TYG vs. EMO

Last updated Aug 1, 2026

TYG (Tortoise Energy Infrastructure Closed Fund) and EMO (ClearBridge Energy Midstream Opportunity Fund) are both mutual funds - TYG is a Infrastructure Equities fund actively managed by Tortoise, while EMO is a MLPs fund actively managed by Franklin Templeton. Both are actively managed. Over the past 10 years, TYG returned -1.12%/yr vs 7.75%/yr for EMO. Their 0.73 correlation means they have sometimes moved together and sometimes differently. TYG charges 2.90%/yr vs 13.90%/yr for EMO.

Performance

TYG vs. EMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise Energy Infrastructure Closed Fund (TYG) 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, TYG achieves a 12.60% return, which is significantly lower than EMO's 21.52% return. Over the past 10 years, TYG has underperformed EMO with an annualized return of -1.12%, while EMO has yielded a comparatively higher 7.75% annualized return.

TYG

• 1D: 0.16%
• 1M: 1.30%
• 6M: 2.29%
• YTD: 12.60%
• 1Y: 11.58%
• 3Y*: 24.56%
• 5Y*: 21.21%
• 10Y*: -1.12%
• ALL TIME*: 4.16%

EMO

• 1D: 1.14%
• 1M: 5.46%
• 6M: 10.79%
• YTD: 21.52%
• 1Y: 21.50%
• 3Y*: 28.83%
• 5Y*: 29.82%
• 10Y*: 7.75%
• ALL TIME*: 4.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EMO ClearBridge Energy Midstream Opportunity Fund	$1.85M	$2.08M	$2.48M
TYG Tortoise Energy Infrastructure Closed Fund	$5.92M	$6.80M	$9.17M

TYG vs. EMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TYG Tortoise Energy Infrastructure Closed Fund	12.60%	8.46%	60.18%	-0.37%	24.20%	46.86%	-70.31%	1.79%	-24.74%	3.17%
EMO ClearBridge Energy Midstream Opportunity Fund	21.52%	7.38%	44.45%	31.76%	40.13%	74.70%	-64.47%	19.60%	-25.73%	0.07%

Correlation

The correlation between TYG and EMO is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (10Y) Provides a long-term view across more market conditions.	0.79
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011	0.73

The correlation between TYG and EMO shifts across timeframes, from 0.59 (1 year) to 0.79 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

TYG vs. EMO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TYG

TYG Risk / Return Rank: 16
TYG Sharpe Ratio Rank: 16
TYG Sortino Ratio Rank: 15
TYG Omega Ratio Rank: 19
TYG Calmar Ratio Rank: 18
TYG Martin Ratio Rank: 14

EMO

EMO Risk / Return Rank: 44
EMO Sharpe Ratio Rank: 46
EMO Sortino Ratio Rank: 46
EMO Omega Ratio Rank: 45
EMO Calmar Ratio Rank: 55
EMO Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TYG vs. EMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise Energy Infrastructure Closed Fund (TYG) 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.

	TYG	EMO	Difference
Sharpe ratio: Return per unit of total volatility	0.59	1.25	-0.66
Sortino ratio: Return per unit of downside risk	0.90	1.80	-0.90
Omega ratio: Gain probability vs. loss probability	1.13	1.23	-0.10
Calmar ratio: Return relative to maximum drawdown	0.83	1.89	-1.06
Martin ratio: Return relative to average drawdown	1.92	3.92	-2.00

TYG vs. EMO - Sharpe Ratio Comparison

The current TYG Sharpe Ratio is 0.59, which is lower than the EMO Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of TYG 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

TYG vs. EMO - Drawdown Comparison

The maximum TYG drawdown since its inception was -95.34%, roughly equal to the maximum EMO drawdown of -95.06%. Use the drawdown chart below to compare losses from any high point for TYG and EMO.

Drawdown Indicators

	TYG	EMO	Difference
Max Drawdown Largest peak-to-trough decline	-95.34%	-95.06%	-0.28%
Max Drawdown (1Y) Largest decline over 1 year	-13.94%	-10.87%	-3.07%
Max Drawdown (3Y) Largest decline over 3 years	-25.08%	-18.81%	-6.27%
Max Drawdown (5Y) Largest decline over 5 years	-25.08%	-28.59%	+3.51%
Max Drawdown (10Y) Largest decline over 10 years	-94.98%	-93.02%	-1.96%
Current Drawdown Current decline from peak	-35.77%	-2.16%	-33.61%
Average Drawdown Average peak-to-trough decline	-29.46%	-31.67%	+2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.99%	5.24%	+0.75%

Volatility

TYG vs. EMO - Volatility Comparison

The current volatility for Tortoise Energy Infrastructure Closed Fund (TYG) is 4.06%, while ClearBridge Energy Midstream Opportunity Fund (EMO) has a volatility of 5.06%. This indicates that TYG experiences smaller price fluctuations and is considered to be less risky than EMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TYG	EMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	5.06%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	16.27%	12.66%	+3.61%
Volatility (1Y) Calculated over the trailing 1-year period	19.40%	16.45%	+2.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.56%	26.05%	-2.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.09%	41.13%	+9.96%

TYG vs. EMO - Expense Ratio Comparison

TYG has a 2.90% expense ratio, which is lower than EMO's 13.90% expense ratio.

Dividends

TYG vs. EMO - Dividend Comparison

TYG's dividend yield for the trailing twelve months is around 12.52%, more than EMO's 8.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMO ClearBridge Energy Midstream Opportunity Fund	8.35%	9.41%	7.16%	6.79%	6.71%	6.71%	15.82%	10.94%	16.39%	10.85%	9.76%	11.88%
TYG Tortoise Energy Infrastructure Closed Fund	12.52%	11.25%	7.96%	9.87%	8.94%	5.27%	10.85%	14.61%	13.17%	9.01%	8.54%	13.95%

Frequently Asked Questions

Can I hold both TYG and EMO in my portfolio?

TYG and EMO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TYG or EMO?

EMO has higher volatility (5.06%) compared to TYG (4.06%). In terms of maximum drawdown, TYG dropped -95.34% vs EMO's -95.06%.

Which has better risk-adjusted returns?

EMO currently has the higher Sharpe Ratio (1.25 vs 0.59), 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.