ELFTX vs. SSASX
ELFTX (Elfun Tax Exempt Income Fund) and SSASX (State Street Income Fund) are both mutual funds - ELFTX is a Municipal Bonds fund managed by State Street, while SSASX is a Intermediate Core-Plus Bond fund managed by State Street. Over the past 5 years, ELFTX returned -0.53%/yr vs -1.29%/yr for SSASX. Their 0.57 correlation means they have sometimes moved together and sometimes differently. ELFTX charges 0.21%/yr vs 0.20%/yr for SSASX.
Performance
ELFTX vs. SSASX - Performance Comparison
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Returns By Period
In the year-to-date period, ELFTX achieves a 0.08% return, which is significantly higher than SSASX's -1.33% return.
ELFTX
- 1D
- -0.10%
- 1M
- -2.02%
- 6M
- -0.57%
- YTD
- 0.08%
- 1Y
- 4.95%
- 3Y*
- 1.69%
- 5Y*
- -0.53%
- 10Y*
- 1.21%
- ALL TIME*
- 3.67%
SSASX
- 1D
- -0.31%
- 1M
- -1.43%
- 6M
- -1.33%
- YTD
- -1.33%
- 1Y
- 1.14%
- 3Y*
- 2.75%
- 5Y*
- -1.29%
- 10Y*
- —
- ALL TIME*
- -0.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ELFTX vs. SSASX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ELFTX Elfun Tax Exempt Income Fund | 0.08% | 3.29% | -0.14% | 4.27% | -8.97% | 0.84% |
SSASX State Street Income Fund | -1.33% | 7.49% | -0.95% | 4.83% | -13.74% | 0.59% |
Correlation
The correlation between ELFTX and SSASX 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. | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 24, 2021 | 0.57 |
The correlation between ELFTX and SSASX has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.
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Return for Risk
ELFTX vs. SSASX — Risk / Return Rank
ELFTX
SSASX
ELFTX vs. SSASX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Elfun Tax Exempt Income Fund (ELFTX) and State Street Income Fund (SSASX). 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.
| ELFTX | SSASX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.45 | ||
| Sortino ratioReturn per unit of downside risk | +2.20 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.09 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 0.61 | +1.33 |
| Martin ratioReturn relative to average drawdown | 6.56 | 1.44 | +5.12 |
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Drawdowns
ELFTX vs. SSASX - Drawdown Comparison
The maximum ELFTX drawdown since its inception was -19.15%, roughly equal to the maximum SSASX drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for ELFTX and SSASX.
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Drawdown Indicators
| ELFTX | SSASX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.15% | -19.65% | +0.50% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -3.42% | +0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -6.54% | -6.86% | +0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -13.51% | -19.54% | +6.03% |
Max Drawdown (10Y)Largest decline over 10 years | -13.59% | — | — |
Current DrawdownCurrent decline from peak | -2.61% | -6.51% | +3.90% |
Average DrawdownAverage peak-to-trough decline | -3.41% | -9.54% | +6.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 1.44% | -0.62% |
Volatility
ELFTX vs. SSASX - Volatility Comparison
Elfun Tax Exempt Income Fund (ELFTX) and State Street Income Fund (SSASX) have volatilities of 0.93% and 0.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ELFTX | SSASX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.95% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 3.09% | -0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.81% | 4.03% | -1.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.92% | 6.50% | -2.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.86% | 6.42% | -2.56% |
ELFTX vs. SSASX - Expense Ratio Comparison
ELFTX has a 0.21% expense ratio, which is higher than SSASX's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ELFTX vs. SSASX - Dividend Comparison
ELFTX's dividend yield for the trailing twelve months is around 3.64%, less than SSASX's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ELFTX Elfun Tax Exempt Income Fund | 3.64% | 3.99% | 2.66% | 2.88% | 3.09% | 2.61% | 3.24% | 3.78% | 4.09% | 4.00% | 4.00% | 3.82% |
SSASX State Street Income Fund | 3.69% | 4.01% | 2.76% | 2.86% | 2.48% | 3.77% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ELFTX and SSASX 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.
SSASX has higher volatility (0.95%) compared to ELFTX (0.93%). In terms of maximum drawdown, ELFTX dropped -19.15% vs SSASX's -19.65%.
ELFTX currently has the higher Sharpe Ratio (1.97 vs 0.52), 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.
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