TFEQX vs. EMO

Last updated Jun 23, 2026

TFEQX (Templeton Institutional Fund International Equity Series) and EMO (ClearBridge Energy Midstream Opportunity Fund) are both mutual funds - TFEQX is a Foreign Large Cap Equities fund managed by Franklin Templeton, while EMO is a MLPs fund actively managed by Franklin Templeton. Over the past 10 years, TFEQX returned 9.10%/yr vs 7.02%/yr for EMO. At a 0.41 correlation, their price movements are largely independent. TFEQX charges 0.83%/yr vs 13.90%/yr for EMO.

Performance

TFEQX vs. EMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Templeton Institutional Fund International Equity Series (TFEQX) and ClearBridge Energy Midstream Opportunity Fund (EMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFEQX achieves a 16.81% return, which is significantly higher than EMO's 14.85% return. Over the past 10 years, TFEQX has outperformed EMO with an annualized return of 9.10%, while EMO has yielded a comparatively lower 7.02% annualized return.

TFEQX

• 1D: 1.77%
• 1M: 2.44%
• YTD: 16.81%
• 6M: 17.95%
• 1Y: 32.30%
• 3Y*: 21.89%
• 5Y*: 12.90%
• 10Y*: 9.10%

EMO

• 1D: 1.35%
• 1M: -4.83%
• YTD: 14.85%
• 6M: 16.60%
• 1Y: 18.20%
• 3Y*: 31.92%
• 5Y*: 26.27%
• 10Y*: 7.02%

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

TFEQX vs. EMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TFEQX Templeton Institutional Fund International Equity Series	16.81%	31.58%	9.44%	22.68%	-9.21%	5.70%	5.29%	11.56%	-17.40%	19.78%
EMO ClearBridge Energy Midstream Opportunity Fund	14.85%	7.38%	44.45%	31.76%	40.13%	74.70%	-64.47%	19.60%	-25.73%	0.07%

Correlation

The correlation between TFEQX and EMO is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011	0.41

Over the past year, the correlation between TFEQX and EMO has dropped to 0.00 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Return for Risk

TFEQX vs. EMO — Risk / Return Rank

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

TFEQX

TFEQX Risk / Return Rank: 51
TFEQX Sharpe Ratio Rank: 49
TFEQX Sortino Ratio Rank: 50
TFEQX Omega Ratio Rank: 50
TFEQX Calmar Ratio Rank: 56
TFEQX Martin Ratio Rank: 51

EMO

EMO Risk / Return Rank: 18
EMO Sharpe Ratio Rank: 17
EMO Sortino Ratio Rank: 17
EMO Omega Ratio Rank: 18
EMO Calmar Ratio Rank: 24
EMO Martin Ratio Rank: 13

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.

TFEQX vs. EMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Institutional Fund International Equity Series (TFEQX) and ClearBridge Energy Midstream Opportunity Fund (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.

	TFEQX	EMO	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.09	+0.82
Sortino ratio: Return per unit of downside risk	2.74	1.63	+1.11
Omega ratio: Gain probability vs. loss probability	1.36	1.21	+0.15
Calmar ratio: Return relative to maximum drawdown	2.75	1.68	+1.07
Martin ratio: Return relative to average drawdown	9.86	3.56	+6.30

TFEQX vs. EMO - Sharpe Ratio Comparison

The current TFEQX Sharpe Ratio is 1.91, which is higher than the EMO Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of TFEQX and EMO, 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

TFEQX vs. EMO - Drawdown Comparison

The maximum TFEQX drawdown since its inception was -57.70%, smaller than the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for TFEQX and EMO.

Drawdown Indicators

	TFEQX	EMO	Difference
Max Drawdown Largest peak-to-trough decline	-57.70%	-95.06%	+37.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-10.87%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-16.94%	-18.81%	+1.87%
Max Drawdown (5Y) Largest decline over 5 years	-29.20%	-28.59%	-0.61%
Max Drawdown (10Y) Largest decline over 10 years	-42.65%	-93.02%	+50.37%
Current Drawdown Current decline from peak	-0.55%	-7.40%	+6.85%
Average Drawdown Average peak-to-trough decline	-10.50%	-31.88%	+21.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	5.13%	-1.91%

Volatility

TFEQX vs. EMO - Volatility Comparison

Templeton Institutional Fund International Equity Series (TFEQX) has a higher volatility of 6.19% compared to ClearBridge Energy Midstream Opportunity Fund (EMO) at 4.48%. This indicates that TFEQX'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.

Volatility by Period

	TFEQX	EMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	4.48%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	14.12%	12.27%	+1.85%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	16.78%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.82%	26.48%	-7.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.68%	41.24%	-23.56%

TFEQX vs. EMO - Expense Ratio Comparison

TFEQX has a 0.83% expense ratio, which is lower than EMO's 13.90% expense ratio.

Dividends

TFEQX vs. EMO - Dividend Comparison

TFEQX's dividend yield for the trailing twelve months is around 36.68%, more than EMO's 8.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMO ClearBridge Energy Midstream Opportunity Fund	8.69%	9.41%	7.16%	6.79%	6.71%	6.71%	15.82%	10.94%	16.39%	10.85%	9.76%	11.88%
TFEQX Templeton Institutional Fund International Equity Series	36.68%	42.84%	16.75%	14.08%	6.20%	34.04%	6.78%	6.65%	22.18%	1.60%	3.46%	2.46%

Frequently Asked Questions

Can I hold both TFEQX and EMO in my portfolio?

TFEQX and EMO have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFEQX or EMO?

TFEQX has higher volatility (6.19%) compared to EMO (4.48%). In terms of maximum drawdown, TFEQX dropped -57.70% vs EMO's -95.06%.

Which has better risk-adjusted returns?

TFEQX currently has the higher Sharpe Ratio (1.91 vs 1.09), 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.