PZRIX vs. SSHQX

Last updated Jun 24, 2026

PZRIX (PIMCO RAE Global ex-US Fund) and SSHQX (State Street Hedged International Developed Equity Index Fund) are both Foreign Large Cap Equities funds. Over the past 10 years, PZRIX returned 10.42%/yr vs 13.25%/yr for SSHQX. A 0.77 correlation means they provide meaningful diversification when combined. PZRIX charges 0.00%/yr vs 0.20%/yr for SSHQX.

Performance

PZRIX vs. SSHQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO RAE Global ex-US Fund (PZRIX) and State Street Hedged International Developed Equity Index Fund (SSHQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PZRIX achieves a 10.46% return, which is significantly lower than SSHQX's 13.44% return. Over the past 10 years, PZRIX has underperformed SSHQX with an annualized return of 10.42%, while SSHQX has yielded a comparatively higher 13.25% annualized return.

PZRIX

• 1D: 0.16%
• 1M: -3.04%
• YTD: 10.46%
• 6M: 10.74%
• 1Y: 28.45%
• 3Y*: 19.23%
• 5Y*: 10.07%
• 10Y*: 10.42%

SSHQX

• 1D: 0.35%
• 1M: 3.55%
• YTD: 13.44%
• 6M: 13.69%
• 1Y: 29.96%
• 3Y*: 19.45%
• 5Y*: 13.92%
• 10Y*: 13.25%

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

PZRIX vs. SSHQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZRIX PIMCO RAE Global ex-US Fund	10.46%	34.05%	3.29%	19.31%	-9.11%	12.08%	1.74%	15.94%	-14.93%	26.00%
SSHQX State Street Hedged International Developed Equity Index Fund	13.44%	23.42%	13.71%	19.74%	-4.73%	19.32%	2.47%	24.83%	-9.27%	16.85%

Correlation

The correlation between PZRIX and SSHQX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.77

The correlation between PZRIX and SSHQX shifts across timeframes, from 0.63 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PZRIX vs. SSHQX — Risk / Return Rank

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

PZRIX

PZRIX Risk / Return Rank: 77
PZRIX Sharpe Ratio Rank: 82
PZRIX Sortino Ratio Rank: 77
PZRIX Omega Ratio Rank: 75
PZRIX Calmar Ratio Rank: 82
PZRIX Martin Ratio Rank: 68

SSHQX

SSHQX Risk / Return Rank: 77
SSHQX Sharpe Ratio Rank: 82
SSHQX Sortino Ratio Rank: 79
SSHQX Omega Ratio Rank: 81
SSHQX Calmar Ratio Rank: 72
SSHQX Martin Ratio Rank: 74

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.

PZRIX vs. SSHQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO RAE Global ex-US Fund (PZRIX) and State Street Hedged International Developed Equity Index Fund (SSHQX). 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.

	PZRIX	SSHQX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.47	0.00
Sortino ratio: Return per unit of downside risk	3.36	3.43	-0.07
Omega ratio: Gain probability vs. loss probability	1.44	1.49	-0.04
Calmar ratio: Return relative to maximum drawdown	3.59	3.13	+0.45
Martin ratio: Return relative to average drawdown	12.37	13.09	-0.72

PZRIX vs. SSHQX - Sharpe Ratio Comparison

The current PZRIX Sharpe Ratio is 2.48, which is comparable to the SSHQX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of PZRIX and SSHQX, 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

PZRIX vs. SSHQX - Drawdown Comparison

The maximum PZRIX drawdown since its inception was -43.53%, which is greater than SSHQX's maximum drawdown of -31.84%. Use the drawdown chart below to compare losses from any high point for PZRIX and SSHQX.

Drawdown Indicators

	PZRIX	SSHQX	Difference
Max Drawdown Largest peak-to-trough decline	-43.53%	-31.84%	-11.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-9.69%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-13.81%	-13.99%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	-30.85%	-14.79%	-16.06%
Max Drawdown (10Y) Largest decline over 10 years	-43.53%	-31.84%	-11.69%
Current Drawdown Current decline from peak	-4.74%	0.00%	-4.74%
Average Drawdown Average peak-to-trough decline	-8.85%	-3.34%	-5.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	2.31%	+0.05%

Volatility

PZRIX vs. SSHQX - Volatility Comparison

The current volatility for PIMCO RAE Global ex-US Fund (PZRIX) is 3.62%, while State Street Hedged International Developed Equity Index Fund (SSHQX) has a volatility of 3.85%. This indicates that PZRIX experiences smaller price fluctuations and is considered to be less risky than SSHQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZRIX	SSHQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	3.85%	-0.23%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	10.22%	-0.80%
Volatility (1Y) Calculated over the trailing 1-year period	11.88%	12.30%	-0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.79%	13.49%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	15.14%	+1.74%

PZRIX vs. SSHQX - Expense Ratio Comparison

PZRIX has a 0.00% expense ratio, which is lower than SSHQX's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PZRIX vs. SSHQX - Dividend Comparison

PZRIX's dividend yield for the trailing twelve months is around 5.94%, more than SSHQX's 3.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PZRIX PIMCO RAE Global ex-US Fund	5.94%	6.56%	6.70%	9.19%	8.80%	11.99%	2.04%	6.32%	2.80%	4.13%	2.58%
SSHQX State Street Hedged International Developed Equity Index Fund	3.18%	3.60%	3.11%	3.77%	22.27%	2.93%	2.03%	5.14%	7.33%	3.12%	4.30%

Frequently Asked Questions

Can I hold both PZRIX and SSHQX in my portfolio?

PZRIX and SSHQX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PZRIX or SSHQX?

SSHQX has higher volatility (3.85%) compared to PZRIX (3.62%). In terms of maximum drawdown, PZRIX dropped -43.53% vs SSHQX's -31.84%.

Which has better risk-adjusted returns?

PZRIX currently has the higher Sharpe Ratio (2.48 vs 2.47), 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.