SPIIX vs. SIEMX

Last updated Jun 23, 2026

SPIIX (SEI S&P 500 Index Fund Class I) and SIEMX (SEI Institutional International Trust Emerging Markets Equity Fund) are both mutual funds - SPIIX is a Large Cap Blend Equities fund tracking the S&P 500 Index, while SIEMX is a Emerging Markets Diversified fund managed by SEI. Over the past 10 years, SPIIX returned 14.81%/yr vs 10.02%/yr for SIEMX. A 0.63 correlation means they provide meaningful diversification when combined. SPIIX charges 0.65%/yr vs 1.71%/yr for SIEMX.

Performance

SPIIX vs. SIEMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI S&P 500 Index Fund Class I (SPIIX) and SEI Institutional International Trust Emerging Markets Equity Fund (SIEMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPIIX achieves a 9.79% return, which is significantly lower than SIEMX's 28.97% return. Over the past 10 years, SPIIX has outperformed SIEMX with an annualized return of 14.81%, while SIEMX has yielded a comparatively lower 10.02% annualized return.

SPIIX

• 1D: 1.09%
• 1M: 0.42%
• YTD: 9.79%
• 6M: 9.27%
• 1Y: 26.18%
• 3Y*: 20.11%
• 5Y*: 13.28%
• 10Y*: 14.81%

SIEMX

• 1D: 2.53%
• 1M: 6.93%
• YTD: 28.97%
• 6M: 31.02%
• 1Y: 53.83%
• 3Y*: 22.14%
• 5Y*: 7.79%
• 10Y*: 10.02%

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

SPIIX vs. SIEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPIIX SEI S&P 500 Index Fund Class I	9.79%	16.97%	24.11%	25.49%	-18.84%	28.04%	17.66%	30.72%	-5.00%	21.06%
SIEMX SEI Institutional International Trust Emerging Markets Equity Fund	28.97%	35.90%	4.31%	9.81%	-21.51%	-1.85%	17.03%	19.76%	-18.67%	37.28%

Correlation

The correlation between SPIIX and SIEMX is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	0.63

The correlation between SPIIX and SIEMX shifts across timeframes, from 0.58 (3 years) to 0.69 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPIIX vs. SIEMX — Risk / Return Rank

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

SPIIX

SPIIX Risk / Return Rank: 61
SPIIX Sharpe Ratio Rank: 60
SPIIX Sortino Ratio Rank: 54
SPIIX Omega Ratio Rank: 57
SPIIX Calmar Ratio Rank: 62
SPIIX Martin Ratio Rank: 73

SIEMX

SIEMX Risk / Return Rank: 87
SIEMX Sharpe Ratio Rank: 93
SIEMX Sortino Ratio Rank: 81
SIEMX Omega Ratio Rank: 86
SIEMX Calmar Ratio Rank: 89
SIEMX Martin Ratio Rank: 88

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.

SPIIX vs. SIEMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI S&P 500 Index Fund Class I (SPIIX) and SEI Institutional International Trust Emerging Markets Equity Fund (SIEMX). 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.

	SPIIX	SIEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.89	-0.79
Sortino ratio: Return per unit of downside risk	2.83	3.54	-0.71
Omega ratio: Gain probability vs. loss probability	1.38	1.55	-0.17
Calmar ratio: Return relative to maximum drawdown	2.90	4.16	-1.27
Martin ratio: Return relative to average drawdown	12.99	15.52	-2.54

SPIIX vs. SIEMX - Sharpe Ratio Comparison

The current SPIIX Sharpe Ratio is 2.10, which is comparable to the SIEMX Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of SPIIX and SIEMX, 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

SPIIX vs. SIEMX - Drawdown Comparison

The maximum SPIIX drawdown since its inception was -55.78%, smaller than the maximum SIEMX drawdown of -65.22%. Use the drawdown chart below to compare losses from any high point for SPIIX and SIEMX.

Drawdown Indicators

	SPIIX	SIEMX	Difference
Max Drawdown Largest peak-to-trough decline	-55.78%	-65.22%	+9.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-13.59%	+4.57%
Max Drawdown (3Y) Largest decline over 3 years	-25.70%	-16.41%	-9.29%
Max Drawdown (5Y) Largest decline over 5 years	-25.70%	-36.96%	+11.26%
Max Drawdown (10Y) Largest decline over 10 years	-33.85%	-40.76%	+6.91%
Current Drawdown Current decline from peak	-1.38%	-0.27%	-1.11%
Average Drawdown Average peak-to-trough decline	-7.27%	-21.42%	+14.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	3.58%	-1.58%

Volatility

SPIIX vs. SIEMX - Volatility Comparison

The current volatility for SEI S&P 500 Index Fund Class I (SPIIX) is 4.76%, while SEI Institutional International Trust Emerging Markets Equity Fund (SIEMX) has a volatility of 9.79%. This indicates that SPIIX experiences smaller price fluctuations and is considered to be less risky than SIEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIIX	SIEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	9.79%	-5.03%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	17.22%	-7.34%
Volatility (1Y) Calculated over the trailing 1-year period	12.47%	19.59%	-7.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.53%	17.11%	+1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.91%	17.68%	+1.23%

SPIIX vs. SIEMX - Expense Ratio Comparison

SPIIX has a 0.65% expense ratio, which is lower than SIEMX's 1.71% expense ratio.

Dividends

SPIIX vs. SIEMX - Dividend Comparison

SPIIX's dividend yield for the trailing twelve months is around 7.67%, more than SIEMX's 3.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SIEMX SEI Institutional International Trust Emerging Markets Equity Fund	3.34%	4.30%	3.20%	1.58%	2.08%	9.55%	0.53%	1.09%	0.63%	1.26%	0.80%	0.81%
SPIIX SEI S&P 500 Index Fund Class I	7.67%	8.42%	12.20%	4.10%	10.27%	7.03%	5.78%	4.04%	3.90%	2.08%	4.34%	1.53%

Frequently Asked Questions

Can I hold both SPIIX and SIEMX in my portfolio?

SPIIX and SIEMX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPIIX or SIEMX?

SIEMX has higher volatility (9.79%) compared to SPIIX (4.76%). In terms of maximum drawdown, SPIIX dropped -55.78% vs SIEMX's -65.22%.

Which has better risk-adjusted returns?

SIEMX currently has the higher Sharpe Ratio (2.89 vs 2.10), 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.