TEMLX vs. LCSMX

Last updated Jun 4, 2026

TEMLX (TIAA-CREF Emerging Markets Equity Fund) and LCSMX (Martin Currie SMA-Shares Series EM Fund) are both Emerging Markets Diversified funds. Over the past 5 years, TEMLX returned 4.29%/yr vs 12.36%/yr for LCSMX. A 0.74 correlation means they provide meaningful diversification when combined. TEMLX charges 0.90%/yr vs 0.00%/yr for LCSMX.

Performance

TEMLX vs. LCSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Emerging Markets Equity Fund (TEMLX) and Martin Currie SMA-Shares Series EM Fund (LCSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEMLX achieves a 26.44% return, which is significantly lower than LCSMX's 67.99% return.

TEMLX

• 1D: 1.65%
• 1M: 11.39%
• YTD: 26.44%
• 6M: 29.48%
• 1Y: 58.51%
• 3Y*: 22.23%
• 5Y*: 4.29%
• 10Y*: 9.39%

LCSMX

• 1D: 0.64%
• 1M: 21.90%
• YTD: 67.99%
• 6M: 76.65%
• 1Y: 132.69%
• 3Y*: 31.85%
• 5Y*: 12.36%
• 10Y*: —

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

TEMLX vs. LCSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TEMLX TIAA-CREF Emerging Markets Equity Fund	26.44%	36.01%	-0.29%	13.98%	-20.02%	-16.65%	18.19%	28.64%	-20.81%
LCSMX Martin Currie SMA-Shares Series EM Fund	67.99%	51.52%	-13.60%	16.26%	-27.25%	4.73%	35.72%	6.81%	1.42%

Correlation

The correlation between TEMLX and LCSMX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 12, 2018	0.74

The correlation between TEMLX and LCSMX shifts across timeframes, from 0.74 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TEMLX vs. LCSMX — Risk / Return Rank

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

TEMLX

TEMLX Risk / Return Rank: 85
TEMLX Sharpe Ratio Rank: 91
TEMLX Sortino Ratio Rank: 80
TEMLX Omega Ratio Rank: 84
TEMLX Calmar Ratio Rank: 86
TEMLX Martin Ratio Rank: 85

LCSMX

LCSMX Risk / Return Rank: 98
LCSMX Sharpe Ratio Rank: 99
LCSMX Sortino Ratio Rank: 97
LCSMX Omega Ratio Rank: 97
LCSMX Calmar Ratio Rank: 98
LCSMX Martin Ratio Rank: 98

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.

TEMLX vs. LCSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Emerging Markets Equity Fund (TEMLX) and Martin Currie SMA-Shares Series EM Fund (LCSMX). 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.

	TEMLX	LCSMX	Difference
Sharpe ratio: Return per unit of total volatility	3.06	5.26	-2.20
Sortino ratio: Return per unit of downside risk	3.80	5.53	-1.73
Omega ratio: Gain probability vs. loss probability	1.56	1.90	-0.34
Calmar ratio: Return relative to maximum drawdown	4.14	8.64	-4.50
Martin ratio: Return relative to average drawdown	16.13	33.57	-17.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TEMLX vs. LCSMX - Sharpe Ratio Comparison

The current TEMLX Sharpe Ratio is 3.06, which is lower than the LCSMX Sharpe Ratio of 5.26. The chart below compares the historical Sharpe Ratios of TEMLX and LCSMX, 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

	TEMLX	LCSMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.06	5.26	-2.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.65	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.67	-0.45

Drawdowns

TEMLX vs. LCSMX - Drawdown Comparison

The maximum TEMLX drawdown since its inception was -47.40%, which is greater than LCSMX's maximum drawdown of -39.72%. Use the drawdown chart below to compare losses from any high point for TEMLX and LCSMX.

Drawdown Indicators

	TEMLX	LCSMX	Difference
Max Drawdown Largest peak-to-trough decline	-47.40%	-39.72%	-7.68%
Max Drawdown (1Y) Largest decline over 1 year	-14.26%	-15.39%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-23.31%	+2.54%
Max Drawdown (5Y) Largest decline over 5 years	-45.15%	-39.72%	-5.43%
Max Drawdown (10Y) Largest decline over 10 years	-47.40%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-17.75%	-13.74%	-4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.65%	3.95%	-0.30%

Volatility

TEMLX vs. LCSMX - Volatility Comparison

The current volatility for TIAA-CREF Emerging Markets Equity Fund (TEMLX) is 7.91%, while Martin Currie SMA-Shares Series EM Fund (LCSMX) has a volatility of 13.39%. This indicates that TEMLX experiences smaller price fluctuations and is considered to be less risky than LCSMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEMLX	LCSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.91%	13.39%	-5.48%
Volatility (6M) Calculated over the trailing 6-month period	16.24%	22.65%	-6.41%
Volatility (1Y) Calculated over the trailing 1-year period	19.32%	25.30%	-5.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	19.25%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.04%	20.02%	+0.02%

TEMLX vs. LCSMX - Expense Ratio Comparison

TEMLX has a 0.90% expense ratio, which is higher than LCSMX's 0.00% expense ratio.

Dividends

TEMLX vs. LCSMX - Dividend Comparison

TEMLX's dividend yield for the trailing twelve months is around 2.73%, more than LCSMX's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LCSMX Martin Currie SMA-Shares Series EM Fund	0.59%	1.00%	1.29%	1.22%	1.11%	3.03%	0.48%	0.88%	1.40%	0.00%	0.00%	0.00%
TEMLX TIAA-CREF Emerging Markets Equity Fund	2.73%	3.46%	2.64%	3.25%	0.05%	24.53%	8.93%	1.42%	4.51%	3.55%	0.93%	1.00%

Frequently Asked Questions

Can I hold both TEMLX and LCSMX in my portfolio?

TEMLX and LCSMX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEMLX or LCSMX?

LCSMX has higher volatility (13.39%) compared to TEMLX (7.91%). In terms of maximum drawdown, TEMLX dropped -47.40% vs LCSMX's -39.72%.

Which has better risk-adjusted returns?

LCSMX currently has the higher Sharpe Ratio (5.26 vs 3.06), 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.