SMQFX vs. IEMGX

Last updated Jun 24, 2026

SMQFX (SEI Institutional Investments Trust Emerging Markets Equity Fund) and IEMGX (Voya Multi-Manager Emerging Markets Equity Fund) are both Emerging Markets Diversified funds. Over the past 10 years, SMQFX returned 12.25%/yr vs 12.60%/yr for IEMGX. Their correlation of 0.91 suggests significant overlap in exposure. SMQFX charges 0.59%/yr vs 1.15%/yr for IEMGX.

Performance

SMQFX vs. IEMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Investments Trust Emerging Markets Equity Fund (SMQFX) and Voya Multi-Manager Emerging Markets Equity Fund (IEMGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMQFX achieves a 26.31% return, which is significantly lower than IEMGX's 43.07% return. Both investments have delivered pretty close results over the past 10 years, with SMQFX having a 12.25% annualized return and IEMGX not far ahead at 12.60%.

SMQFX

• 1D: 0.24%
• 1M: 6.01%
• YTD: 26.31%
• 6M: 27.89%
• 1Y: 55.59%
• 3Y*: 27.23%
• 5Y*: 12.17%
• 10Y*: 12.25%

IEMGX

• 1D: 1.94%
• 1M: 12.15%
• YTD: 43.07%
• 6M: 46.14%
• 1Y: 79.10%
• 3Y*: 31.25%
• 5Y*: 10.87%
• 10Y*: 12.60%

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

SMQFX vs. IEMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMQFX SEI Institutional Investments Trust Emerging Markets Equity Fund	26.31%	40.14%	9.19%	16.67%	-19.31%	8.09%	17.33%	18.91%	-17.67%	33.53%
IEMGX Voya Multi-Manager Emerging Markets Equity Fund	43.07%	46.12%	0.76%	15.09%	-24.13%	-2.91%	16.80%	25.23%	-19.85%	44.53%

Correlation

The correlation between SMQFX and IEMGX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Nov 3, 2014	0.91

The correlation between SMQFX and IEMGX has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

Return for Risk

SMQFX vs. IEMGX — Risk / Return Rank

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

SMQFX

SMQFX Risk / Return Rank: 90
SMQFX Sharpe Ratio Rank: 95
SMQFX Sortino Ratio Rank: 87
SMQFX Omega Ratio Rank: 89
SMQFX Calmar Ratio Rank: 88
SMQFX Martin Ratio Rank: 88

IEMGX

IEMGX Risk / Return Rank: 94
IEMGX Sharpe Ratio Rank: 98
IEMGX Sortino Ratio Rank: 90
IEMGX Omega Ratio Rank: 92
IEMGX Calmar Ratio Rank: 96
IEMGX Martin Ratio Rank: 95

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.

SMQFX vs. IEMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust Emerging Markets Equity Fund (SMQFX) and Voya Multi-Manager Emerging Markets Equity Fund (IEMGX). 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.

	SMQFX	IEMGX	Difference
Sharpe ratio: Return per unit of total volatility	3.12	3.64	-0.52
Sortino ratio: Return per unit of downside risk	3.83	4.09	-0.26
Omega ratio: Gain probability vs. loss probability	1.59	1.65	-0.05
Calmar ratio: Return relative to maximum drawdown	4.15	5.72	-1.57
Martin ratio: Return relative to average drawdown	15.91	20.72	-4.81

SMQFX vs. IEMGX - Sharpe Ratio Comparison

The current SMQFX Sharpe Ratio is 3.12, which is comparable to the IEMGX Sharpe Ratio of 3.64. The chart below compares the historical Sharpe Ratios of SMQFX and IEMGX, 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

SMQFX vs. IEMGX - Drawdown Comparison

The maximum SMQFX drawdown since its inception was -40.14%, roughly equal to the maximum IEMGX drawdown of -41.87%. Use the drawdown chart below to compare losses from any high point for SMQFX and IEMGX.

Drawdown Indicators

	SMQFX	IEMGX	Difference
Max Drawdown Largest peak-to-trough decline	-40.14%	-41.87%	+1.73%
Max Drawdown (1Y) Largest decline over 1 year	-13.62%	-15.85%	+2.23%
Max Drawdown (3Y) Largest decline over 3 years	-15.03%	-17.58%	+2.55%
Max Drawdown (5Y) Largest decline over 5 years	-36.37%	-39.36%	+2.99%
Max Drawdown (10Y) Largest decline over 10 years	-40.14%	-41.87%	+1.73%
Current Drawdown Current decline from peak	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-12.02%	-15.06%	+3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	4.17%	-0.63%

Volatility

SMQFX vs. IEMGX - Volatility Comparison

The current volatility for SEI Institutional Investments Trust Emerging Markets Equity Fund (SMQFX) is 8.86%, while Voya Multi-Manager Emerging Markets Equity Fund (IEMGX) has a volatility of 13.17%. This indicates that SMQFX experiences smaller price fluctuations and is considered to be less risky than IEMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMQFX	IEMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.86%	13.17%	-4.31%
Volatility (6M) Calculated over the trailing 6-month period	16.08%	21.93%	-5.85%
Volatility (1Y) Calculated over the trailing 1-year period	18.19%	24.98%	-6.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	18.87%	-0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	18.68%	-1.60%

SMQFX vs. IEMGX - Expense Ratio Comparison

SMQFX has a 0.59% expense ratio, which is lower than IEMGX's 1.15% expense ratio.

Dividends

SMQFX vs. IEMGX - Dividend Comparison

SMQFX's dividend yield for the trailing twelve months is around 23.93%, more than IEMGX's 4.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMGX Voya Multi-Manager Emerging Markets Equity Fund	4.20%	6.01%	4.66%	1.99%	4.22%	19.49%	3.91%	2.69%	1.01%	1.39%	1.17%	1.53%
SMQFX SEI Institutional Investments Trust Emerging Markets Equity Fund	23.93%	30.23%	6.43%	3.24%	5.32%	17.70%	1.80%	1.89%	11.55%	2.70%	2.15%	1.69%

Frequently Asked Questions

Can I hold both SMQFX and IEMGX in my portfolio?

SMQFX and IEMGX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMQFX or IEMGX?

IEMGX has higher volatility (13.17%) compared to SMQFX (8.86%). In terms of maximum drawdown, SMQFX dropped -40.14% vs IEMGX's -41.87%.

Which has better risk-adjusted returns?

IEMGX currently has the higher Sharpe Ratio (3.64 vs 3.12), 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.