SMQFX vs. SPIIX

Last updated Apr 1, 2026

Compare and contrast key facts about SEI Institutional Investments Trust Emerging Markets Equity Fund (SMQFX) and SEI S&P 500 Index Fund Class I (SPIIX).

SMQFX is managed by SEI. It was launched on Oct 30, 2014. SPIIX is a passively managed fund by SEI that tracks the performance of the S&P 500 Index. It was launched on Jun 28, 2002.

Performance

SMQFX vs. SPIIX - 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 SEI S&P 500 Index Fund Class I (SPIIX). The values are adjusted to include any dividend payments, if applicable.

SMQFX vs. SPIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMQFX SEI Institutional Investments Trust Emerging Markets Equity Fund	1.01%	40.14%	9.19%	16.67%	-19.31%	8.09%	17.33%	18.91%	-17.67%	33.53%
SPIIX SEI S&P 500 Index Fund Class I	-7.22%	16.97%	24.11%	25.49%	-18.84%	28.04%	17.66%	30.72%	-5.00%	21.06%

Returns By Period

In the year-to-date period, SMQFX achieves a 1.01% return, which is significantly higher than SPIIX's -7.22% return. Over the past 10 years, SMQFX has underperformed SPIIX with an annualized return of 9.77%, while SPIIX has yielded a comparatively higher 12.99% annualized return.

SMQFX

• 1D: -1.09%
• 1M: -13.02%
• YTD: 1.01%
• 6M: 6.59%
• 1Y: 39.30%
• 3Y*: 19.29%
• 5Y*: 8.57%
• 10Y*: 9.77%

SPIIX

• 1D: -0.40%
• 1M: -7.73%
• YTD: -7.22%
• 6M: -5.00%
• 1Y: 13.56%
• 3Y*: 16.34%
• 5Y*: 10.62%
• 10Y*: 12.99%

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

SMQFX vs. SPIIX - Expense Ratio Comparison

SMQFX has a 0.59% expense ratio, which is lower than SPIIX's 0.65% expense ratio.

SPIIX

SEI S&P 500 Index Fund Class I

SMQFX

SEI Institutional Investments Trust Emerging Markets Equity Fund

Return for Risk

SMQFX vs. SPIIX — Risk / Return Rank

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

SMQFX

SMQFX Risk / Return Rank: 93
SMQFX Sharpe Ratio Rank: 96
SMQFX Sortino Ratio Rank: 93
SMQFX Omega Ratio Rank: 93
SMQFX Calmar Ratio Rank: 91
SMQFX Martin Ratio Rank: 92

SPIIX

SPIIX Risk / Return Rank: 40
SPIIX Sharpe Ratio Rank: 35
SPIIX Sortino Ratio Rank: 38
SPIIX Omega Ratio Rank: 43
SPIIX Calmar Ratio Rank: 37
SPIIX Martin Ratio Rank: 48

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. SPIIX - 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 SEI S&P 500 Index Fund Class I (SPIIX). 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.

	SMQFX	SPIIX	Difference
Sharpe ratio Return per unit of total volatility	2.34	0.79	+1.56
Sortino ratio Return per unit of downside risk	2.90	1.23	+1.67
Omega ratio Gain probability vs. loss probability	1.45	1.19	+0.26
Calmar ratio Return relative to maximum drawdown	2.64	0.98	+1.66
Martin ratio Return relative to average drawdown	10.90	4.73	+6.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMQFX vs. SPIIX - Sharpe Ratio Comparison

The current SMQFX Sharpe Ratio is 2.34, which is higher than the SPIIX Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of SMQFX and SPIIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMQFX	SPIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	0.79	+1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.58	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.69	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.53	-0.09

Correlation

The correlation between SMQFX and SPIIX is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SMQFX vs. SPIIX - Dividend Comparison

SMQFX's dividend yield for the trailing twelve months is around 29.93%, more than SPIIX's 9.08% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMQFX SEI Institutional Investments Trust Emerging Markets Equity Fund	29.93%	30.23%	6.43%	3.24%	5.32%	17.70%	1.80%	1.89%	11.55%	2.70%	2.15%	1.69%
SPIIX SEI S&P 500 Index Fund Class I	9.08%	8.42%	12.20%	4.10%	10.27%	7.03%	5.78%	4.04%	3.90%	2.08%	4.34%	1.53%

Drawdowns

SMQFX vs. SPIIX - Drawdown Comparison

The maximum SMQFX drawdown since its inception was -40.14%, smaller than the maximum SPIIX drawdown of -55.78%. Use the drawdown chart below to compare losses from any high point for SMQFX and SPIIX.

Drawdown Indicators

	SMQFX	SPIIX	Difference
Max Drawdown Largest peak-to-trough decline	-40.14%	-55.78%	+15.64%
Max Drawdown (1Y) Largest decline over 1 year	-13.62%	-12.14%	-1.48%
Max Drawdown (5Y) Largest decline over 5 years	-36.37%	-25.70%	-10.67%
Max Drawdown (10Y) Largest decline over 10 years	-40.14%	-33.85%	-6.29%
Current Drawdown Current decline from peak	-13.62%	-9.02%	-4.60%
Average Drawdown Average peak-to-trough decline	-12.20%	-7.33%	-4.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	2.52%	+0.78%

Volatility

SMQFX vs. SPIIX - Volatility Comparison

SEI Institutional Investments Trust Emerging Markets Equity Fund (SMQFX) has a higher volatility of 7.68% compared to SEI S&P 500 Index Fund Class I (SPIIX) at 4.24%. This indicates that SMQFX's price experiences larger fluctuations and is considered to be riskier than SPIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMQFX	SPIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.68%	4.24%	+3.44%
Volatility (6M) Calculated over the trailing 6-month period	12.19%	9.09%	+3.10%
Volatility (1Y) Calculated over the trailing 1-year period	16.50%	18.13%	-1.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.36%	18.41%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.69%	18.84%	-2.15%