GSPX.L vs. SSMHX

Last updated Jun 5, 2026

GSPX.L (iShares Core S&P 500 UCITS ETF) and SSMHX (State Street Small/Mid Cap Equity Index Portfolio) are both funds - GSPX.L is a S&P 500 fund tracking the S&P 500 Index, while SSMHX is a Mid Cap Growth Equities fund managed by State Street. Over the past 5 years, GSPX.L returned 12.56%/yr vs 7.17%/yr for SSMHX. At a 0.45 correlation, their price movements are largely independent. GSPX.L charges 0.10%/yr vs 0.02%/yr for SSMHX.

Performance

GSPX.L vs. SSMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Core S&P 500 UCITS ETF (GSPX.L) and State Street Small/Mid Cap Equity Index Portfolio (SSMHX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GSPX.L is traded in GBP, while SSMHX is traded in USD. To make them comparable, the SSMHX values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GSPX.L achieves a 10.04% return, which is significantly lower than SSMHX's 13.51% return.

GSPX.L

• 1D: -0.03%
• 1M: 4.53%
• YTD: 10.04%
• 6M: 10.80%
• 1Y: 27.24%
• 3Y*: 21.42%
• 5Y*: 12.56%
• 10Y*: —

SSMHX

• 1D: -0.64%
• 1M: 4.37%
• YTD: 13.51%
• 6M: 10.71%
• 1Y: 29.78%
• 3Y*: 14.86%
• 5Y*: 7.17%
• 10Y*: 12.71%

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

GSPX.L vs. SSMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GSPX.L iShares Core S&P 500 UCITS ETF	10.04%	17.15%	24.63%	24.88%	-20.60%	28.94%	15.10%	27.75%	-8.17%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	13.51%	4.86%	12.66%	18.95%	-16.57%	14.15%	28.57%	23.13%	-12.01%

Correlation

The correlation between GSPX.L and SSMHX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jul 4, 2018	0.45

Return for Risk

GSPX.L vs. SSMHX — Risk / Return Rank

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

GSPX.L

GSPX.L Risk / Return Rank: 73
GSPX.L Sharpe Ratio Rank: 73
GSPX.L Sortino Ratio Rank: 77
GSPX.L Omega Ratio Rank: 74
GSPX.L Calmar Ratio Rank: 65
GSPX.L Martin Ratio Rank: 75

SSMHX

SSMHX Risk / Return Rank: 42
SSMHX Sharpe Ratio Rank: 35
SSMHX Sortino Ratio Rank: 34
SSMHX Omega Ratio Rank: 32
SSMHX Calmar Ratio Rank: 57
SSMHX Martin Ratio Rank: 52

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.

GSPX.L vs. SSMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 UCITS ETF (GSPX.L) 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.

	GSPX.L	SSMHX	Difference
Sharpe ratio: Return per unit of total volatility	2.34	1.87	+0.47
Sortino ratio: Return per unit of downside risk	3.39	2.57	+0.82
Omega ratio: Gain probability vs. loss probability	1.43	1.33	+0.10
Calmar ratio: Return relative to maximum drawdown	3.22	3.61	-0.39
Martin ratio: Return relative to average drawdown	14.09	11.87	+2.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSPX.L vs. SSMHX - Sharpe Ratio Comparison

The current GSPX.L Sharpe Ratio is 2.34, which is comparable to the SSMHX Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of GSPX.L 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

	GSPX.L	SSMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	1.87	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	0.34	+0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.55	+0.23

Drawdowns

GSPX.L vs. SSMHX - Drawdown Comparison

The maximum GSPX.L drawdown since its inception was -34.88%, roughly equal to the maximum SSMHX drawdown of -35.08%. Use the drawdown chart below to compare losses from any high point for GSPX.L and SSMHX.

Drawdown Indicators

	GSPX.L	SSMHX	Difference
Max Drawdown Largest peak-to-trough decline	-34.88%	-35.08%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-8.25%	-0.18%
Max Drawdown (3Y) Largest decline over 3 years	-18.91%	-31.21%	+12.30%
Max Drawdown (5Y) Largest decline over 5 years	-25.77%	-31.21%	+5.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.08%	—
Current Drawdown Current decline from peak	-0.52%	-0.64%	+0.12%
Average Drawdown Average peak-to-trough decline	-5.61%	-7.78%	+2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.50%	-0.57%

Volatility

GSPX.L vs. SSMHX - Volatility Comparison

The current volatility for iShares Core S&P 500 UCITS ETF (GSPX.L) is 3.17%, while State Street Small/Mid Cap Equity Index Portfolio (SSMHX) has a volatility of 4.27%. This indicates that GSPX.L experiences smaller price fluctuations and is considered to be less risky than SSMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSPX.L	SSMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	4.27%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	8.48%	11.27%	-2.79%
Volatility (1Y) Calculated over the trailing 1-year period	11.57%	15.97%	-4.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.05%	21.05%	-5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.63%	21.90%	-4.27%

GSPX.L vs. SSMHX - Expense Ratio Comparison

GSPX.L has a 0.10% expense ratio, which is higher than SSMHX's 0.02% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSPX.L vs. SSMHX - Dividend Comparison

GSPX.L's dividend yield for the trailing twelve months is around 0.80%, less than SSMHX's 6.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSPX.L iShares Core S&P 500 UCITS ETF	0.80%	0.89%	0.99%	1.15%	1.40%	0.96%	1.31%	1.50%	0.11%	0.00%	0.00%	0.00%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	6.30%	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 GSPX.L and SSMHX in my portfolio?

GSPX.L and SSMHX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.