NEXTX vs. SSMHX

Last updated Jun 4, 2026

NEXTX (Shelton Green Alpha Fund) and SSMHX (State Street Small/Mid Cap Equity Index Portfolio) are both Mid Cap Growth Equities funds. Over the past 10 years, NEXTX returned 11.99%/yr vs 11.94%/yr for SSMHX. Their correlation of 0.84 suggests significant overlap in exposure. NEXTX charges 1.16%/yr vs 0.02%/yr for SSMHX.

Performance

NEXTX vs. SSMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Shelton Green Alpha Fund (NEXTX) 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, NEXTX achieves a 15.71% return, which is significantly higher than SSMHX's 14.18% return. Both investments have delivered pretty close results over the past 10 years, with NEXTX having a 11.99% annualized return and SSMHX not far behind at 11.94%.

NEXTX

• 1D: 1.71%
• 1M: 4.41%
• YTD: 15.71%
• 6M: 13.70%
• 1Y: 23.65%
• 3Y*: 7.25%
• 5Y*: -0.53%
• 10Y*: 11.99%

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)

NEXTX vs. SSMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NEXTX Shelton Green Alpha Fund	15.71%	11.33%	-2.54%	2.11%	-26.80%	2.59%	113.89%	43.72%	-18.90%	29.53%
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 NEXTX and SSMHX is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Aug 18, 2015	0.84

The correlation between NEXTX and SSMHX has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

Return for Risk

NEXTX vs. SSMHX — Risk / Return Rank

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

NEXTX

NEXTX Risk / Return Rank: 31
NEXTX Sharpe Ratio Rank: 31
NEXTX Sortino Ratio Rank: 29
NEXTX Omega Ratio Rank: 27
NEXTX Calmar Ratio Rank: 38
NEXTX Martin Ratio Rank: 32

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.

NEXTX vs. SSMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Shelton Green Alpha Fund (NEXTX) 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.

	NEXTX	SSMHX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.89	-0.30
Sortino ratio: Return per unit of downside risk	2.23	2.64	-0.42
Omega ratio: Gain probability vs. loss probability	1.27	1.32	-0.05
Calmar ratio: Return relative to maximum drawdown	2.34	3.18	-0.84
Martin ratio: Return relative to average drawdown	7.19	11.56	-4.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NEXTX vs. SSMHX - Sharpe Ratio Comparison

The current NEXTX Sharpe Ratio is 1.59, which is comparable to the SSMHX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of NEXTX 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

	NEXTX	SSMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	1.89	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	0.29	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.54	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.48	+0.03

Drawdowns

NEXTX vs. SSMHX - Drawdown Comparison

The maximum NEXTX drawdown since its inception was -47.15%, which is greater than SSMHX's maximum drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for NEXTX and SSMHX.

Drawdown Indicators

	NEXTX	SSMHX	Difference
Max Drawdown Largest peak-to-trough decline	-47.15%	-41.61%	-5.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.93%	-10.03%	-0.90%
Max Drawdown (3Y) Largest decline over 3 years	-25.86%	-30.38%	+4.52%
Max Drawdown (5Y) Largest decline over 5 years	-47.15%	-34.84%	-12.31%
Max Drawdown (10Y) Largest decline over 10 years	-47.15%	-41.61%	-5.54%
Current Drawdown Current decline from peak	-18.30%	0.00%	-18.30%
Average Drawdown Average peak-to-trough decline	-15.38%	-9.15%	-6.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.55%	2.76%	+0.79%

Volatility

NEXTX vs. SSMHX - Volatility Comparison

Shelton Green Alpha Fund (NEXTX) and State Street Small/Mid Cap Equity Index Portfolio (SSMHX) have volatilities of 4.56% 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

	NEXTX	SSMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	4.70%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	11.61%	12.36%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	16.07%	16.90%	-0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.54%	22.41%	+1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.72%	22.39%	+2.33%

NEXTX vs. SSMHX - Expense Ratio Comparison

NEXTX has a 1.16% expense ratio, which is higher than SSMHX's 0.02% expense ratio.

Dividends

NEXTX vs. SSMHX - Dividend Comparison

NEXTX's dividend yield for the trailing twelve months is around 0.17%, less than SSMHX's 6.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NEXTX Shelton Green Alpha Fund	0.17%	0.20%	0.20%	0.20%	0.35%	4.65%	1.05%	0.21%	1.59%	2.88%	0.00%	0.00%
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 NEXTX and SSMHX in my portfolio?

NEXTX and SSMHX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NEXTX or SSMHX?

SSMHX has higher volatility (4.70%) compared to NEXTX (4.56%). In terms of maximum drawdown, NEXTX dropped -47.15% vs SSMHX's -41.61%.

Which has better risk-adjusted returns?

SSMHX currently has the higher Sharpe Ratio (1.89 vs 1.59), 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.