TISPX vs. TCIEX

Last updated Jun 23, 2026

TISPX (TIAA-CREF S&P 500 Index Fund) and TCIEX (TIAA-CREF International Equity Index Fund Institutional Class) are both Large Cap Blend Equities funds from TIAA Investments. Over the past 10 years, TISPX returned 15.32%/yr vs 9.64%/yr for TCIEX. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.05% expense ratio.

Performance

TISPX vs. TCIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF S&P 500 Index Fund (TISPX) and TIAA-CREF International Equity Index Fund Institutional Class (TCIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with TISPX having a 10.18% return and TCIEX slightly higher at 10.59%. Over the past 10 years, TISPX has outperformed TCIEX with an annualized return of 15.32%, while TCIEX has yielded a comparatively lower 9.64% annualized return.

TISPX

• 1D: 1.09%
• 1M: 0.47%
• YTD: 10.18%
• 6M: 9.67%
• 1Y: 27.10%
• 3Y*: 20.92%
• 5Y*: 14.06%
• 10Y*: 15.32%

TCIEX

• 1D: 0.82%
• 1M: 1.99%
• YTD: 10.59%
• 6M: 10.95%
• 1Y: 25.22%
• 3Y*: 16.27%
• 5Y*: 9.41%
• 10Y*: 9.64%

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

TISPX vs. TCIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TISPX TIAA-CREF S&P 500 Index Fund	10.18%	17.79%	24.94%	26.22%	-18.13%	28.66%	18.34%	31.44%	-4.52%	19.58%
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	10.59%	31.55%	3.69%	18.21%	-14.19%	11.30%	8.13%	21.82%	-13.27%	25.34%

Correlation

The correlation between TISPX and TCIEX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 2, 2003	0.75

The correlation between TISPX and TCIEX has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Return for Risk

TISPX vs. TCIEX — Risk / Return Rank

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

TISPX

TISPX Risk / Return Rank: 66
TISPX Sharpe Ratio Rank: 64
TISPX Sortino Ratio Rank: 58
TISPX Omega Ratio Rank: 60
TISPX Calmar Ratio Rank: 68
TISPX Martin Ratio Rank: 79

TCIEX

TCIEX Risk / Return Rank: 35
TCIEX Sharpe Ratio Rank: 34
TCIEX Sortino Ratio Rank: 34
TCIEX Omega Ratio Rank: 34
TCIEX Calmar Ratio Rank: 36
TCIEX Martin Ratio Rank: 39

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.

TISPX vs. TCIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF S&P 500 Index Fund (TISPX) and TIAA-CREF International Equity Index Fund Institutional Class (TCIEX). 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.

	TISPX	TCIEX	Difference
Sharpe ratio: Return per unit of total volatility	2.17	1.57	+0.59
Sortino ratio: Return per unit of downside risk	2.93	2.25	+0.68
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.11
Calmar ratio: Return relative to maximum drawdown	3.04	2.15	+0.89
Martin ratio: Return relative to average drawdown	13.72	8.04	+5.68

TISPX vs. TCIEX - Sharpe Ratio Comparison

The current TISPX Sharpe Ratio is 2.17, which is higher than the TCIEX Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of TISPX and TCIEX, 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

TISPX vs. TCIEX - Drawdown Comparison

The maximum TISPX drawdown since its inception was -55.16%, smaller than the maximum TCIEX drawdown of -59.27%. Use the drawdown chart below to compare losses from any high point for TISPX and TCIEX.

Drawdown Indicators

	TISPX	TCIEX	Difference
Max Drawdown Largest peak-to-trough decline	-55.16%	-59.27%	+4.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-11.35%	+2.45%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-13.58%	-5.16%
Max Drawdown (5Y) Largest decline over 5 years	-24.48%	-29.25%	+4.77%
Max Drawdown (10Y) Largest decline over 10 years	-33.75%	-33.58%	-0.17%
Current Drawdown Current decline from peak	-1.35%	0.00%	-1.35%
Average Drawdown Average peak-to-trough decline	-6.71%	-10.56%	+3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	3.03%	-1.07%

Volatility

TISPX vs. TCIEX - Volatility Comparison

TIAA-CREF S&P 500 Index Fund (TISPX) and TIAA-CREF International Equity Index Fund Institutional Class (TCIEX) have volatilities of 4.76% and 4.97%, 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

	TISPX	TCIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	4.97%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	9.91%	12.92%	-3.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.49%	15.54%	-3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.99%	16.19%	+0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	16.66%	+1.45%

TISPX vs. TCIEX - Expense Ratio Comparison

Both TISPX and TCIEX have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

TISPX vs. TCIEX - Dividend Comparison

TISPX's dividend yield for the trailing twelve months is around 2.13%, less than TCIEX's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TCIEX TIAA-CREF International Equity Index Fund Institutional Class	3.52%	3.89%	3.17%	3.14%	2.82%	3.02%	1.96%	3.08%	3.42%	2.78%	2.95%	3.06%
TISPX TIAA-CREF S&P 500 Index Fund	2.13%	2.35%	1.52%	1.48%	1.91%	1.77%	1.53%	2.16%	2.94%	0.36%	2.39%	0.65%

Frequently Asked Questions

Can I hold both TISPX and TCIEX in my portfolio?

TISPX and TCIEX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TISPX or TCIEX?

TCIEX has higher volatility (4.97%) compared to TISPX (4.76%). In terms of maximum drawdown, TISPX dropped -55.16% vs TCIEX's -59.27%.

Which has better risk-adjusted returns?

TISPX currently has the higher Sharpe Ratio (2.17 vs 1.57), 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.