SSKEX vs. UMEMX

Last updated Jun 23, 2026

SSKEX (State Street Emerging Markets Equity Index Fund) and UMEMX (Columbia Emerging Markets Fund) are both Emerging Markets Diversified funds. Over the past 10 years, SSKEX returned 10.58%/yr vs 10.71%/yr for UMEMX. Their correlation of 0.88 suggests significant overlap in exposure. SSKEX charges 0.17%/yr vs 1.20%/yr for UMEMX.

Performance

SSKEX vs. UMEMX - Performance Comparison

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

Returns By Period

In the year-to-date period, SSKEX achieves a 29.79% return, which is significantly lower than UMEMX's 40.54% return. Both investments have delivered pretty close results over the past 10 years, with SSKEX having a 10.58% annualized return and UMEMX not far ahead at 10.71%.

SSKEX

• 1D: 2.03%
• 1M: 6.92%
• YTD: 29.79%
• 6M: 31.79%
• 1Y: 54.79%
• 3Y*: 23.15%
• 5Y*: 8.38%
• 10Y*: 10.58%

UMEMX

• 1D: 4.10%
• 1M: 8.30%
• YTD: 40.54%
• 6M: 42.62%
• 1Y: 69.15%
• 3Y*: 25.28%
• 5Y*: 4.67%
• 10Y*: 10.71%

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

SSKEX vs. UMEMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSKEX State Street Emerging Markets Equity Index Fund	29.79%	33.79%	7.00%	9.50%	-20.23%	-2.80%	18.20%	18.16%	-14.78%	37.18%
UMEMX Columbia Emerging Markets Fund	40.54%	31.14%	6.68%	8.89%	-33.02%	-7.30%	33.83%	31.11%	-21.27%	46.95%

Correlation

The correlation between SSKEX and UMEMX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.88

The correlation between SSKEX and UMEMX has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

Return for Risk

SSKEX vs. UMEMX — Risk / Return Rank

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

SSKEX

SSKEX Risk / Return Rank: 89
SSKEX Sharpe Ratio Rank: 93
SSKEX Sortino Ratio Rank: 84
SSKEX Omega Ratio Rank: 87
SSKEX Calmar Ratio Rank: 90
SSKEX Martin Ratio Rank: 89

UMEMX

UMEMX Risk / Return Rank: 88
UMEMX Sharpe Ratio Rank: 92
UMEMX Sortino Ratio Rank: 78
UMEMX Omega Ratio Rank: 85
UMEMX Calmar Ratio Rank: 93
UMEMX Martin Ratio Rank: 93

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. UMEMX - Risk-Adjusted Trends Comparison

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

	SSKEX	UMEMX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	2.84	+0.07
Sortino ratio: Return per unit of downside risk	3.69	3.40	+0.29
Omega ratio: Gain probability vs. loss probability	1.55	1.53	+0.02
Calmar ratio: Return relative to maximum drawdown	4.39	4.81	-0.42
Martin ratio: Return relative to average drawdown	16.01	18.14	-2.13

SSKEX vs. UMEMX - Sharpe Ratio Comparison

The current SSKEX Sharpe Ratio is 2.92, which is comparable to the UMEMX Sharpe Ratio of 2.84. The chart below compares the historical Sharpe Ratios of SSKEX and UMEMX, 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

SSKEX vs. UMEMX - Drawdown Comparison

The maximum SSKEX drawdown since its inception was -39.23%, smaller than the maximum UMEMX drawdown of -67.58%. Use the drawdown chart below to compare losses from any high point for SSKEX and UMEMX.

Drawdown Indicators

	SSKEX	UMEMX	Difference
Max Drawdown Largest peak-to-trough decline	-39.23%	-67.58%	+28.35%
Max Drawdown (1Y) Largest decline over 1 year	-12.44%	-14.32%	+1.88%
Max Drawdown (3Y) Largest decline over 3 years	-16.09%	-16.69%	+0.60%
Max Drawdown (5Y) Largest decline over 5 years	-36.85%	-49.26%	+12.41%
Max Drawdown (10Y) Largest decline over 10 years	-39.23%	-51.61%	+12.38%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-13.22%	-21.42%	+8.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	3.79%	-0.38%

Volatility

SSKEX vs. UMEMX - Volatility Comparison

The current volatility for State Street Emerging Markets Equity Index Fund (SSKEX) is 9.94%, while Columbia Emerging Markets Fund (UMEMX) has a volatility of 13.05%. This indicates that SSKEX experiences smaller price fluctuations and is considered to be less risky than UMEMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSKEX	UMEMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.94%	13.05%	-3.11%
Volatility (6M) Calculated over the trailing 6-month period	16.66%	21.97%	-5.31%
Volatility (1Y) Calculated over the trailing 1-year period	18.74%	24.23%	-5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	20.73%	-3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	20.48%	-2.99%

SSKEX vs. UMEMX - Expense Ratio Comparison

SSKEX has a 0.17% expense ratio, which is lower than UMEMX's 1.20% expense ratio.

Dividends

SSKEX vs. UMEMX - Dividend Comparison

SSKEX's dividend yield for the trailing twelve months is around 2.20%, less than UMEMX's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SSKEX State Street Emerging Markets Equity Index Fund	2.20%	2.85%	2.90%	3.26%	3.90%	1.95%	1.84%	2.84%	3.01%	2.55%	2.29%
UMEMX Columbia Emerging Markets Fund	3.52%	4.94%	1.29%	0.00%	0.00%	1.56%	1.15%	0.33%	0.12%	0.33%	0.00%

Frequently Asked Questions

Can I hold both SSKEX and UMEMX in my portfolio?

SSKEX and UMEMX have a correlation of 0.80, 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 UMEMX?

UMEMX has higher volatility (13.05%) compared to SSKEX (9.94%). In terms of maximum drawdown, SSKEX dropped -39.23% vs UMEMX's -67.58%.

Which has better risk-adjusted returns?

SSKEX currently has the higher Sharpe Ratio (2.92 vs 2.84), 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.