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State Street Small/Mid Cap Equity Index Portfolio (SSMHX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 23, 2026

The portfolio uses a passive management strategy designed to track the performance of the Russell Small Cap Completeness Index. The index is a float-adjusted, market capitalization index which measures the performance of the Russell 3000 Index companies excluding S&P 500 constituents. Under normal market conditions, it invests at least 80% of its net assets (plus borrowings, if any) in stocks in the index.

Looking to diversify beyond SSMHX? The mutual funds below have the lowest correlation with SSMHX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from SSMHX.

Best Diversifiers for SSMHX

1 mutual funds have low correlation with SSMHX (below 0.3), 0 of which are negatively correlated. The least correlated is Elfun Tax Exempt Income Fund (ELFTX) (Municipal Bonds) with a 1Y correlation of 0.22, up from 0.12 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
ELFTX
Elfun Tax Exempt Income Fund0.220.160.12
72
Municipal BondsSSMHX vs ELFTX
BHYIX
BlackRock High Yield Bond Portfolio Institutional ...0.590.560.57
80
High Yield BondsSSMHX vs BHYIX
SSHQX
State Street Hedged International Developed Equity...0.620.630.68
72
Foreign Large Cap EquitiesSSMHX vs SSHQX
SSGJX
State Street Global All Cap Equity ex-U.S. Index F...0.630.630.67
66
Foreign Large Cap EquitiesSSMHX vs SSGJX
SSGVX
State Street Global All Cap Equity ex-U.S.Index Po...0.630.630.67
67
Foreign Large Cap EquitiesSSMHX vs SSGVX
See all 31 diversifiers for SSMHX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from SSMHX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to SSMHX and solid risk/return profiles. The least correlated is Alcoa Corporation (AA) (Basic Materials) with a 1Y correlation of 0.46, roughly unchanged from 0.52 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
AA
Alcoa Corporation0.460.510.52
87
Basic Materials

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Diversification Analysis

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