NMMEX vs. SSKEX

Last updated Aug 1, 2026

NMMEX (Northern Active M Emerging Market Equity Fund) and SSKEX (State Street Emerging Markets Equity Index Fund) are both Emerging Markets Equities funds. Over the past 10 years, NMMEX returned 8.61%/yr vs 8.59%/yr for SSKEX. Their correlation of 0.90 means they have usually moved in the same direction. NMMEX charges 1.10%/yr vs 0.17%/yr for SSKEX.

Performance

NMMEX vs. SSKEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Active M Emerging Market Equity Fund (NMMEX) 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, NMMEX achieves a 18.48% return, which is significantly higher than SSKEX's 17.04% return. Both investments have delivered pretty close results over the past 10 years, with NMMEX having a 8.61% annualized return and SSKEX not far behind at 8.59%.

NMMEX

• 1D: 3.22%
• 1M: -4.63%
• 6M: 6.46%
• YTD: 18.48%
• 1Y: 36.71%
• 3Y*: 19.35%
• 5Y*: 7.70%
• 10Y*: 8.61%
• ALL TIME*: 9.27%

SSKEX

• 1D: 3.80%
• 1M: -4.28%
• 6M: 7.52%
• YTD: 17.04%
• 1Y: 35.41%
• 3Y*: 18.10%
• 5Y*: 7.28%
• 10Y*: 8.59%
• ALL TIME*: 9.67%

*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)
NMMEX Northern Active M Emerging Market Equity Fund	$0.00	$0.00	$0.00
SSKEX State Street Emerging Markets Equity Index Fund	$0.00	$0.00	$0.00

NMMEX vs. SSKEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMMEX Northern Active M Emerging Market Equity Fund	18.48%	34.16%	6.63%	12.12%	-22.33%	-1.22%	18.85%	16.26%	-14.90%	35.41%
SSKEX State Street Emerging Markets Equity Index Fund	17.04%	33.79%	7.00%	9.50%	-20.23%	-2.80%	18.20%	18.16%	-14.78%	37.18%

Correlation

The correlation between NMMEX and SSKEX is 0.80, 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.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.90

The correlation between NMMEX and SSKEX shifts across timeframes, from 0.80 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NMMEX vs. SSKEX — Risk / Return Rank

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

NMMEX

NMMEX Risk / Return Rank: 66
NMMEX Sharpe Ratio Rank: 69
NMMEX Sortino Ratio Rank: 58
NMMEX Omega Ratio Rank: 69
NMMEX Calmar Ratio Rank: 76
NMMEX Martin Ratio Rank: 59

SSKEX

SSKEX Risk / Return Rank: 65
SSKEX Sharpe Ratio Rank: 65
SSKEX Sortino Ratio Rank: 59
SSKEX Omega Ratio Rank: 67
SSKEX Calmar Ratio Rank: 73
SSKEX Martin Ratio Rank: 59

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.

NMMEX vs. SSKEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Active M Emerging Market Equity Fund (NMMEX) 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.

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.

	NMMEX	SSKEX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.55	+0.12
Sortino ratio: Return per unit of downside risk	2.17	2.09	+0.08
Omega ratio: Gain probability vs. loss probability	1.31	1.29	+0.02
Calmar ratio: Return relative to maximum drawdown	2.54	2.35	+0.19
Martin ratio: Return relative to average drawdown	7.97	7.62	+0.35

NMMEX vs. SSKEX - Sharpe Ratio Comparison

The current NMMEX Sharpe Ratio is 1.66, which is comparable to the SSKEX Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of NMMEX 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.

Drawdowns

NMMEX vs. SSKEX - Drawdown Comparison

The maximum NMMEX drawdown since its inception was -44.64%, which is greater than SSKEX's maximum drawdown of -39.23%. Use the drawdown chart below to compare losses from any high point for NMMEX and SSKEX.

Drawdown Indicators

	NMMEX	SSKEX	Difference
Max Drawdown Largest peak-to-trough decline	-44.64%	-39.23%	-5.41%
Max Drawdown (1Y) Largest decline over 1 year	-14.25%	-13.74%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	-16.09%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-44.64%	-34.55%	-10.09%
Max Drawdown (10Y) Largest decline over 10 years	-44.64%	-39.23%	-5.41%
Current Drawdown Current decline from peak	-11.06%	-10.46%	-0.60%
Average Drawdown Average peak-to-trough decline	-14.93%	-13.16%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	4.23%	+0.28%

Volatility

NMMEX vs. SSKEX - Volatility Comparison

Northern Active M Emerging Market Equity Fund (NMMEX) has a higher volatility of 9.08% compared to State Street Emerging Markets Equity Index Fund (SSKEX) at 8.23%. This indicates that NMMEX'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

	NMMEX	SSKEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.08%	8.23%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	20.12%	18.96%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	21.80%	20.90%	+0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.27%	17.34%	+6.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.75%	17.64%	+4.11%

NMMEX vs. SSKEX - Expense Ratio Comparison

NMMEX has a 1.10% expense ratio, which is higher than SSKEX's 0.17% expense ratio.

Dividends

NMMEX vs. SSKEX - Dividend Comparison

NMMEX's dividend yield for the trailing twelve months is around 1.63%, less than SSKEX's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMMEX Northern Active M Emerging Market Equity Fund	1.63%	1.93%	0.80%	1.82%	0.89%	29.82%	6.99%	8.34%	0.99%	0.00%	1.90%	4.46%
SSKEX State Street Emerging Markets Equity Index Fund	2.44%	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 NMMEX and SSKEX in my portfolio?

NMMEX and SSKEX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMMEX or SSKEX?

NMMEX has higher volatility (9.08%) compared to SSKEX (8.23%). In terms of maximum drawdown, NMMEX dropped -44.64% vs SSKEX's -39.23%.

Which has better risk-adjusted returns?

NMMEX currently has the higher Sharpe Ratio (1.66 vs 1.54), 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.