LKSMX vs. SSMHX

Last updated Aug 5, 2026

LKSMX (LKCM Small-Mid Cap Equity Fund) and SSMHX (State Street Small/Mid Cap Equity Index Portfolio) are both Mid Cap Growth Equities funds. Over the past 10 years, LKSMX returned 11.05%/yr vs 11.50%/yr for SSMHX. Their correlation of 0.94 means they have usually moved in the same direction. LKSMX charges 1.00%/yr vs 0.02%/yr for SSMHX.

Performance

LKSMX vs. SSMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LKCM Small-Mid Cap Equity Fund (LKSMX) 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, LKSMX achieves a 5.90% return, which is significantly lower than SSMHX's 15.39% return. Both investments have delivered pretty close results over the past 10 years, with LKSMX having a 11.05% annualized return and SSMHX not far ahead at 11.50%.

LKSMX

• 1D: 2.30%
• 1M: -1.48%
• 6M: 2.39%
• YTD: 5.90%
• 1Y: 9.57%
• 3Y*: 12.30%
• 5Y*: 5.38%
• 10Y*: 11.05%
• ALL TIME*: 8.53%

SSMHX

• 1D: 1.80%
• 1M: -1.14%
• 6M: 12.07%
• YTD: 15.39%
• 1Y: 23.80%
• 3Y*: 15.86%
• 5Y*: 6.20%
• 10Y*: 11.50%
• ALL TIME*: 10.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LKSMX LKCM Small-Mid Cap Equity Fund	$0.00	$0.00	$0.00
SSMHX State Street Small/Mid Cap Equity Index Portfolio	$0.00	$0.00	$0.00

LKSMX vs. SSMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LKSMX LKCM Small-Mid Cap Equity Fund	5.90%	5.27%	15.64%	25.76%	-22.23%	15.44%	30.55%	31.02%	-8.91%	24.18%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	15.39%	12.90%	10.73%	25.21%	-25.43%	13.08%	32.46%	28.00%	-9.21%	18.26%

Correlation

The correlation between LKSMX and SSMHX is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.94
Correlation (All Time) Calculated using the full available price history since Aug 17, 2015	0.94

The correlation between LKSMX and SSMHX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

Return for Risk

LKSMX vs. SSMHX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LKSMX

LKSMX Risk / Return Rank: 16
LKSMX Sharpe Ratio Rank: 15
LKSMX Sortino Ratio Rank: 16
LKSMX Omega Ratio Rank: 14
LKSMX Calmar Ratio Rank: 16
LKSMX Martin Ratio Rank: 18

SSMHX

SSMHX Risk / Return Rank: 57
SSMHX Sharpe Ratio Rank: 50
SSMHX Sortino Ratio Rank: 50
SSMHX Omega Ratio Rank: 43
SSMHX Calmar Ratio Rank: 75
SSMHX Martin Ratio Rank: 66

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LKSMX vs. SSMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LKCM Small-Mid Cap Equity Fund (LKSMX) 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.

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.

	LKSMX	SSMHX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	1.51	-0.86
Sortino ratio: Return per unit of downside risk	1.05	2.17	-1.12
Omega ratio: Gain probability vs. loss probability	1.12	1.26	-0.14
Calmar ratio: Return relative to maximum drawdown	0.86	2.63	-1.77
Martin ratio: Return relative to average drawdown	2.70	9.15	-6.45

LKSMX vs. SSMHX - Sharpe Ratio Comparison

The current LKSMX Sharpe Ratio is 0.65, which is lower than the SSMHX Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of LKSMX 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.

Drawdowns

LKSMX vs. SSMHX - Drawdown Comparison

The maximum LKSMX drawdown since its inception was -39.56%, roughly equal to the maximum SSMHX drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for LKSMX and SSMHX.

Drawdown Indicators

	LKSMX	SSMHX	Difference
Max Drawdown Largest peak-to-trough decline	-39.56%	-41.61%	+2.05%
Max Drawdown (1Y) Largest decline over 1 year	-13.08%	-10.03%	-3.05%
Max Drawdown (3Y) Largest decline over 3 years	-21.23%	-30.38%	+9.15%
Max Drawdown (5Y) Largest decline over 5 years	-27.51%	-34.84%	+7.33%
Max Drawdown (10Y) Largest decline over 10 years	-39.56%	-41.61%	+2.05%
Current Drawdown Current decline from peak	-2.20%	-2.14%	-0.06%
Average Drawdown Average peak-to-trough decline	-7.67%	-9.03%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.16%	2.88%	+1.28%

Volatility

LKSMX vs. SSMHX - Volatility Comparison

LKCM Small-Mid Cap Equity Fund (LKSMX) has a higher volatility of 4.64% compared to State Street Small/Mid Cap Equity Index Portfolio (SSMHX) at 4.36%. This indicates that LKSMX's price experiences larger fluctuations and is considered to be riskier than SSMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LKSMX	SSMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	4.36%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	13.50%	13.24%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	17.46%	17.52%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.83%	22.49%	-2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.35%	22.38%	-1.03%

LKSMX vs. SSMHX - Expense Ratio Comparison

LKSMX has a 1.00% expense ratio, which is higher than SSMHX's 0.02% expense ratio.

Dividends

LKSMX vs. SSMHX - Dividend Comparison

LKSMX's dividend yield for the trailing twelve months is around 6.02%, less than SSMHX's 6.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LKSMX LKCM Small-Mid Cap Equity Fund	6.02%	6.38%	0.00%	0.00%	8.27%	17.23%	6.48%	14.23%	21.66%	12.01%	18.07%	7.12%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	6.17%	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 LKSMX and SSMHX in my portfolio?

With a correlation of 0.92, LKSMX 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, LKSMX or SSMHX?

LKSMX has higher volatility (4.64%) compared to SSMHX (4.36%). In terms of maximum drawdown, LKSMX dropped -39.56% vs SSMHX's -41.61%.

Which has better risk-adjusted returns?

SSMHX currently has the higher Sharpe Ratio (1.51 vs 0.65), 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.