TDF vs. EMO
TDF (Templeton Dragon Fund Inc.) and EMO (ClearBridge Energy Midstream Opportunity Fund Inc.) are both mutual funds - TDF is a China Equities fund managed by Franklin Templeton, while EMO is a MLPs fund actively managed by Franklin Templeton. Over the past 10 years, TDF returned 4.30%/yr vs 7.75%/yr for EMO. Their 0.27 correlation means their historical movements had little consistent relationship.
Performance
TDF vs. EMO - Performance Comparison
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Returns By Period
In the year-to-date period, TDF achieves a -2.36% return, which is significantly lower than EMO's 21.52% return. Over the past 10 years, TDF has underperformed EMO with an annualized return of 4.30%, while EMO has yielded a comparatively higher 7.75% annualized return.
TDF
- 1D
- 0.37%
- 1M
- 0.09%
- 6M
- -7.54%
- YTD
- -2.36%
- 1Y
- 10.76%
- 3Y*
- 5.69%
- 5Y*
- -6.93%
- 10Y*
- 4.30%
- ALL TIME*
- 8.31%
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 | |
| $630.12K | $648.32K | $744.32K |
TDF vs. EMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TDF Templeton Dragon Fund Inc. | -2.36% | 37.70% | 5.44% | -20.06% | -32.93% | -18.02% | 52.98% | 27.97% | -11.80% | 42.09% |
EMO ClearBridge Energy Midstream Opportunity Fund Inc. | 21.52% | 7.38% | 44.45% | 31.76% | 40.13% | 74.70% | -64.47% | 19.60% | -25.73% | 0.07% |
Correlation
The correlation between TDF and EMO is 0.03, 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. | 0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.22 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011 | 0.27 |
Over the past year, the correlation between TDF and EMO has dropped to 0.03 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.
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Return for Risk
TDF vs. EMO — Risk / Return Rank
TDF
EMO
TDF vs. EMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Templeton Dragon Fund Inc. (TDF) and ClearBridge Energy Midstream Opportunity Fund Inc. (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.
| TDF | EMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.75 | ||
| Sortino ratioReturn per unit of downside risk | -0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.23 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 1.89 | -1.21 |
| Martin ratioReturn relative to average drawdown | 1.51 | 3.92 | -2.41 |
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Drawdowns
TDF vs. EMO - Drawdown Comparison
The maximum TDF drawdown since its inception was -68.15%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for TDF and EMO.
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Drawdown Indicators
| TDF | EMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.15% | -95.06% | +26.91% |
Max Drawdown (1Y)Largest decline over 1 year | -13.95% | -10.87% | -3.08% |
Max Drawdown (3Y)Largest decline over 3 years | -25.44% | -18.81% | -6.63% |
Max Drawdown (5Y)Largest decline over 5 years | -58.24% | -28.59% | -29.65% |
Max Drawdown (10Y)Largest decline over 10 years | -66.87% | -93.02% | +26.15% |
Current DrawdownCurrent decline from peak | -46.99% | -2.16% | -44.83% |
Average DrawdownAverage peak-to-trough decline | -22.69% | -31.67% | +8.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.29% | 5.24% | +1.05% |
Volatility
TDF vs. EMO - Volatility Comparison
Templeton Dragon Fund Inc. (TDF) has a higher volatility of 5.61% compared to ClearBridge Energy Midstream Opportunity Fund Inc. (EMO) at 5.06%. This indicates that TDF's price experiences larger fluctuations and is considered to be riskier 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
| TDF | EMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.61% | 5.06% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 13.83% | 12.66% | +1.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.92% | 16.45% | +2.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.94% | 26.05% | +0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.00% | 41.13% | -17.13% |
Dividends
TDF vs. EMO - Dividend Comparison
TDF's dividend yield for the trailing twelve months is around 4.19%, 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 Inc. | 8.35% | 9.41% | 7.16% | 6.79% | 6.71% | 6.71% | 15.82% | 10.94% | 16.39% | 10.85% | 9.76% | 11.88% |
TDF Templeton Dragon Fund Inc. | 4.19% | 3.55% | 1.36% | 0.00% | 12.73% | 14.13% | 24.72% | 10.75% | 12.43% | 7.95% | 10.34% | 22.49% |
Frequently Asked Questions
TDF and EMO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TDF has higher volatility (5.61%) compared to EMO (5.06%). In terms of maximum drawdown, TDF dropped -68.15% vs EMO's -95.06%.
EMO currently has the higher Sharpe Ratio (1.25 vs 0.50), 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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