SSEYX vs. ELFTX

Last updated Jun 26, 2026

SSEYX (State Street Equity 500 Index II Portfolio) and ELFTX (Elfun Tax Exempt Income Fund) are both mutual funds - SSEYX is a Large Cap Blend Equities fund managed by State Street, while ELFTX is a Municipal Bonds fund managed by State Street. Over the past 10 years, SSEYX returned 15.52%/yr vs 1.38%/yr for ELFTX. At a correlation of -0.03, they often move in opposite directions. SSEYX charges 0.02%/yr vs 0.21%/yr for ELFTX.

Performance

SSEYX vs. ELFTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Equity 500 Index II Portfolio (SSEYX) and Elfun Tax Exempt Income Fund (ELFTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSEYX achieves a 8.10% return, which is significantly higher than ELFTX's 1.62% return. Over the past 10 years, SSEYX has outperformed ELFTX with an annualized return of 15.52%, while ELFTX has yielded a comparatively lower 1.38% annualized return.

SSEYX

• 1D: -0.10%
• 1M: -2.03%
• YTD: 8.10%
• 6M: 6.78%
• 1Y: 21.90%
• 3Y*: 20.66%
• 5Y*: 12.97%
• 10Y*: 15.52%

ELFTX

• 1D: 0.10%
• 1M: 1.13%
• YTD: 1.62%
• 6M: 2.07%
• 1Y: 7.08%
• 3Y*: 2.29%
• 5Y*: -0.02%
• 10Y*: 1.38%

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

SSEYX vs. ELFTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSEYX State Street Equity 500 Index II Portfolio	8.10%	17.52%	25.01%	26.29%	-18.18%	28.58%	18.28%	31.42%	-4.54%	21.72%
ELFTX Elfun Tax Exempt Income Fund	1.62%	3.29%	-0.14%	4.27%	-8.97%	0.87%	4.50%	7.13%	0.91%	4.72%

Correlation

The correlation between SSEYX and ELFTX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Aug 14, 2014	-0.03

The correlation between SSEYX and ELFTX shifts across timeframes, from -0.03 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SSEYX vs. ELFTX — Risk / Return Rank

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

SSEYX

SSEYX Risk / Return Rank: 54
SSEYX Sharpe Ratio Rank: 52
SSEYX Sortino Ratio Rank: 48
SSEYX Omega Ratio Rank: 49
SSEYX Calmar Ratio Rank: 54
SSEYX Martin Ratio Rank: 67

ELFTX

ELFTX Risk / Return Rank: 76
ELFTX Sharpe Ratio Rank: 90
ELFTX Sortino Ratio Rank: 92
ELFTX Omega Ratio Rank: 93
ELFTX Calmar Ratio Rank: 57
ELFTX Martin Ratio Rank: 50

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.

SSEYX vs. ELFTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Equity 500 Index II Portfolio (SSEYX) and Elfun Tax Exempt Income Fund (ELFTX). 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.

	SSEYX	ELFTX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.57	-0.81
Sortino ratio: Return per unit of downside risk	2.41	4.12	-1.70
Omega ratio: Gain probability vs. loss probability	1.32	1.65	-0.33
Calmar ratio: Return relative to maximum drawdown	2.48	2.51	-0.03
Martin ratio: Return relative to average drawdown	11.06	8.85	+2.21

SSEYX vs. ELFTX - Sharpe Ratio Comparison

The current SSEYX Sharpe Ratio is 1.76, which is lower than the ELFTX Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of SSEYX and ELFTX, 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

SSEYX vs. ELFTX - Drawdown Comparison

The maximum SSEYX drawdown since its inception was -33.75%, which is greater than ELFTX's maximum drawdown of -19.15%. Use the drawdown chart below to compare losses from any high point for SSEYX and ELFTX.

Drawdown Indicators

	SSEYX	ELFTX	Difference
Max Drawdown Largest peak-to-trough decline	-33.75%	-19.15%	-14.60%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-2.79%	-6.09%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-6.54%	-12.20%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	-13.59%	-10.93%
Max Drawdown (10Y) Largest decline over 10 years	-33.75%	-13.59%	-20.16%
Current Drawdown Current decline from peak	-3.22%	-1.11%	-2.11%
Average Drawdown Average peak-to-trough decline	-4.08%	-3.41%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	0.79%	+1.19%

Volatility

SSEYX vs. ELFTX - Volatility Comparison

State Street Equity 500 Index II Portfolio (SSEYX) has a higher volatility of 4.87% compared to Elfun Tax Exempt Income Fund (ELFTX) at 0.74%. This indicates that SSEYX's price experiences larger fluctuations and is considered to be riskier than ELFTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSEYX	ELFTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	0.74%	+4.13%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	2.04%	+7.84%
Volatility (1Y) Calculated over the trailing 1-year period	12.52%	2.73%	+9.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.01%	3.90%	+13.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.08%	3.85%	+14.23%

SSEYX vs. ELFTX - Expense Ratio Comparison

SSEYX has a 0.02% expense ratio, which is lower than ELFTX's 0.21% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SSEYX vs. ELFTX - Dividend Comparison

SSEYX's dividend yield for the trailing twelve months is around 1.28%, less than ELFTX's 3.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ELFTX Elfun Tax Exempt Income Fund	3.93%	3.99%	2.66%	2.88%	3.09%	2.61%	3.24%	3.78%	4.09%	4.00%	4.00%	3.82%
SSEYX State Street Equity 500 Index II Portfolio	1.28%	1.38%	1.93%	1.46%	1.57%	2.48%	3.63%	2.36%	5.91%	5.37%	2.29%	3.47%

Frequently Asked Questions

Can I hold both SSEYX and ELFTX in my portfolio?

SSEYX and ELFTX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSEYX or ELFTX?

SSEYX has higher volatility (4.87%) compared to ELFTX (0.74%). In terms of maximum drawdown, SSEYX dropped -33.75% vs ELFTX's -19.15%.

Which has better risk-adjusted returns?

ELFTX currently has the higher Sharpe Ratio (2.57 vs 1.76), 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.