TEMZX vs. GTDDX

Last updated Jul 15, 2026

TEMZX (Templeton Emerging Markets Small Cap Fund) and GTDDX (Invesco EQV Emerging Markets All Cap Fd) are both Emerging Markets Diversified funds. Over the past 10 years, TEMZX returned 6.87%/yr vs 8.62%/yr for GTDDX. A 0.73 correlation means they provide meaningful diversification when combined. TEMZX charges 1.50%/yr vs 1.39%/yr for GTDDX.

Performance

TEMZX vs. GTDDX - Performance Comparison

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

Returns By Period

In the year-to-date period, TEMZX achieves a 11.28% return, which is significantly lower than GTDDX's 35.80% return. Over the past 10 years, TEMZX has underperformed GTDDX with an annualized return of 6.87%, while GTDDX has yielded a comparatively higher 8.62% annualized return.

TEMZX

• 1D: -1.52%
• 1M: 0.30%
• 6M: 10.26%
• YTD: 11.28%
• 1Y: 11.58%
• 3Y*: 11.35%
• 5Y*: 4.14%
• 10Y*: 6.87%

GTDDX

• 1D: -3.04%
• 1M: -4.73%
• 6M: 29.65%
• YTD: 35.80%
• 1Y: 56.58%
• 3Y*: 19.29%
• 5Y*: 7.58%
• 10Y*: 8.62%

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

TEMZX vs. GTDDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEMZX Templeton Emerging Markets Small Cap Fund	11.28%	10.91%	7.92%	13.57%	-18.99%	23.64%	9.92%	5.80%	-14.72%	31.60%
GTDDX Invesco EQV Emerging Markets All Cap Fd	35.80%	29.88%	-0.66%	8.82%	-17.70%	-7.00%	17.19%	29.99%	-18.77%	30.34%

Correlation

The correlation between TEMZX and GTDDX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 3, 2007	0.73

The correlation between TEMZX and GTDDX has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.

Return for Risk

TEMZX vs. GTDDX — Risk / Return Rank

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

TEMZX

TEMZX Risk / Return Rank: 20
TEMZX Sharpe Ratio Rank: 18
TEMZX Sortino Ratio Rank: 19
TEMZX Omega Ratio Rank: 21
TEMZX Calmar Ratio Rank: 19
TEMZX Martin Ratio Rank: 23

GTDDX

GTDDX Risk / Return Rank: 88
GTDDX Sharpe Ratio Rank: 91
GTDDX Sortino Ratio Rank: 82
GTDDX Omega Ratio Rank: 85
GTDDX Calmar Ratio Rank: 92
GTDDX 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. GTDDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Emerging Markets Small Cap Fund (TEMZX) and Invesco EQV Emerging Markets All Cap Fd (GTDDX). 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.

	TEMZX	GTDDX	Difference
Sharpe ratio: Return per unit of total volatility	0.87	2.49	-1.61
Sortino ratio: Return per unit of downside risk	1.33	3.06	-1.73
Omega ratio: Gain probability vs. loss probability	1.17	1.45	-0.28
Calmar ratio: Return relative to maximum drawdown	1.14	3.92	-2.78
Martin ratio: Return relative to average drawdown	4.07	13.85	-9.78

TEMZX vs. GTDDX - Sharpe Ratio Comparison

The current TEMZX Sharpe Ratio is 0.87, which is lower than the GTDDX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of TEMZX and GTDDX, 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

TEMZX vs. GTDDX - Drawdown Comparison

The maximum TEMZX drawdown since its inception was -69.98%, which is greater than GTDDX's maximum drawdown of -62.89%. Use the drawdown chart below to compare losses from any high point for TEMZX and GTDDX.

Drawdown Indicators

	TEMZX	GTDDX	Difference
Max Drawdown Largest peak-to-trough decline	-69.98%	-62.89%	-7.09%
Max Drawdown (1Y) Largest decline over 1 year	-10.50%	-14.49%	+3.99%
Max Drawdown (3Y) Largest decline over 3 years	-16.02%	-16.08%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-34.81%	+5.55%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	-39.58%	-9.01%
Current Drawdown Current decline from peak	-2.82%	-9.44%	+6.62%
Average Drawdown Average peak-to-trough decline	-12.66%	-18.70%	+6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	4.09%	-1.16%

Volatility

TEMZX vs. GTDDX - Volatility Comparison

The current volatility for Templeton Emerging Markets Small Cap Fund (TEMZX) is 6.33%, while Invesco EQV Emerging Markets All Cap Fd (GTDDX) has a volatility of 11.13%. This indicates that TEMZX experiences smaller price fluctuations and is considered to be less risky than GTDDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEMZX	GTDDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	11.13%	-4.80%
Volatility (6M) Calculated over the trailing 6-month period	12.64%	20.97%	-8.33%
Volatility (1Y) Calculated over the trailing 1-year period	13.69%	22.90%	-9.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.04%	17.29%	-3.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.42%	17.26%	-2.84%

TEMZX vs. GTDDX - Expense Ratio Comparison

TEMZX has a 1.50% expense ratio, which is higher than GTDDX's 1.39% expense ratio.

Dividends

TEMZX vs. GTDDX - Dividend Comparison

TEMZX's dividend yield for the trailing twelve months is around 1.25%, less than GTDDX's 15.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTDDX Invesco EQV Emerging Markets All Cap Fd	15.56%	21.13%	1.16%	1.51%	1.17%	4.46%	5.05%	1.49%	1.53%	0.71%	0.86%	0.99%
TEMZX Templeton Emerging Markets Small Cap Fund	1.25%	1.39%	0.52%	3.14%	8.03%	10.93%	2.81%	1.82%	2.86%	0.12%	2.02%	0.56%

Frequently Asked Questions

Can I hold both TEMZX and GTDDX in my portfolio?

TEMZX and GTDDX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEMZX or GTDDX?

GTDDX has higher volatility (11.13%) compared to TEMZX (6.33%). In terms of maximum drawdown, TEMZX dropped -69.98% vs GTDDX's -62.89%.

Which has better risk-adjusted returns?

GTDDX currently has the higher Sharpe Ratio (2.49 vs 0.87), 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.