TFEQX vs. IMNYX

Last updated Jul 18, 2026

TFEQX (Templeton Institutional Fund International Equity Series) and IMNYX (Western Asset Intermediate Maturity NY Municipals Fund) are both mutual funds - TFEQX is a Foreign Large Cap Equities fund managed by Franklin Templeton, while IMNYX is a Municipal Bonds fund managed by Franklin Templeton. Over the past 10 years, TFEQX returned 9.03%/yr vs 1.52%/yr for IMNYX. At a correlation of -0.03, they often move in opposite directions. TFEQX charges 0.83%/yr vs 0.75%/yr for IMNYX.

Performance

TFEQX vs. IMNYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Templeton Institutional Fund International Equity Series (TFEQX) and Western Asset Intermediate Maturity NY Municipals Fund (IMNYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFEQX achieves a 15.10% return, which is significantly higher than IMNYX's 1.02% return. Over the past 10 years, TFEQX has outperformed IMNYX with an annualized return of 9.03%, while IMNYX has yielded a comparatively lower 1.52% annualized return.

TFEQX

• 1D: -0.83%
• 1M: 0.28%
• 6M: 10.26%
• YTD: 15.10%
• 1Y: 25.28%
• 3Y*: 20.74%
• 5Y*: 12.80%
• 10Y*: 9.03%

IMNYX

• 1D: -0.24%
• 1M: -0.14%
• 6M: 0.65%
• YTD: 1.02%
• 1Y: 5.23%
• 3Y*: 3.02%
• 5Y*: 0.46%
• 10Y*: 1.52%

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

TFEQX vs. IMNYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TFEQX Templeton Institutional Fund International Equity Series	15.10%	31.58%	9.44%	22.68%	-9.21%	5.70%	5.29%	11.56%	-17.40%	19.78%
IMNYX Western Asset Intermediate Maturity NY Municipals Fund	1.02%	4.36%	1.33%	4.65%	-8.04%	2.65%	3.15%	6.00%	1.46%	2.83%

Correlation

The correlation between TFEQX and IMNYX is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Dec 30, 1991	-0.03

The correlation between TFEQX and IMNYX shifts across timeframes, from -0.03 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TFEQX vs. IMNYX — Risk / Return Rank

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

TFEQX

TFEQX Risk / Return Rank: 45
TFEQX Sharpe Ratio Rank: 43
TFEQX Sortino Ratio Rank: 45
TFEQX Omega Ratio Rank: 44
TFEQX Calmar Ratio Rank: 48
TFEQX Martin Ratio Rank: 45

IMNYX

IMNYX Risk / Return Rank: 80
IMNYX Sharpe Ratio Rank: 90
IMNYX Sortino Ratio Rank: 91
IMNYX Omega Ratio Rank: 96
IMNYX Calmar Ratio Rank: 67
IMNYX Martin Ratio Rank: 56

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. IMNYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Templeton Institutional Fund International Equity Series (TFEQX) and Western Asset Intermediate Maturity NY Municipals Fund (IMNYX). 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	IMNYX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.50	-0.96
Sortino ratio: Return per unit of downside risk	2.25	4.00	-1.75
Omega ratio: Gain probability vs. loss probability	1.29	1.74	-0.45
Calmar ratio: Return relative to maximum drawdown	2.26	2.59	-0.33
Martin ratio: Return relative to average drawdown	7.98	9.14	-1.16

TFEQX vs. IMNYX - Sharpe Ratio Comparison

The current TFEQX Sharpe Ratio is 1.54, which is lower than the IMNYX Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of TFEQX and IMNYX, 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. IMNYX - Drawdown Comparison

The maximum TFEQX drawdown since its inception was -57.70%, which is greater than IMNYX's maximum drawdown of -11.80%. Use the drawdown chart below to compare losses from any high point for TFEQX and IMNYX.

Drawdown Indicators

	TFEQX	IMNYX	Difference
Max Drawdown Largest peak-to-trough decline	-57.70%	-11.80%	-45.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.56%	-1.93%	-9.63%
Max Drawdown (3Y) Largest decline over 3 years	-16.94%	-4.87%	-12.07%
Max Drawdown (5Y) Largest decline over 5 years	-29.20%	-11.80%	-17.40%
Max Drawdown (10Y) Largest decline over 10 years	-42.65%	-11.80%	-30.85%
Current Drawdown Current decline from peak	-2.01%	-0.61%	-1.40%
Average Drawdown Average peak-to-trough decline	-10.48%	-1.77%	-8.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	0.55%	+2.72%

Volatility

TFEQX vs. IMNYX - Volatility Comparison

Templeton Institutional Fund International Equity Series (TFEQX) has a higher volatility of 5.06% compared to Western Asset Intermediate Maturity NY Municipals Fund (IMNYX) at 0.54%. This indicates that TFEQX's price experiences larger fluctuations and is considered to be riskier than IMNYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFEQX	IMNYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	0.54%	+4.52%
Volatility (6M) Calculated over the trailing 6-month period	14.57%	1.52%	+13.05%
Volatility (1Y) Calculated over the trailing 1-year period	16.95%	2.00%	+14.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.87%	3.06%	+15.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.36%	3.40%	+13.96%

TFEQX vs. IMNYX - Expense Ratio Comparison

TFEQX has a 0.83% expense ratio, which is higher than IMNYX's 0.75% expense ratio.

Dividends

TFEQX vs. IMNYX - Dividend Comparison

TFEQX's dividend yield for the trailing twelve months is around 37.22%, more than IMNYX's 2.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMNYX Western Asset Intermediate Maturity NY Municipals Fund	2.49%	3.49%	2.55%	2.18%	1.66%	1.49%	2.14%	2.90%	3.08%	3.16%	3.02%	2.98%
TFEQX Templeton Institutional Fund International Equity Series	37.22%	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 IMNYX in my portfolio?

TFEQX and IMNYX have a correlation of 0.26, 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 IMNYX?

TFEQX has higher volatility (5.06%) compared to IMNYX (0.54%). In terms of maximum drawdown, TFEQX dropped -57.70% vs IMNYX's -11.80%.

Which has better risk-adjusted returns?

IMNYX currently has the higher Sharpe Ratio (2.50 vs 1.54), 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.