MELIX vs. SSKEX

Last updated Jun 4, 2026

MELIX (Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio) and SSKEX (State Street Emerging Markets Equity Index Fund) are both Emerging Markets Diversified funds. Over the past 10 years, MELIX returned 7.96%/yr vs 10.59%/yr for SSKEX. A 0.77 correlation means they provide meaningful diversification when combined. MELIX charges 1.15%/yr vs 0.17%/yr for SSKEX.

Performance

MELIX vs. SSKEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX) 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, MELIX achieves a 12.95% return, which is significantly lower than SSKEX's 28.95% return. Over the past 10 years, MELIX has underperformed SSKEX with an annualized return of 7.96%, while SSKEX has yielded a comparatively higher 10.59% annualized return.

MELIX

• 1D: 0.37%
• 1M: 5.78%
• YTD: 12.95%
• 6M: 11.55%
• 1Y: 19.24%
• 3Y*: 10.93%
• 5Y*: -1.47%
• 10Y*: 7.96%

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)

MELIX vs. SSKEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MELIX Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio	12.95%	10.61%	2.24%	12.17%	-33.49%	1.84%	59.43%	31.26%	-14.12%	26.01%
SSKEX State Street Emerging Markets Equity Index Fund	28.95%	33.79%	7.00%	9.50%	-20.23%	-2.80%	18.20%	18.16%	-14.78%	37.18%

Correlation

The correlation between MELIX and SSKEX is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.77

The correlation between MELIX and SSKEX shifts across timeframes, from 0.66 (3 years) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MELIX vs. SSKEX — Risk / Return Rank

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

MELIX

MELIX Risk / Return Rank: 15
MELIX Sharpe Ratio Rank: 15
MELIX Sortino Ratio Rank: 14
MELIX Omega Ratio Rank: 16
MELIX Calmar Ratio Rank: 14
MELIX Martin Ratio Rank: 16

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.

MELIX vs. SSKEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX) 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.

	MELIX	SSKEX	Difference
Sharpe ratio: Return per unit of total volatility	1.08	3.54	-2.46
Sortino ratio: Return per unit of downside risk	1.56	4.54	-2.97
Omega ratio: Gain probability vs. loss probability	1.20	1.66	-0.45
Calmar ratio: Return relative to maximum drawdown	1.25	4.68	-3.44
Martin ratio: Return relative to average drawdown	4.52	17.65	-13.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MELIX vs. SSKEX - Sharpe Ratio Comparison

The current MELIX Sharpe Ratio is 1.08, which is lower than the SSKEX Sharpe Ratio of 3.54. The chart below compares the historical Sharpe Ratios of MELIX 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

	MELIX	SSKEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	3.54	-2.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.47	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.61	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.63	-0.27

Drawdowns

MELIX vs. SSKEX - Drawdown Comparison

The maximum MELIX drawdown since its inception was -46.84%, which is greater than SSKEX's maximum drawdown of -39.23%. Use the drawdown chart below to compare losses from any high point for MELIX and SSKEX.

Drawdown Indicators

	MELIX	SSKEX	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-39.23%	-7.61%
Max Drawdown (1Y) Largest decline over 1 year	-15.14%	-12.44%	-2.70%
Max Drawdown (3Y) Largest decline over 3 years	-21.85%	-16.09%	-5.76%
Max Drawdown (5Y) Largest decline over 5 years	-44.63%	-37.04%	-7.59%
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	-39.23%	-7.61%
Current Drawdown Current decline from peak	-18.30%	0.00%	-18.30%
Average Drawdown Average peak-to-trough decline	-17.86%	-13.27%	-4.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	3.29%	+0.87%

Volatility

MELIX vs. SSKEX - Volatility Comparison

Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio (MELIX) and State Street Emerging Markets Equity Index Fund (SSKEX) have volatilities of 6.40% and 6.69%, 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.

Volatility by Period

	MELIX	SSKEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	6.69%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	15.63%	14.03%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.55%	16.47%	+1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	16.50%	+3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.64%	17.29%	+2.35%

MELIX vs. SSKEX - Expense Ratio Comparison

MELIX has a 1.15% expense ratio, which is higher than SSKEX's 0.17% expense ratio.

Dividends

MELIX vs. SSKEX - Dividend Comparison

MELIX has not paid dividends to shareholders, while SSKEX's dividend yield for the trailing twelve months is around 2.21%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MELIX Morgan Stanley Institutional Fund, Inc. Emerging Markets Leaders Portfolio	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	4.04%	6.90%	0.47%	0.97%	0.12%	1.30%
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%	0.00%

Frequently Asked Questions

Can I hold both MELIX and SSKEX in my portfolio?

MELIX and SSKEX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MELIX or SSKEX?

SSKEX has higher volatility (6.69%) compared to MELIX (6.40%). In terms of maximum drawdown, MELIX dropped -46.84% vs SSKEX's -39.23%.

Which has better risk-adjusted returns?

SSKEX currently has the higher Sharpe Ratio (3.54 vs 1.08), 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.