QCGLIX vs. SSGLX

Last updated Jun 24, 2026

QCGLIX (CREF Global Equities Account - R3) and SSGLX (State Street Global All Cap Equity ex-U.S. Index Fund Class K) are both Global Equities funds - QCGLIX tracks the MSCI ACWI NR USD while SSGLX tracks the MSCI ACWI ex USA Investable Market Index. Both are passively managed. Over the past year, QCGLIX returned 30.14% vs 33.51% for SSGLX. A 0.73 correlation means they provide meaningful diversification when combined. QCGLIX charges 0.24%/yr vs 0.07%/yr for SSGLX.

Performance

QCGLIX vs. SSGLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CREF Global Equities Account - R3 (QCGLIX) 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, QCGLIX achieves a 13.07% return, which is significantly lower than SSGLX's 15.65% return.

QCGLIX

• 1D: -0.14%
• 1M: 2.30%
• YTD: 13.07%
• 6M: 12.49%
• 1Y: 30.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SSGLX

• 1D: 0.18%
• 1M: 3.06%
• YTD: 15.65%
• 6M: 15.94%
• 1Y: 33.51%
• 3Y*: 19.97%
• 5Y*: 9.00%
• 10Y*: 10.47%

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

QCGLIX vs. SSGLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QCGLIX CREF Global Equities Account - R3	13.07%	20.08%	0.00%
SSGLX State Street Global All Cap Equity ex-U.S. Index Fund Class K	15.65%	32.64%	-0.52%

Correlation

The correlation between QCGLIX and SSGLX is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Dec 27, 2024	0.73

The correlation between QCGLIX and SSGLX has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Return for Risk

QCGLIX vs. SSGLX — Risk / Return Rank

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

QCGLIX

QCGLIX Risk / Return Rank: 68
QCGLIX Sharpe Ratio Rank: 68
QCGLIX Sortino Ratio Rank: 62
QCGLIX Omega Ratio Rank: 64
QCGLIX Calmar Ratio Rank: 69
QCGLIX Martin Ratio Rank: 76

SSGLX

SSGLX Risk / Return Rank: 71
SSGLX Sharpe Ratio Rank: 77
SSGLX Sortino Ratio Rank: 72
SSGLX Omega Ratio Rank: 77
SSGLX Calmar Ratio Rank: 67
SSGLX Martin Ratio Rank: 62

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.

QCGLIX vs. SSGLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CREF Global Equities Account - R3 (QCGLIX) 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.

	QCGLIX	SSGLX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.35	-0.13
Sortino ratio: Return per unit of downside risk	3.02	3.22	-0.20
Omega ratio: Gain probability vs. loss probability	1.41	1.45	-0.05
Calmar ratio: Return relative to maximum drawdown	3.06	3.01	+0.05
Martin ratio: Return relative to average drawdown	13.33	11.53	+1.80

QCGLIX vs. SSGLX - Sharpe Ratio Comparison

The current QCGLIX Sharpe Ratio is 2.22, which is comparable to the SSGLX Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of QCGLIX 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

QCGLIX vs. SSGLX - Drawdown Comparison

The maximum QCGLIX drawdown since its inception was -18.15%, smaller than the maximum SSGLX drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for QCGLIX and SSGLX.

Drawdown Indicators

	QCGLIX	SSGLX	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	-35.88%	+17.73%
Max Drawdown (1Y) Largest decline over 1 year	-10.29%	-11.22%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.56%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.88%	—
Current Drawdown Current decline from peak	-0.24%	0.00%	-0.24%
Average Drawdown Average peak-to-trough decline	-2.20%	-8.20%	+6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	2.92%	-0.57%

Volatility

QCGLIX vs. SSGLX - Volatility Comparison

CREF Global Equities Account - R3 (QCGLIX) and State Street Global All Cap Equity ex-U.S. Index Fund Class K (SSGLX) have volatilities of 5.59% and 5.69%, 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

	QCGLIX	SSGLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.59%	5.69%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	11.77%	12.38%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	14.18%	14.40%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	14.89%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.19%	16.24%	-0.05%

QCGLIX vs. SSGLX - Expense Ratio Comparison

QCGLIX has a 0.24% expense ratio, which is higher than SSGLX's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

QCGLIX vs. SSGLX - Dividend Comparison

QCGLIX has not paid dividends to shareholders, while SSGLX's dividend yield for the trailing twelve months is around 3.82%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QCGLIX CREF Global Equities Account - R3	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SSGLX State Street Global All Cap Equity ex-U.S. Index Fund Class K	3.82%	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 QCGLIX and SSGLX in my portfolio?

QCGLIX and SSGLX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QCGLIX or SSGLX?

SSGLX has higher volatility (5.69%) compared to QCGLIX (5.59%). In terms of maximum drawdown, QCGLIX dropped -18.15% vs SSGLX's -35.88%.

Which has better risk-adjusted returns?

SSGLX currently has the higher Sharpe Ratio (2.35 vs 2.22), 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.