WAARX vs. TFEQX

Last updated Aug 1, 2026

WAARX (Western Asset Total Return Unconstrained Fund) and TFEQX (Templeton Institutional Fund International Equity Series) are both mutual funds - WAARX is a Nontraditional Bonds fund managed by Franklin Templeton, while TFEQX is a Foreign Large Cap Equities fund managed by Franklin Templeton. Over the past 10 years, WAARX returned 2.01%/yr vs 8.87%/yr for TFEQX. Their 0.24 correlation means their historical movements had little consistent relationship. WAARX charges 0.74%/yr vs 0.83%/yr for TFEQX.

Performance

WAARX vs. TFEQX - Performance Comparison

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

Returns By Period

In the year-to-date period, WAARX achieves a 0.42% return, which is significantly lower than TFEQX's 13.92% return. Over the past 10 years, WAARX has underperformed TFEQX with an annualized return of 2.01%, while TFEQX has yielded a comparatively higher 8.87% annualized return.

WAARX

• 1D: 0.22%
• 1M: -0.44%
• 6M: -0.12%
• YTD: 0.42%
• 1Y: 2.04%
• 3Y*: 4.11%
• 5Y*: 0.02%
• 10Y*: 2.01%
• ALL TIME*: 3.42%

TFEQX

• 1D: 0.00%
• 1M: -0.65%
• 6M: 6.93%
• YTD: 13.92%
• 1Y: 26.67%
• 3Y*: 20.02%
• 5Y*: 12.36%
• 10Y*: 8.87%
• ALL TIME*: 7.61%

*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)
TFEQX Templeton Institutional Fund International Equity Series	$0.00	$0.00	$0.00
WAARX Western Asset Total Return Unconstrained Fund	$0.00	$0.00	$0.00

WAARX vs. TFEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAARX Western Asset Total Return Unconstrained Fund	0.42%	7.13%	1.80%	7.50%	-13.93%	-1.84%	5.12%	8.72%	-2.65%	7.69%
TFEQX Templeton Institutional Fund International Equity Series	13.92%	31.58%	9.44%	22.68%	-9.21%	5.70%	5.29%	11.56%	-17.40%	19.78%

Correlation

The correlation between WAARX and TFEQX is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.39
Correlation (5Y) Shows whether the relationship held over a longer period.	0.36
Correlation (10Y) Provides a long-term view across more market conditions.	0.32
Correlation (All Time) Calculated using the full available price history since Jul 10, 2006	0.24

Over the past year, WAARX and TFEQX have become more correlated (0.49) than their long-term average of 0.24, meaning their price movements have been converging.

Return for Risk

WAARX vs. TFEQX — Risk / Return Rank

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

WAARX

WAARX Risk / Return Rank: 28
WAARX Sharpe Ratio Rank: 30
WAARX Sortino Ratio Rank: 29
WAARX Omega Ratio Rank: 31
WAARX Calmar Ratio Rank: 23
WAARX Martin Ratio Rank: 27

TFEQX

TFEQX Risk / Return Rank: 63
TFEQX Sharpe Ratio Rank: 61
TFEQX Sortino Ratio Rank: 63
TFEQX Omega Ratio Rank: 63
TFEQX Calmar Ratio Rank: 66
TFEQX Martin Ratio Rank: 60

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.

WAARX vs. TFEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Total Return Unconstrained Fund (WAARX) and Templeton Institutional Fund International Equity Series (TFEQX). 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.

	WAARX	TFEQX	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.46	-0.40
Sortino ratio: Return per unit of downside risk	1.54	2.15	-0.61
Omega ratio: Gain probability vs. loss probability	1.20	1.27	-0.07
Calmar ratio: Return relative to maximum drawdown	1.15	2.12	-0.97
Martin ratio: Return relative to average drawdown	4.07	7.58	-3.51

WAARX vs. TFEQX - Sharpe Ratio Comparison

The current WAARX Sharpe Ratio is 1.06, which is comparable to the TFEQX Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of WAARX and TFEQX, 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

WAARX vs. TFEQX - Drawdown Comparison

The maximum WAARX drawdown since its inception was -20.10%, smaller than the maximum TFEQX drawdown of -57.70%. Use the drawdown chart below to compare losses from any high point for WAARX and TFEQX.

Drawdown Indicators

	WAARX	TFEQX	Difference
Max Drawdown Largest peak-to-trough decline	-20.10%	-57.70%	+37.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.26%	-11.56%	+9.30%
Max Drawdown (3Y) Largest decline over 3 years	-4.40%	-16.94%	+12.54%
Max Drawdown (5Y) Largest decline over 5 years	-19.35%	-29.20%	+9.85%
Max Drawdown (10Y) Largest decline over 10 years	-19.35%	-42.65%	+23.30%
Current Drawdown Current decline from peak	-0.77%	-3.01%	+2.24%
Average Drawdown Average peak-to-trough decline	-3.12%	-10.47%	+7.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	3.23%	-2.59%

Volatility

WAARX vs. TFEQX - Volatility Comparison

The current volatility for Western Asset Total Return Unconstrained Fund (WAARX) is 0.70%, while Templeton Institutional Fund International Equity Series (TFEQX) has a volatility of 4.35%. This indicates that WAARX experiences smaller price fluctuations and is considered to be less risky than TFEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAARX	TFEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	4.35%	-3.65%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	14.41%	-12.43%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	16.91%	-14.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.37%	18.84%	-14.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.16%	17.37%	-13.21%

WAARX vs. TFEQX - Expense Ratio Comparison

WAARX has a 0.74% expense ratio, which is lower than TFEQX's 0.83% expense ratio.

Dividends

WAARX vs. TFEQX - Dividend Comparison

WAARX's dividend yield for the trailing twelve months is around 5.16%, less than TFEQX's 37.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TFEQX Templeton Institutional Fund International Equity Series	37.61%	42.84%	16.75%	14.08%	6.20%	34.04%	6.78%	6.65%	22.18%	1.60%	3.46%	2.46%
WAARX Western Asset Total Return Unconstrained Fund	5.16%	4.40%	3.86%	2.54%	1.04%	4.40%	1.59%	4.30%	3.69%	3.59%	3.18%	3.16%

Frequently Asked Questions

Can I hold both WAARX and TFEQX in my portfolio?

WAARX and TFEQX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WAARX or TFEQX?

TFEQX has higher volatility (4.35%) compared to WAARX (0.70%). In terms of maximum drawdown, WAARX dropped -20.10% vs TFEQX's -57.70%.

Which has better risk-adjusted returns?

TFEQX currently has the higher Sharpe Ratio (1.46 vs 1.06), 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.