SMQFX vs. QQQM

Last updated Jun 24, 2026

SMQFX (SEI Institutional Investments Trust Emerging Markets Equity Fund) and QQQM (Invesco NASDAQ 100 ETF) are both funds - SMQFX is a Emerging Markets Diversified fund managed by SEI, while QQQM is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 5 years, SMQFX returned 12.17%/yr vs 16.11%/yr for QQQM. A 0.58 correlation means they provide meaningful diversification when combined. SMQFX charges 0.59%/yr vs 0.15%/yr for QQQM.

Performance

SMQFX vs. QQQM - 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 Invesco NASDAQ 100 ETF (QQQM). 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 higher than QQQM's 16.48% return.

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%

QQQM

• 1D: -3.30%
• 1M: -0.42%
• YTD: 16.48%
• 6M: 15.00%
• 1Y: 34.99%
• 3Y*: 26.15%
• 5Y*: 16.11%
• 10Y*: —

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

SMQFX vs. QQQM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SMQFX SEI Institutional Investments Trust Emerging Markets Equity Fund	26.31%	40.14%	9.19%	16.67%	-19.31%	8.09%	15.46%
QQQM Invesco NASDAQ 100 ETF	16.48%	20.85%	25.68%	55.01%	-32.52%	27.45%	6.64%

Correlation

The correlation between SMQFX and QQQM is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020	0.58

The correlation between SMQFX and QQQM shifts across timeframes, from 0.58 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SMQFX vs. QQQM — 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

QQQM

QQQM Risk / Return Rank: 60
QQQM Sharpe Ratio Rank: 61
QQQM Sortino Ratio Rank: 56
QQQM Omega Ratio Rank: 59
QQQM Calmar Ratio Rank: 61
QQQM 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.

SMQFX vs. QQQM - 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 Invesco NASDAQ 100 ETF (QQQM). 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	QQQM	Difference
Sharpe ratio: Return per unit of total volatility	3.12	1.97	+1.14
Sortino ratio: Return per unit of downside risk	3.83	2.58	+1.25
Omega ratio: Gain probability vs. loss probability	1.59	1.35	+0.25
Calmar ratio: Return relative to maximum drawdown	4.15	2.94	+1.22
Martin ratio: Return relative to average drawdown	15.91	10.88	+5.03

SMQFX vs. QQQM - Sharpe Ratio Comparison

The current SMQFX Sharpe Ratio is 3.12, which is higher than the QQQM Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of SMQFX and QQQM, 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. QQQM - Drawdown Comparison

The maximum SMQFX drawdown since its inception was -40.14%, which is greater than QQQM's maximum drawdown of -35.04%. Use the drawdown chart below to compare losses from any high point for SMQFX and QQQM.

Drawdown Indicators

	SMQFX	QQQM	Difference
Max Drawdown Largest peak-to-trough decline	-40.14%	-35.04%	-5.10%
Max Drawdown (1Y) Largest decline over 1 year	-13.62%	-11.96%	-1.66%
Max Drawdown (3Y) Largest decline over 3 years	-15.03%	-22.70%	+7.67%
Max Drawdown (5Y) Largest decline over 5 years	-36.37%	-35.04%	-1.33%
Max Drawdown (10Y) Largest decline over 10 years	-40.14%	—	—
Current Drawdown Current decline from peak	-0.40%	-4.24%	+3.84%
Average Drawdown Average peak-to-trough decline	-12.02%	-8.20%	-3.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	3.22%	+0.32%

Volatility

SMQFX vs. QQQM - Volatility Comparison

SEI Institutional Investments Trust Emerging Markets Equity Fund (SMQFX) and Invesco NASDAQ 100 ETF (QQQM) have volatilities of 8.86% and 9.00%, 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

	SMQFX	QQQM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.86%	9.00%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	16.08%	14.43%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	18.19%	17.85%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	22.53%	-4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.08%	22.30%	-5.22%

SMQFX vs. QQQM - Expense Ratio Comparison

SMQFX has a 0.59% expense ratio, which is higher than QQQM's 0.15% expense ratio.

Dividends

SMQFX vs. QQQM - Dividend Comparison

SMQFX's dividend yield for the trailing twelve months is around 23.93%, more than QQQM's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQM Invesco NASDAQ 100 ETF	0.44%	0.50%	0.61%	0.65%	0.83%	0.40%	0.16%	0.00%	0.00%	0.00%	0.00%	0.00%
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 QQQM in my portfolio?

SMQFX and QQQM have a correlation of 0.71, 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 QQQM?

QQQM has higher volatility (9.00%) compared to SMQFX (8.86%). In terms of maximum drawdown, SMQFX dropped -40.14% vs QQQM's -35.04%.

Which has better risk-adjusted returns?

SMQFX currently has the higher Sharpe Ratio (3.12 vs 1.97), 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.