ADJEX vs. SSMHX

Last updated Jun 4, 2026

ADJEX (Azzad Ethical Fund) and SSMHX (State Street Small/Mid Cap Equity Index Portfolio) are both Mid Cap Growth Equities funds. Over the past 10 years, ADJEX returned 9.70%/yr vs 11.94%/yr for SSMHX. Their correlation of 0.90 suggests significant overlap in exposure. ADJEX charges 0.99%/yr vs 0.02%/yr for SSMHX.

Performance

ADJEX vs. SSMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azzad Ethical Fund (ADJEX) and State Street Small/Mid Cap Equity Index Portfolio (SSMHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADJEX achieves a 12.03% return, which is significantly lower than SSMHX's 14.18% return. Over the past 10 years, ADJEX has underperformed SSMHX with an annualized return of 9.70%, while SSMHX has yielded a comparatively higher 11.94% annualized return.

ADJEX

• 1D: 0.94%
• 1M: 7.67%
• YTD: 12.03%
• 6M: 8.57%
• 1Y: 14.78%
• 3Y*: 7.90%
• 5Y*: 3.59%
• 10Y*: 9.70%

SSMHX

• 1D: 1.00%
• 1M: 5.71%
• YTD: 14.18%
• 6M: 13.12%
• 1Y: 29.97%
• 3Y*: 18.16%
• 5Y*: 6.39%
• 10Y*: 11.94%

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

ADJEX vs. SSMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADJEX Azzad Ethical Fund	12.03%	1.43%	1.70%	24.25%	-27.82%	17.60%	30.47%	30.01%	-3.25%	23.40%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	14.18%	12.90%	10.73%	25.21%	-25.43%	13.08%	32.46%	28.00%	-9.21%	18.26%

Correlation

The correlation between ADJEX and SSMHX is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Aug 18, 2015	0.90

The correlation between ADJEX and SSMHX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

ADJEX vs. SSMHX — Risk / Return Rank

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

ADJEX

ADJEX Risk / Return Rank: 12
ADJEX Sharpe Ratio Rank: 12
ADJEX Sortino Ratio Rank: 12
ADJEX Omega Ratio Rank: 11
ADJEX Calmar Ratio Rank: 12
ADJEX Martin Ratio Rank: 12

SSMHX

SSMHX Risk / Return Rank: 49
SSMHX Sharpe Ratio Rank: 42
SSMHX Sortino Ratio Rank: 40
SSMHX Omega Ratio Rank: 37
SSMHX Calmar Ratio Rank: 68
SSMHX Martin Ratio Rank: 58

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.

ADJEX vs. SSMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azzad Ethical Fund (ADJEX) and State Street Small/Mid Cap Equity Index Portfolio (SSMHX). 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.

	ADJEX	SSMHX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.89	-0.93
Sortino ratio: Return per unit of downside risk	1.41	2.64	-1.23
Omega ratio: Gain probability vs. loss probability	1.17	1.32	-0.16
Calmar ratio: Return relative to maximum drawdown	1.14	3.18	-2.04
Martin ratio: Return relative to average drawdown	3.63	11.56	-7.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADJEX vs. SSMHX - Sharpe Ratio Comparison

The current ADJEX Sharpe Ratio is 0.95, which is lower than the SSMHX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of ADJEX and SSMHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ADJEX	SSMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	1.89	-0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.29	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.54	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.48	-0.17

Drawdowns

ADJEX vs. SSMHX - Drawdown Comparison

The maximum ADJEX drawdown since its inception was -55.62%, which is greater than SSMHX's maximum drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for ADJEX and SSMHX.

Drawdown Indicators

	ADJEX	SSMHX	Difference
Max Drawdown Largest peak-to-trough decline	-55.62%	-41.61%	-14.01%
Max Drawdown (1Y) Largest decline over 1 year	-14.38%	-10.03%	-4.35%
Max Drawdown (3Y) Largest decline over 3 years	-25.81%	-30.38%	+4.57%
Max Drawdown (5Y) Largest decline over 5 years	-37.22%	-34.84%	-2.38%
Max Drawdown (10Y) Largest decline over 10 years	-37.22%	-41.61%	+4.39%
Current Drawdown Current decline from peak	-0.83%	0.00%	-0.83%
Average Drawdown Average peak-to-trough decline	-12.54%	-9.15%	-3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	2.76%	+1.75%

Volatility

ADJEX vs. SSMHX - Volatility Comparison

Azzad Ethical Fund (ADJEX) and State Street Small/Mid Cap Equity Index Portfolio (SSMHX) have volatilities of 4.54% and 4.70%, 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

	ADJEX	SSMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	4.70%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	13.40%	12.36%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	17.19%	16.90%	+0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.57%	22.41%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.50%	22.39%	-0.89%

ADJEX vs. SSMHX - Expense Ratio Comparison

ADJEX has a 0.99% expense ratio, which is higher than SSMHX's 0.02% expense ratio.

Dividends

ADJEX vs. SSMHX - Dividend Comparison

ADJEX has not paid dividends to shareholders, while SSMHX's dividend yield for the trailing twelve months is around 6.24%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADJEX Azzad Ethical Fund	0.00%	0.00%	5.47%	2.53%	0.06%	12.81%	5.62%	6.35%	6.37%	14.98%	0.09%	0.69%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	6.24%	7.12%	0.00%	1.56%	2.31%	16.30%	2.91%	3.65%	6.43%	4.01%	1.71%	0.73%

Frequently Asked Questions

Can I hold both ADJEX and SSMHX in my portfolio?

With a correlation of 0.90, ADJEX and SSMHX 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, ADJEX or SSMHX?

SSMHX has higher volatility (4.70%) compared to ADJEX (4.54%). In terms of maximum drawdown, ADJEX dropped -55.62% vs SSMHX's -41.61%.

Which has better risk-adjusted returns?

SSMHX currently has the higher Sharpe Ratio (1.89 vs 0.95), 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.