: 5.58%
• YTD: 13.49%
• 1Y: 27.98%
• 3Y*: 17.96%
• 5Y*: 10.51%
• 10Y*: 9.83%
• ALL TIME*: 8.18%

FQEMX

• 1D: 7.06%
• 1M: -8.87%
• 6M: 28.08%
• YTD: 50.59%
• 1Y: 93.48%
• 3Y*: 36.13%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.36%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FQEMX Franklin Templeton SMACS: Series EM	$0.00	$0.00	$0.00
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	$0.00	$0.00	$0.00

SFENX vs. FQEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	13.49%	29.19%	12.31%	14.90%	-15.50%	-3.65%
FQEMX Franklin Templeton SMACS: Series EM	50.59%	55.98%	6.67%	12.18%	-20.68%	0.32%

Correlation

The correlation between SFENX and FQEMX is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.74
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.76

The correlation between SFENX and FQEMX has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.

Return for Risk

SFENX vs. FQEMX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SFENX

SFENX Risk / Return Rank: 76
SFENX Sharpe Ratio Rank: 78
SFENX Sortino Ratio Rank: 74
SFENX Omega Ratio Rank: 76
SFENX Calmar Ratio Rank: 83
SFENX Martin Ratio Rank: 67

FQEMX

FQEMX Risk / Return Rank: 87
FQEMX Sharpe Ratio Rank: 92
FQEMX Sortino Ratio Rank: 78
FQEMX Omega Ratio Rank: 86
FQEMX Calmar Ratio Rank: 90
FQEMX Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SFENX vs. FQEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) and Franklin Templeton SMACS: Series EM (FQEMX). 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.

	SFENX	FQEMX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.36	-0.56
Sortino ratio: Return per unit of downside risk	2.46	2.67	-0.21
Omega ratio: Gain probability vs. loss probability	1.32	1.42	-0.10
Calmar ratio: Return relative to maximum drawdown	2.73	3.32	-0.59
Martin ratio: Return relative to average drawdown	8.14	12.24	-4.09

SFENX vs. FQEMX - Sharpe Ratio Comparison

The current SFENX Sharpe Ratio is 1.80, which is comparable to the FQEMX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of SFENX and FQEMX, 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

SFENX vs. FQEMX - Drawdown Comparison

The maximum SFENX drawdown since its inception was -47.19%, which is greater than FQEMX's maximum drawdown of -34.46%. Use the drawdown chart below to compare losses from any high point for SFENX and FQEMX.

Drawdown Indicators

	SFENX	FQEMX	Difference
Max Drawdown Largest peak-to-trough decline	-47.19%	-34.46%	-12.73%
Max Drawdown (1Y) Largest decline over 1 year	-9.45%	-26.96%	+17.51%
Max Drawdown (3Y) Largest decline over 3 years	-16.51%	-26.96%	+10.45%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.59%	—	—
Current Drawdown Current decline from peak	-3.23%	-21.81%	+18.58%
Average Drawdown Average peak-to-trough decline	-12.81%	-10.81%	-2.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	7.26%	-4.10%

Volatility

SFENX vs. FQEMX - Volatility Comparison

The current volatility for Schwab Fundamental Emerging Markets Equity Index Fund (SFENX) is 4.35%, while Franklin Templeton SMACS: Series EM (FQEMX) has a volatility of 17.42%. This indicates that SFENX experiences smaller price fluctuations and is considered to be less risky than FQEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SFENX	FQEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	17.42%	-13.07%
Volatility (6M) Calculated over the trailing 6-month period	11.98%	35.65%	-23.67%
Volatility (1Y) Calculated over the trailing 1-year period	14.34%	37.87%	-23.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.56%	23.92%	-8.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	23.92%	-7.13%

SFENX vs. FQEMX - Expense Ratio Comparison

SFENX has a 0.39% expense ratio, which is higher than FQEMX's 0.00% expense ratio.

Dividends

SFENX vs. FQEMX - Dividend Comparison

SFENX's dividend yield for the trailing twelve months is around 3.46%, more than FQEMX's 2.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FQEMX Franklin Templeton SMACS: Series EM	2.11%	3.18%	3.15%	4.82%	3.93%	0.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SFENX Schwab Fundamental Emerging Markets Equity Index Fund	3.46%	3.93%	4.67%	5.00%	5.46%	4.61%	2.95%	3.82%	2.90%	2.37%	2.16%	3.23%

Frequently Asked Questions

Can I hold both SFENX and FQEMX in my portfolio?

SFENX and FQEMX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SFENX or FQEMX?

FQEMX has higher volatility (17.42%) compared to SFENX (4.35%). In terms of maximum drawdown, SFENX dropped -47.19% vs FQEMX's -34.46%.

Which has better risk-adjusted returns?

FQEMX currently has the higher Sharpe Ratio (2.36 vs 1.80), 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.