SSKEX vs. IHD

Last updated Jun 4, 2026

SSKEX (State Street Emerging Markets Equity Index Fund) and IHD (Voya Emerging Markets High Dividend Equity Fund) are both Emerging Markets Diversified funds. Over the past 10 years, SSKEX returned 10.59%/yr vs 12.53%/yr for IHD. A 0.69 correlation means they provide meaningful diversification when combined. SSKEX charges 0.17%/yr vs 0.01%/yr for IHD.

Performance

SSKEX vs. IHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Emerging Markets Equity Index Fund (SSKEX) and Voya Emerging Markets High Dividend Equity Fund (IHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSKEX achieves a 28.95% return, which is significantly lower than IHD's 33.01% return. Over the past 10 years, SSKEX has underperformed IHD with an annualized return of 10.59%, while IHD has yielded a comparatively higher 12.53% annualized return.

SSKEX

• 1D: 0.94%
• 1M: 8.80%
• YTD: 28.95%
• 6M: 32.16%
• 1Y: 57.79%
• 3Y*: 24.72%
• 5Y*: 7.79%
• 10Y*: 10.59%

IHD

• 1D: 3.89%
• 1M: 11.74%
• YTD: 33.01%
• 6M: 35.68%
• 1Y: 59.25%
• 3Y*: 31.08%
• 5Y*: 11.16%
• 10Y*: 12.53%

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

SSKEX vs. IHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSKEX State Street Emerging Markets Equity Index Fund	28.95%	33.79%	7.00%	9.50%	-20.23%	-2.80%	18.20%	18.16%	-14.78%	37.18%
IHD Voya Emerging Markets High Dividend Equity Fund	33.01%	41.70%	7.80%	13.95%	-17.18%	7.39%	1.73%	20.55%	-10.23%	29.84%

Correlation

The correlation between SSKEX and IHD is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.69

The correlation between SSKEX and IHD shifts across timeframes, from 0.59 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SSKEX vs. IHD — Risk / Return Rank

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

SSKEX

SSKEX Risk / Return Rank: 92
SSKEX Sharpe Ratio Rank: 96
SSKEX Sortino Ratio Rank: 92
SSKEX Omega Ratio Rank: 91
SSKEX Calmar Ratio Rank: 90
SSKEX Martin Ratio Rank: 89

IHD

IHD Risk / Return Rank: 91
IHD Sharpe Ratio Rank: 95
IHD Sortino Ratio Rank: 87
IHD Omega Ratio Rank: 87
IHD Calmar Ratio Rank: 93
IHD Martin Ratio Rank: 92

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.

SSKEX vs. IHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Emerging Markets Equity Index Fund (SSKEX) and Voya Emerging Markets High Dividend Equity Fund (IHD). 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.

	SSKEX	IHD	Difference
Sharpe ratio: Return per unit of total volatility	3.54	3.35	+0.19
Sortino ratio: Return per unit of downside risk	4.54	4.23	+0.31
Omega ratio: Gain probability vs. loss probability	1.66	1.61	+0.05
Calmar ratio: Return relative to maximum drawdown	4.68	5.34	-0.66
Martin ratio: Return relative to average drawdown	17.65	19.77	-2.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSKEX vs. IHD - Sharpe Ratio Comparison

The current SSKEX Sharpe Ratio is 3.54, which is comparable to the IHD Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of SSKEX and IHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SSKEX	IHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.54	3.35	+0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.63	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.64	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.24	+0.39

Drawdowns

SSKEX vs. IHD - Drawdown Comparison

The maximum SSKEX drawdown since its inception was -39.23%, smaller than the maximum IHD drawdown of -48.76%. Use the drawdown chart below to compare losses from any high point for SSKEX and IHD.

Drawdown Indicators

	SSKEX	IHD	Difference
Max Drawdown Largest peak-to-trough decline	-39.23%	-48.76%	+9.53%
Max Drawdown (1Y) Largest decline over 1 year	-12.44%	-11.15%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-16.09%	-14.73%	-1.36%
Max Drawdown (5Y) Largest decline over 5 years	-37.04%	-36.13%	-0.91%
Max Drawdown (10Y) Largest decline over 10 years	-39.23%	-42.81%	+3.58%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-13.27%	-17.96%	+4.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	3.01%	+0.28%

Volatility

SSKEX vs. IHD - Volatility Comparison

State Street Emerging Markets Equity Index Fund (SSKEX) and Voya Emerging Markets High Dividend Equity Fund (IHD) have volatilities of 6.69% and 6.75%, 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

	SSKEX	IHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.69%	6.75%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	14.03%	15.07%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	16.47%	17.78%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.50%	17.93%	-1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	19.53%	-2.24%

SSKEX vs. IHD - Expense Ratio Comparison

SSKEX has a 0.17% expense ratio, which is higher than IHD's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SSKEX vs. IHD - Dividend Comparison

SSKEX's dividend yield for the trailing twelve months is around 2.21%, less than IHD's 8.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHD Voya Emerging Markets High Dividend Equity Fund	8.92%	11.40%	13.67%	10.21%	13.95%	10.14%	9.92%	9.14%	10.15%	8.31%	11.74%	14.00%
SSKEX State Street Emerging Markets Equity Index Fund	2.21%	2.85%	2.90%	3.26%	3.90%	1.95%	1.84%	2.84%	3.01%	2.55%	2.29%	0.00%

Frequently Asked Questions

Can I hold both SSKEX and IHD in my portfolio?

SSKEX and IHD have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSKEX or IHD?

IHD has higher volatility (6.75%) compared to SSKEX (6.69%). In terms of maximum drawdown, SSKEX dropped -39.23% vs IHD's -48.76%.

Which has better risk-adjusted returns?

SSKEX currently has the higher Sharpe Ratio (3.54 vs 3.35), 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.