TEMZX vs. CEMFX

Last updated Apr 1, 2026

Compare and contrast key facts about Templeton Emerging Markets Small Cap Fund (TEMZX) and Cullen Emerging Markets High Dividend Fund (CEMFX).

TEMZX is managed by Franklin Templeton. It was launched on Oct 1, 2006. CEMFX is managed by Cullen Funds Trust. It was launched on Aug 30, 2012.

Performance

TEMZX vs. CEMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Templeton Emerging Markets Small Cap Fund (TEMZX) and Cullen Emerging Markets High Dividend Fund (CEMFX). The values are adjusted to include any dividend payments, if applicable.

TEMZX vs. CEMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEMZX Templeton Emerging Markets Small Cap Fund	-2.70%	10.91%	7.92%	13.57%	-18.99%	23.64%	9.92%	5.80%	-14.72%	31.60%
CEMFX Cullen Emerging Markets High Dividend Fund	6.79%	31.39%	9.51%	26.45%	-16.15%	6.74%	8.70%	19.75%	-16.90%	29.82%

Returns By Period

In the year-to-date period, TEMZX achieves a -2.70% return, which is significantly lower than CEMFX's 6.79% return. Over the past 10 years, TEMZX has underperformed CEMFX with an annualized return of 5.96%, while CEMFX has yielded a comparatively higher 9.57% annualized return.

TEMZX

• 1D: -1.47%
• 1M: -10.39%
• YTD: -2.70%
• 6M: -0.76%
• 1Y: 10.21%
• 3Y*: 7.67%
• 5Y*: 3.95%
• 10Y*: 5.96%

CEMFX

• 1D: -0.85%
• 1M: -11.79%
• YTD: 6.79%
• 6M: 11.80%
• 1Y: 38.22%
• 3Y*: 21.50%
• 5Y*: 10.64%
• 10Y*: 9.57%

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

TEMZX vs. CEMFX - Expense Ratio Comparison

TEMZX has a 1.50% expense ratio, which is higher than CEMFX's 1.00% expense ratio.

TEMZX

Templeton Emerging Markets Small Cap Fund

CEMFX

Cullen Emerging Markets High Dividend Fund

Return for Risk

TEMZX vs. CEMFX — Risk / Return Rank

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

TEMZX

TEMZX Risk / Return Rank: 28
TEMZX Sharpe Ratio Rank: 31
TEMZX Sortino Ratio Rank: 29
TEMZX Omega Ratio Rank: 26
TEMZX Calmar Ratio Rank: 26
TEMZX Martin Ratio Rank: 26

CEMFX

CEMFX Risk / Return Rank: 93
CEMFX Sharpe Ratio Rank: 95
CEMFX Sortino Ratio Rank: 93
CEMFX Omega Ratio Rank: 92
CEMFX Calmar Ratio Rank: 93
CEMFX Martin Ratio Rank: 91

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.

TEMZX vs. CEMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Emerging Markets Small Cap Fund (TEMZX) and Cullen Emerging Markets High Dividend Fund (CEMFX). 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.

	TEMZX	CEMFX	Difference
Sharpe ratio Return per unit of total volatility	0.74	2.25	-1.51
Sortino ratio Return per unit of downside risk	1.07	2.86	-1.79
Omega ratio Gain probability vs. loss probability	1.14	1.43	-0.28
Calmar ratio Return relative to maximum drawdown	0.76	2.87	-2.11
Martin ratio Return relative to average drawdown	2.86	10.73	-7.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TEMZX vs. CEMFX - Sharpe Ratio Comparison

The current TEMZX Sharpe Ratio is 0.74, which is lower than the CEMFX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of TEMZX and CEMFX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TEMZX	CEMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	2.25	-1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.76	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.64	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.46	-0.17

Correlation

The correlation between TEMZX and CEMFX is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TEMZX vs. CEMFX - Dividend Comparison

TEMZX's dividend yield for the trailing twelve months is around 1.42%, less than CEMFX's 2.03% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TEMZX Templeton Emerging Markets Small Cap Fund	1.42%	1.39%	0.52%	3.14%	8.03%	10.93%	2.81%	1.82%	2.86%	0.12%	2.02%	0.56%
CEMFX Cullen Emerging Markets High Dividend Fund	2.03%	1.72%	3.31%	4.68%	1.26%	2.62%	2.13%	4.16%	2.26%	3.59%	3.65%	4.60%

Drawdowns

TEMZX vs. CEMFX - Drawdown Comparison

The maximum TEMZX drawdown since its inception was -69.98%, which is greater than CEMFX's maximum drawdown of -39.30%. Use the drawdown chart below to compare losses from any high point for TEMZX and CEMFX.

Drawdown Indicators

	TEMZX	CEMFX	Difference
Max Drawdown Largest peak-to-trough decline	-69.98%	-39.30%	-30.68%
Max Drawdown (1Y) Largest decline over 1 year	-10.50%	-12.41%	+1.91%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-28.13%	-1.13%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	-39.30%	-9.29%
Current Drawdown Current decline from peak	-10.50%	-12.41%	+1.91%
Average Drawdown Average peak-to-trough decline	-12.81%	-9.69%	-3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	3.33%	-0.54%

Volatility

TEMZX vs. CEMFX - Volatility Comparison

The current volatility for Templeton Emerging Markets Small Cap Fund (TEMZX) is 5.80%, while Cullen Emerging Markets High Dividend Fund (CEMFX) has a volatility of 6.95%. This indicates that TEMZX experiences smaller price fluctuations and is considered to be less risky than CEMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEMZX	CEMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	6.95%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	8.23%	12.42%	-4.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.33%	16.42%	-4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.58%	14.09%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.17%	14.92%	-0.75%