TEI vs. DBLEX

Last updated Jun 4, 2026

TEI (Templeton Emerging Markets Income Fund) and DBLEX (DoubleLine Emerging Markets Fixed Income Fund) are both Emerging Markets Bonds funds. Over the past 10 years, TEI returned 4.68%/yr vs 3.86%/yr for DBLEX. At a 0.29 correlation, their price movements are largely independent.

Performance

TEI vs. DBLEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Templeton Emerging Markets Income Fund (TEI) and DoubleLine Emerging Markets Fixed Income Fund (DBLEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEI achieves a 2.44% return, which is significantly higher than DBLEX's 1.39% return. Over the past 10 years, TEI has outperformed DBLEX with an annualized return of 4.68%, while DBLEX has yielded a comparatively lower 3.86% annualized return.

TEI

• 1D: 0.00%
• 1M: 0.45%
• YTD: 2.44%
• 6M: 6.05%
• 1Y: 28.46%
• 3Y*: 22.02%
• 5Y*: 6.82%
• 10Y*: 4.68%

DBLEX

• 1D: 0.11%
• 1M: 0.36%
• YTD: 1.39%
• 6M: 1.64%
• 1Y: 6.51%
• 3Y*: 8.33%
• 5Y*: 2.18%
• 10Y*: 3.86%

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

TEI vs. DBLEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEI Templeton Emerging Markets Income Fund	2.44%	45.41%	11.77%	3.78%	-15.49%	3.48%	-9.06%	3.51%	-6.20%	8.09%
DBLEX DoubleLine Emerging Markets Fixed Income Fund	1.39%	8.39%	8.20%	9.64%	-15.30%	1.97%	4.85%	11.80%	-3.20%	8.48%

Correlation

The correlation between TEI and DBLEX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Apr 7, 2010	0.29

The correlation between TEI and DBLEX shifts across timeframes, from 0.29 (all time) to 0.40 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TEI vs. DBLEX — Risk / Return Rank

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

TEI

TEI Risk / Return Rank: 34
TEI Sharpe Ratio Rank: 40
TEI Sortino Ratio Rank: 35
TEI Omega Ratio Rank: 38
TEI Calmar Ratio Rank: 28
TEI Martin Ratio Rank: 28

DBLEX

DBLEX Risk / Return Rank: 89
DBLEX Sharpe Ratio Rank: 94
DBLEX Sortino Ratio Rank: 94
DBLEX Omega Ratio Rank: 95
DBLEX Calmar Ratio Rank: 80
DBLEX Martin Ratio Rank: 80

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.

TEI vs. DBLEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Emerging Markets Income Fund (TEI) and DoubleLine Emerging Markets Fixed Income Fund (DBLEX). 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.

	TEI	DBLEX	Difference
Sharpe ratio: Return per unit of total volatility	1.85	3.23	-1.38
Sortino ratio: Return per unit of downside risk	2.47	4.91	-2.44
Omega ratio: Gain probability vs. loss probability	1.33	1.76	-0.43
Calmar ratio: Return relative to maximum drawdown	1.97	3.68	-1.71
Martin ratio: Return relative to average drawdown	6.57	15.00	-8.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TEI vs. DBLEX - Sharpe Ratio Comparison

The current TEI Sharpe Ratio is 1.85, which is lower than the DBLEX Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of TEI and DBLEX, 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

	TEI	DBLEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	3.23	-1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.49	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.83	-0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	1.01	-0.60

Drawdowns

TEI vs. DBLEX - Drawdown Comparison

The maximum TEI drawdown since its inception was -51.50%, which is greater than DBLEX's maximum drawdown of -25.43%. Use the drawdown chart below to compare losses from any high point for TEI and DBLEX.

Drawdown Indicators

	TEI	DBLEX	Difference
Max Drawdown Largest peak-to-trough decline	-51.50%	-25.43%	-26.07%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-1.81%	-12.68%
Max Drawdown (3Y) Largest decline over 3 years	-14.79%	-4.54%	-10.25%
Max Drawdown (5Y) Largest decline over 5 years	-39.74%	-25.43%	-14.31%
Max Drawdown (10Y) Largest decline over 10 years	-43.83%	-25.43%	-18.40%
Current Drawdown Current decline from peak	-6.14%	0.00%	-6.14%
Average Drawdown Average peak-to-trough decline	-10.76%	-3.49%	-7.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	0.44%	+3.90%

Volatility

TEI vs. DBLEX - Volatility Comparison

Templeton Emerging Markets Income Fund (TEI) has a higher volatility of 5.03% compared to DoubleLine Emerging Markets Fixed Income Fund (DBLEX) at 0.74%. This indicates that TEI's price experiences larger fluctuations and is considered to be riskier than DBLEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEI	DBLEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.03%	0.74%	+4.29%
Volatility (6M) Calculated over the trailing 6-month period	12.10%	1.54%	+10.56%
Volatility (1Y) Calculated over the trailing 1-year period	15.47%	2.06%	+13.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.40%	4.52%	+14.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.56%	4.65%	+12.91%

Dividends

TEI vs. DBLEX - Dividend Comparison

TEI's dividend yield for the trailing twelve months is around 13.74%, more than DBLEX's 5.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBLEX DoubleLine Emerging Markets Fixed Income Fund	5.58%	5.59%	5.97%	5.54%	4.77%	4.00%	4.37%	4.57%	3.83%	4.33%	4.54%	5.21%
TEI Templeton Emerging Markets Income Fund	13.74%	13.57%	11.11%	11.09%	11.88%	10.44%	7.34%	8.51%	9.27%	5.56%	7.33%	8.24%

Frequently Asked Questions

Can I hold both TEI and DBLEX in my portfolio?

TEI and DBLEX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEI or DBLEX?

TEI has higher volatility (5.03%) compared to DBLEX (0.74%). In terms of maximum drawdown, TEI dropped -51.50% vs DBLEX's -25.43%.

Which has better risk-adjusted returns?

DBLEX currently has the higher Sharpe Ratio (3.23 vs 1.85), 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.