TCIEX vs. FTIHX

Last updated Jun 24, 2026

TCIEX (TIAA-CREF International Equity Index Fund Institutional Class) and FTIHX (Fidelity Total International Index Fund) are both mutual funds - TCIEX is a Large Cap Blend Equities fund tracking the MSCI EAFE Index, while FTIHX is a Foreign Large Cap Equities fund tracking the MSCI ACWI (All Country World Index) ex USA Investable Market Index. Both are passively managed. Over the past 10 years, TCIEX returned 10.23%/yr vs 10.24%/yr for FTIHX. With a 0.96 correlation, they move nearly in lockstep. TCIEX charges 0.05%/yr vs 0.06%/yr for FTIHX.

Performance

TCIEX vs. FTIHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) and Fidelity Total International Index Fund (FTIHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCIEX achieves a 10.77% return, which is significantly lower than FTIHX's 15.70% return. Both investments have delivered pretty close results over the past 10 years, with TCIEX having a 10.23% annualized return and FTIHX not far ahead at 10.24%.

TCIEX

• 1D: 0.16%
• 1M: 2.15%
• YTD: 10.77%
• 6M: 10.26%
• 1Y: 24.50%
• 3Y*: 17.59%
• 5Y*: 9.31%
• 10Y*: 10.23%

FTIHX

• 1D: 0.10%
• 1M: 3.19%
• YTD: 15.70%
• 6M: 15.70%
• 1Y: 33.01%
• 3Y*: 20.01%
• 5Y*: 9.03%
• 10Y*: 10.24%

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

TCIEX vs. FTIHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	10.77%	31.55%	3.69%	18.21%	-14.19%	11.30%	8.13%	21.82%	-13.27%	25.34%
FTIHX Fidelity Total International Index Fund	15.70%	32.59%	4.98%	15.49%	-16.29%	8.45%	11.09%	21.50%	-14.40%	25.88%

Correlation

The correlation between TCIEX and FTIHX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 16, 2016	0.96

The correlation between TCIEX and FTIHX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

TCIEX vs. FTIHX — Risk / Return Rank

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

TCIEX

TCIEX Risk / Return Rank: 38
TCIEX Sharpe Ratio Rank: 37
TCIEX Sortino Ratio Rank: 36
TCIEX Omega Ratio Rank: 37
TCIEX Calmar Ratio Rank: 39
TCIEX Martin Ratio Rank: 42

FTIHX

FTIHX Risk / Return Rank: 66
FTIHX Sharpe Ratio Rank: 70
FTIHX Sortino Ratio Rank: 62
FTIHX Omega Ratio Rank: 68
FTIHX Calmar Ratio Rank: 68
FTIHX Martin Ratio Rank: 63

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.

TCIEX vs. FTIHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) and Fidelity Total International Index Fund (FTIHX). 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.

	TCIEX	FTIHX	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.24	-0.58
Sortino ratio: Return per unit of downside risk	2.34	3.01	-0.66
Omega ratio: Gain probability vs. loss probability	1.30	1.42	-0.12
Calmar ratio: Return relative to maximum drawdown	2.26	3.03	-0.77
Martin ratio: Return relative to average drawdown	8.43	11.71	-3.28

TCIEX vs. FTIHX - Sharpe Ratio Comparison

The current TCIEX Sharpe Ratio is 1.65, which is comparable to the FTIHX Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of TCIEX and FTIHX, 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

TCIEX vs. FTIHX - Drawdown Comparison

The maximum TCIEX drawdown since its inception was -59.27%, which is greater than FTIHX's maximum drawdown of -35.75%. Use the drawdown chart below to compare losses from any high point for TCIEX and FTIHX.

Drawdown Indicators

	TCIEX	FTIHX	Difference
Max Drawdown Largest peak-to-trough decline	-59.27%	-35.75%	-23.52%
Max Drawdown (1Y) Largest decline over 1 year	-11.35%	-11.25%	-0.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.58%	-13.15%	-0.43%
Max Drawdown (5Y) Largest decline over 5 years	-29.25%	-29.99%	+0.74%
Max Drawdown (10Y) Largest decline over 10 years	-33.58%	-35.75%	+2.17%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-10.56%	-7.19%	-3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.90%	+0.13%

Volatility

TCIEX vs. FTIHX - Volatility Comparison

The current volatility for TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) is 4.80%, while Fidelity Total International Index Fund (FTIHX) has a volatility of 6.22%. This indicates that TCIEX experiences smaller price fluctuations and is considered to be less risky than FTIHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCIEX	FTIHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	6.22%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	12.90%	13.22%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	15.55%	15.25%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	15.46%	+0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.63%	16.09%	+0.54%

TCIEX vs. FTIHX - Expense Ratio Comparison

TCIEX has a 0.05% expense ratio, which is lower than FTIHX's 0.06% 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

TCIEX vs. FTIHX - Dividend Comparison

TCIEX's dividend yield for the trailing twelve months is around 3.51%, more than FTIHX's 2.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTIHX Fidelity Total International Index Fund	2.41%	2.78%	2.88%	2.78%	2.51%	2.55%	1.62%	2.61%	2.21%	0.45%	0.47%	0.00%
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	3.51%	3.89%	3.17%	3.14%	2.82%	3.02%	1.96%	3.08%	3.42%	2.78%	2.95%	3.06%

Frequently Asked Questions

Can I hold both TCIEX and FTIHX in my portfolio?

With a correlation of 0.95, TCIEX and FTIHX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, TCIEX or FTIHX?

FTIHX has higher volatility (6.22%) compared to TCIEX (4.80%). In terms of maximum drawdown, TCIEX dropped -59.27% vs FTIHX's -35.75%.

Which has better risk-adjusted returns?

FTIHX currently has the higher Sharpe Ratio (2.24 vs 1.65), 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.