ELFNX vs. ELFTX

Last updated Jun 5, 2026

ELFNX (Elfun Trusts) and ELFTX (Elfun Tax Exempt Income Fund) are both mutual funds - ELFNX is a Large Cap Growth Equities fund managed by State Street, while ELFTX is a Municipal Bonds fund managed by State Street. Over the past 10 years, ELFNX returned 16.45%/yr vs 1.49%/yr for ELFTX. At a 0.02 correlation, their price movements are largely independent. ELFNX charges 0.18%/yr vs 0.21%/yr for ELFTX.

Performance

ELFNX vs. ELFTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Elfun Trusts (ELFNX) and Elfun Tax Exempt Income Fund (ELFTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ELFNX achieves a 6.19% return, which is significantly higher than ELFTX's 1.52% return. Over the past 10 years, ELFNX has outperformed ELFTX with an annualized return of 16.45%, while ELFTX has yielded a comparatively lower 1.49% annualized return.

ELFNX

• 1D: -0.71%
• 1M: 2.78%
• YTD: 6.19%
• 6M: 6.10%
• 1Y: 23.16%
• 3Y*: 22.18%
• 5Y*: 13.01%
• 10Y*: 16.45%

ELFTX

• 1D: 0.00%
• 1M: 0.62%
• YTD: 1.52%
• 6M: 1.86%
• 1Y: 7.09%
• 3Y*: 2.32%
• 5Y*: -0.07%
• 10Y*: 1.49%

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

ELFNX vs. ELFTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ELFNX Elfun Trusts	6.19%	16.64%	26.91%	34.50%	-19.91%	24.46%	25.18%	35.57%	-3.25%	25.60%
ELFTX Elfun Tax Exempt Income Fund	1.52%	3.29%	-0.14%	4.27%	-8.97%	0.87%	4.50%	7.13%	0.91%	4.72%

Correlation

The correlation between ELFNX and ELFTX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jan 3, 1980	0.02

The correlation between ELFNX and ELFTX shifts across timeframes, from 0.02 (10 years) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ELFNX vs. ELFTX — Risk / Return Rank

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

ELFNX

ELFNX Risk / Return Rank: 38
ELFNX Sharpe Ratio Rank: 42
ELFNX Sortino Ratio Rank: 39
ELFNX Omega Ratio Rank: 39
ELFNX Calmar Ratio Rank: 31
ELFNX Martin Ratio Rank: 39

ELFTX

ELFTX Risk / Return Rank: 70
ELFTX Sharpe Ratio Rank: 82
ELFTX Sortino Ratio Rank: 88
ELFTX Omega Ratio Rank: 90
ELFTX Calmar Ratio Rank: 48
ELFTX Martin Ratio Rank: 45

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.

ELFNX vs. ELFTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Elfun Trusts (ELFNX) and Elfun Tax Exempt Income Fund (ELFTX). 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.

	ELFNX	ELFTX	Difference
Sharpe ratio: Return per unit of total volatility	1.89	2.67	-0.77
Sortino ratio: Return per unit of downside risk	2.60	4.27	-1.67
Omega ratio: Gain probability vs. loss probability	1.33	1.66	-0.33
Calmar ratio: Return relative to maximum drawdown	2.07	2.63	-0.55
Martin ratio: Return relative to average drawdown	8.48	9.32	-0.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ELFNX vs. ELFTX - Sharpe Ratio Comparison

The current ELFNX Sharpe Ratio is 1.89, which is comparable to the ELFTX Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of ELFNX and ELFTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ELFNX	ELFTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.67	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	-0.02	+0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.39	+0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.71	-0.12

Drawdowns

ELFNX vs. ELFTX - Drawdown Comparison

The maximum ELFNX drawdown since its inception was -50.28%, which is greater than ELFTX's maximum drawdown of -19.15%. Use the drawdown chart below to compare losses from any high point for ELFNX and ELFTX.

Drawdown Indicators

	ELFNX	ELFTX	Difference
Max Drawdown Largest peak-to-trough decline	-50.28%	-19.15%	-31.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.40%	-2.79%	-8.61%
Max Drawdown (3Y) Largest decline over 3 years	-19.58%	-6.54%	-13.04%
Max Drawdown (5Y) Largest decline over 5 years	-26.39%	-13.59%	-12.80%
Max Drawdown (10Y) Largest decline over 10 years	-32.44%	-13.59%	-18.85%
Current Drawdown Current decline from peak	-1.10%	-1.21%	+0.11%
Average Drawdown Average peak-to-trough decline	-7.63%	-3.42%	-4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	0.79%	+2.00%

Volatility

ELFNX vs. ELFTX - Volatility Comparison

Elfun Trusts (ELFNX) has a higher volatility of 2.98% compared to Elfun Tax Exempt Income Fund (ELFTX) at 1.07%. This indicates that ELFNX's price experiences larger fluctuations and is considered to be riskier than ELFTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ELFNX	ELFTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	1.07%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	9.48%	2.04%	+7.44%
Volatility (1Y) Calculated over the trailing 1-year period	12.51%	2.76%	+9.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.90%	3.90%	+14.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	3.86%	+14.51%

ELFNX vs. ELFTX - Expense Ratio Comparison

ELFNX has a 0.18% expense ratio, which is lower than ELFTX's 0.21% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ELFNX vs. ELFTX - Dividend Comparison

ELFNX's dividend yield for the trailing twelve months is around 9.29%, more than ELFTX's 3.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ELFNX Elfun Trusts	9.29%	9.87%	10.43%	2.90%	9.01%	11.62%	8.60%	9.39%	16.18%	10.80%	8.85%	8.22%
ELFTX Elfun Tax Exempt Income Fund	3.94%	3.99%	2.66%	2.88%	3.09%	2.61%	3.24%	3.78%	4.09%	4.00%	4.00%	3.82%

Frequently Asked Questions

Can I hold both ELFNX and ELFTX in my portfolio?

ELFNX and ELFTX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ELFNX or ELFTX?

ELFNX has higher volatility (2.98%) compared to ELFTX (1.07%). In terms of maximum drawdown, ELFNX dropped -50.28% vs ELFTX's -19.15%.

Which has better risk-adjusted returns?

ELFTX currently has the higher Sharpe Ratio (2.67 vs 1.89), 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.