PXWEX vs. SSGLX

Last updated Aug 5, 2026

PXWEX (Impax Global Women’s Leadership Fund Investor Class) and SSGLX (State Street Global All Cap Equity ex-U.S. Index Fund Class K) are both Global Equities funds. Over the past 10 years, PXWEX returned 10.55%/yr vs 9.50%/yr for SSGLX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. PXWEX charges 0.77%/yr vs 0.07%/yr for SSGLX.

Performance

PXWEX vs. SSGLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Impax Global Women’s Leadership Fund Investor Class (PXWEX) and State Street Global All Cap Equity ex-U.S. Index Fund Class K (SSGLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXWEX achieves a 12.66% return, which is significantly lower than SSGLX's 13.85% return. Over the past 10 years, PXWEX has outperformed SSGLX with an annualized return of 10.55%, while SSGLX has yielded a comparatively lower 9.50% annualized return.

PXWEX

• 1D: 0.86%
• 1M: 3.29%
• 6M: 11.69%
• YTD: 12.66%
• 1Y: 22.10%
• 3Y*: 16.72%
• 5Y*: 7.46%
• 10Y*: 10.55%
• ALL TIME*: 6.46%

SSGLX

• 1D: 0.28%
• 1M: 0.52%
• 6M: 7.06%
• YTD: 13.85%
• 1Y: 27.36%
• 3Y*: 18.39%
• 5Y*: 8.67%
• 10Y*: 9.50%
• ALL TIME*: 6.99%

*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)
PXWEX Impax Global Women’s Leadership Fund Investor Class	$0.00	$0.00	$0.00
SSGLX State Street Global All Cap Equity ex-U.S. Index Fund Class K	$0.00	$0.00	$0.00

PXWEX vs. SSGLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXWEX Impax Global Women’s Leadership Fund Investor Class	12.66%	17.41%	12.15%	18.14%	-19.99%	17.28%	13.67%	26.44%	-7.78%	24.87%
SSGLX State Street Global All Cap Equity ex-U.S. Index Fund Class K	13.85%	32.64%	4.98%	15.67%	-16.44%	8.36%	11.11%	21.52%	-14.05%	27.12%

Correlation

The correlation between PXWEX and SSGLX is 0.70, 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.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.72
Correlation (5Y) Shows whether the relationship held over a longer period.	0.76
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Sep 18, 2014	0.79

The correlation between PXWEX and SSGLX has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.

Return for Risk

PXWEX vs. SSGLX — Risk / Return Rank

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

PXWEX

PXWEX Risk / Return Rank: 73
PXWEX Sharpe Ratio Rank: 76
PXWEX Sortino Ratio Rank: 73
PXWEX Omega Ratio Rank: 69
PXWEX Calmar Ratio Rank: 67
PXWEX Martin Ratio Rank: 78

SSGLX

SSGLX Risk / Return Rank: 75
SSGLX Sharpe Ratio Rank: 79
SSGLX Sortino Ratio Rank: 76
SSGLX Omega Ratio Rank: 77
SSGLX Calmar Ratio Rank: 74
SSGLX Martin Ratio Rank: 71

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.

PXWEX vs. SSGLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Impax Global Women’s Leadership Fund Investor Class (PXWEX) and State Street Global All Cap Equity ex-U.S. Index Fund Class K (SSGLX). 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.

	PXWEX	SSGLX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.94	-0.03
Sortino ratio: Return per unit of downside risk	2.67	2.69	-0.03
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.03
Calmar ratio: Return relative to maximum drawdown	2.49	2.62	-0.12
Martin ratio: Return relative to average drawdown	10.78	9.63	+1.16

PXWEX vs. SSGLX - Sharpe Ratio Comparison

The current PXWEX Sharpe Ratio is 1.91, which is comparable to the SSGLX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of PXWEX and SSGLX, 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

PXWEX vs. SSGLX - Drawdown Comparison

The maximum PXWEX drawdown since its inception was -53.70%, which is greater than SSGLX's maximum drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for PXWEX and SSGLX.

Drawdown Indicators

	PXWEX	SSGLX	Difference
Max Drawdown Largest peak-to-trough decline	-53.70%	-35.88%	-17.82%
Max Drawdown (1Y) Largest decline over 1 year	-9.60%	-11.22%	+1.62%
Max Drawdown (3Y) Largest decline over 3 years	-18.31%	-13.56%	-4.75%
Max Drawdown (5Y) Largest decline over 5 years	-29.67%	-30.08%	+0.41%
Max Drawdown (10Y) Largest decline over 10 years	-34.47%	-35.88%	+1.41%
Current Drawdown Current decline from peak	0.00%	-1.55%	+1.55%
Average Drawdown Average peak-to-trough decline	-9.75%	-8.15%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.21%	3.04%	-0.83%

Volatility

PXWEX vs. SSGLX - Volatility Comparison

The current volatility for Impax Global Women’s Leadership Fund Investor Class (PXWEX) is 3.26%, while State Street Global All Cap Equity ex-U.S. Index Fund Class K (SSGLX) has a volatility of 4.91%. This indicates that PXWEX experiences smaller price fluctuations and is considered to be less risky than SSGLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXWEX	SSGLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.26%	4.91%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	13.30%	-3.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.56%	15.14%	-2.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	15.00%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	16.11%	+0.76%

PXWEX vs. SSGLX - Expense Ratio Comparison

PXWEX has a 0.77% expense ratio, which is higher than SSGLX's 0.07% expense ratio.

Dividends

PXWEX vs. SSGLX - Dividend Comparison

PXWEX's dividend yield for the trailing twelve months is around 8.70%, more than SSGLX's 3.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXWEX Impax Global Women’s Leadership Fund Investor Class	8.70%	9.83%	9.47%	1.60%	3.12%	1.21%	1.04%	3.03%	4.90%	2.49%	1.80%	2.41%
SSGLX State Street Global All Cap Equity ex-U.S. Index Fund Class K	3.88%	4.41%	4.46%	2.98%	2.85%	4.20%	1.72%	4.80%	8.32%	3.98%	1.52%	2.09%

Frequently Asked Questions

Can I hold both PXWEX and SSGLX in my portfolio?

PXWEX and SSGLX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXWEX or SSGLX?

SSGLX has higher volatility (4.91%) compared to PXWEX (3.26%). In terms of maximum drawdown, PXWEX dropped -53.70% vs SSGLX's -35.88%.

Which has better risk-adjusted returns?

SSGLX currently has the higher Sharpe Ratio (1.94 vs 1.91), 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.