TISPX vs. TIISX

Last updated Jun 13, 2026

TISPX (TIAA-CREF S&P 500 Index Fund) and TIISX (TIAA-CREF Quant International Small-Cap Equity Fund) are both mutual funds - TISPX is a Large Cap Blend Equities fund managed by TIAA Investments, while TIISX is a Foreign Small & Mid Cap Equities fund managed by TIAA Investments. Over the past 5 years, TISPX returned 13.29%/yr vs 9.05%/yr for TIISX. A 0.75 correlation means they provide meaningful diversification when combined. TISPX charges 0.05%/yr vs 0.72%/yr for TIISX.

Performance

TISPX vs. TIISX - 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 Quant International Small-Cap Equity Fund (TIISX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TISPX achieves a 8.58% return, which is significantly lower than TIISX's 16.44% return.

TISPX

• 1D: 1.75%
• 1M: -1.29%
• YTD: 8.58%
• 6M: 8.92%
• 1Y: 25.10%
• 3Y*: 21.00%
• 5Y*: 13.29%
• 10Y*: 15.18%

TIISX

• 1D: 3.04%
• 1M: -0.20%
• YTD: 16.44%
• 6M: 18.71%
• 1Y: 31.45%
• 3Y*: 21.67%
• 5Y*: 9.05%
• 10Y*: —

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

TISPX vs. TIISX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TISPX TIAA-CREF S&P 500 Index Fund	8.58%	17.79%	24.94%	26.22%	-18.13%	28.66%	18.34%	31.44%	-4.52%	19.58%
TIISX TIAA-CREF Quant International Small-Cap Equity Fund	16.44%	35.62%	5.06%	16.93%	-18.35%	11.65%	5.86%	20.82%	-23.26%	30.62%

Correlation

The correlation between TISPX and TIISX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.75

The correlation between TISPX and TIISX has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.

Return for Risk

TISPX vs. TIISX — Risk / Return Rank

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

TISPX

TISPX Risk / Return Rank: 72
TISPX Sharpe Ratio Rank: 71
TISPX Sortino Ratio Rank: 67
TISPX Omega Ratio Rank: 68
TISPX Calmar Ratio Rank: 74
TISPX Martin Ratio Rank: 83

TIISX

TIISX Risk / Return Rank: 69
TIISX Sharpe Ratio Rank: 74
TIISX Sortino Ratio Rank: 73
TIISX Omega Ratio Rank: 71
TIISX Calmar Ratio Rank: 67
TIISX Martin Ratio Rank: 62

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. TIISX - 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 Quant International Small-Cap Equity Fund (TIISX). 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	TIISX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.12	-0.15
Sortino ratio: Return per unit of downside risk	2.67	2.95	-0.28
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	2.74	2.69	+0.04
Martin ratio: Return relative to average drawdown	12.43	10.22	+2.21

TISPX vs. TIISX - Sharpe Ratio Comparison

The current TISPX Sharpe Ratio is 1.97, which is comparable to the TIISX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of TISPX and TIISX, 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. TIISX - Drawdown Comparison

The maximum TISPX drawdown since its inception was -55.16%, which is greater than TIISX's maximum drawdown of -48.87%. Use the drawdown chart below to compare losses from any high point for TISPX and TIISX.

Drawdown Indicators

	TISPX	TIISX	Difference
Max Drawdown Largest peak-to-trough decline	-55.16%	-48.87%	-6.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-11.89%	+2.99%
Max Drawdown (3Y) Largest decline over 3 years	-18.74%	-12.51%	-6.23%
Max Drawdown (5Y) Largest decline over 5 years	-24.48%	-32.14%	+7.66%
Max Drawdown (10Y) Largest decline over 10 years	-33.75%	—	—
Current Drawdown Current decline from peak	-2.78%	-2.75%	-0.03%
Average Drawdown Average peak-to-trough decline	-6.71%	-10.85%	+4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	3.12%	-1.17%

Volatility

TISPX vs. TIISX - Volatility Comparison

The current volatility for TIAA-CREF S&P 500 Index Fund (TISPX) is 4.42%, while TIAA-CREF Quant International Small-Cap Equity Fund (TIISX) has a volatility of 6.06%. This indicates that TISPX experiences smaller price fluctuations and is considered to be less risky than TIISX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TISPX	TIISX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	6.06%	-1.64%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	12.89%	-3.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.38%	15.15%	-2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	15.49%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	16.42%	+1.68%

TISPX vs. TIISX - Expense Ratio Comparison

TISPX has a 0.05% expense ratio, which is lower than TIISX's 0.72% expense ratio.

Dividends

TISPX vs. TIISX - Dividend Comparison

TISPX's dividend yield for the trailing twelve months is around 2.16%, less than TIISX's 7.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TIISX TIAA-CREF Quant International Small-Cap Equity Fund	7.32%	8.53%	3.29%	3.01%	3.45%	6.38%	1.99%	3.33%	6.37%	3.56%	0.00%	0.00%
TISPX TIAA-CREF S&P 500 Index Fund	2.16%	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 TIISX in my portfolio?

TISPX and TIISX have a correlation of 0.74, 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 TIISX?

TIISX has higher volatility (6.06%) compared to TISPX (4.42%). In terms of maximum drawdown, TISPX dropped -55.16% vs TIISX's -48.87%.

Which has better risk-adjusted returns?

TIISX currently has the higher Sharpe Ratio (2.12 vs 1.97), 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.