FCEEX vs. SSKEX

Last updated Jun 4, 2026

FCEEX (Franklin Emerging Market Core Equity (IU) Fund Advisor) and SSKEX (State Street Emerging Markets Equity Index Fund) are both Emerging Markets Diversified funds. Over the past 5 years, FCEEX returned 10.38%/yr vs 7.79%/yr for SSKEX. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.17% expense ratio.

Performance

FCEEX vs. SSKEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Emerging Market Core Equity (IU) Fund Advisor (FCEEX) and State Street Emerging Markets Equity Index Fund (SSKEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCEEX achieves a 30.78% return, which is significantly higher than SSKEX's 28.95% return.

FCEEX

• 1D: 1.30%
• 1M: 9.92%
• YTD: 30.78%
• 6M: 32.80%
• 1Y: 59.40%
• 3Y*: 28.19%
• 5Y*: 10.38%
• 10Y*: —

SSKEX

• 1D: 0.94%
• 1M: 8.80%
• YTD: 28.95%
• 6M: 32.16%
• 1Y: 57.79%
• 3Y*: 24.72%
• 5Y*: 7.79%
• 10Y*: 10.59%

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

FCEEX vs. SSKEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FCEEX Franklin Emerging Market Core Equity (IU) Fund Advisor	30.78%	34.81%	10.51%	12.52%	-16.96%	-1.29%	10.19%	9.77%
SSKEX State Street Emerging Markets Equity Index Fund	28.95%	33.79%	7.00%	9.50%	-20.23%	-2.80%	18.20%	10.84%

Correlation

The correlation between FCEEX and SSKEX is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 27, 2019	0.89

The correlation between FCEEX and SSKEX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

Return for Risk

FCEEX vs. SSKEX — Risk / Return Rank

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

FCEEX

FCEEX Risk / Return Rank: 90
FCEEX Sharpe Ratio Rank: 95
FCEEX Sortino Ratio Rank: 89
FCEEX Omega Ratio Rank: 88
FCEEX Calmar Ratio Rank: 90
FCEEX Martin Ratio Rank: 90

SSKEX

SSKEX Risk / Return Rank: 92
SSKEX Sharpe Ratio Rank: 96
SSKEX Sortino Ratio Rank: 92
SSKEX Omega Ratio Rank: 91
SSKEX Calmar Ratio Rank: 90
SSKEX Martin Ratio Rank: 89

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.

FCEEX vs. SSKEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Emerging Market Core Equity (IU) Fund Advisor (FCEEX) and State Street Emerging Markets Equity Index Fund (SSKEX). 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.

	FCEEX	SSKEX	Difference
Sharpe ratio: Return per unit of total volatility	3.37	3.54	-0.17
Sortino ratio: Return per unit of downside risk	4.26	4.54	-0.27
Omega ratio: Gain probability vs. loss probability	1.62	1.66	-0.04
Calmar ratio: Return relative to maximum drawdown	4.63	4.68	-0.05
Martin ratio: Return relative to average drawdown	18.43	17.65	+0.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCEEX vs. SSKEX - Sharpe Ratio Comparison

The current FCEEX Sharpe Ratio is 3.37, which is comparable to the SSKEX Sharpe Ratio of 3.54. The chart below compares the historical Sharpe Ratios of FCEEX and SSKEX, 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

	FCEEX	SSKEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.37	3.54	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.47	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.63	+0.05

Drawdowns

FCEEX vs. SSKEX - Drawdown Comparison

The maximum FCEEX drawdown since its inception was -34.68%, smaller than the maximum SSKEX drawdown of -39.23%. Use the drawdown chart below to compare losses from any high point for FCEEX and SSKEX.

Drawdown Indicators

	FCEEX	SSKEX	Difference
Max Drawdown Largest peak-to-trough decline	-34.68%	-39.23%	+4.55%
Max Drawdown (1Y) Largest decline over 1 year	-12.98%	-12.44%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	-15.47%	-16.09%	+0.62%
Max Drawdown (5Y) Largest decline over 5 years	-33.90%	-37.04%	+3.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.23%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-11.26%	-13.27%	+2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	3.29%	-0.04%

Volatility

FCEEX vs. SSKEX - Volatility Comparison

Franklin Emerging Market Core Equity (IU) Fund Advisor (FCEEX) has a higher volatility of 7.77% compared to State Street Emerging Markets Equity Index Fund (SSKEX) at 6.69%. This indicates that FCEEX's price experiences larger fluctuations and is considered to be riskier than SSKEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCEEX	SSKEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	6.69%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	15.07%	14.03%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.85%	16.47%	+1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	16.50%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	17.29%	+1.08%

FCEEX vs. SSKEX - Expense Ratio Comparison

Both FCEEX and SSKEX have an expense ratio of 0.17%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

FCEEX vs. SSKEX - Dividend Comparison

FCEEX's dividend yield for the trailing twelve months is around 2.25%, more than SSKEX's 2.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FCEEX Franklin Emerging Market Core Equity (IU) Fund Advisor	2.25%	3.29%	4.17%	4.36%	4.08%	3.38%	2.98%	0.40%	0.00%	0.00%	0.00%
SSKEX State Street Emerging Markets Equity Index Fund	2.21%	2.85%	2.90%	3.26%	3.90%	1.95%	1.84%	2.84%	3.01%	2.55%	2.29%

Frequently Asked Questions

Can I hold both FCEEX and SSKEX in my portfolio?

FCEEX and SSKEX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCEEX or SSKEX?

FCEEX has higher volatility (7.77%) compared to SSKEX (6.69%). In terms of maximum drawdown, FCEEX dropped -34.68% vs SSKEX's -39.23%.

Which has better risk-adjusted returns?

SSKEX currently has the higher Sharpe Ratio (3.54 vs 3.37), 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.