OTCAX vs. SSMHX

Last updated Jul 18, 2026

OTCAX (MFS Mid Cap Growth Fund) and SSMHX (State Street Small/Mid Cap Equity Index Portfolio) are both Mid Cap Growth Equities funds. Over the past 10 years, OTCAX returned 11.74%/yr vs 11.63%/yr for SSMHX. Their correlation of 0.88 suggests significant overlap in exposure. OTCAX charges 1.00%/yr vs 0.02%/yr for SSMHX.

Performance

OTCAX vs. SSMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Mid Cap Growth Fund (OTCAX) 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, OTCAX achieves a 2.89% return, which is significantly lower than SSMHX's 14.79% return. Both investments have delivered pretty close results over the past 10 years, with OTCAX having a 11.74% annualized return and SSMHX not far behind at 11.63%.

OTCAX

• 1D: -1.55%
• 1M: -1.14%
• 6M: 0.00%
• YTD: 2.89%
• 1Y: -1.22%
• 3Y*: 11.11%
• 5Y*: 4.27%
• 10Y*: 11.74%

SSMHX

• 1D: -0.42%
• 1M: 1.47%
• 6M: 8.80%
• YTD: 14.79%
• 1Y: 22.38%
• 3Y*: 15.32%
• 5Y*: 6.68%
• 10Y*: 11.63%

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

OTCAX vs. SSMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OTCAX MFS Mid Cap Growth Fund	2.89%	3.32%	23.47%	21.00%	-28.53%	13.66%	35.34%	37.43%	0.82%	25.95%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	14.79%	12.90%	10.73%	25.21%	-25.43%	13.08%	32.46%	28.00%	-9.21%	18.26%

Correlation

The correlation between OTCAX 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	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 17, 2015	0.88

The correlation between OTCAX and SSMHX has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

OTCAX vs. SSMHX — Risk / Return Rank

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

OTCAX

OTCAX Risk / Return Rank: 3
OTCAX Sharpe Ratio Rank: 3
OTCAX Sortino Ratio Rank: 3
OTCAX Omega Ratio Rank: 3
OTCAX Calmar Ratio Rank: 3
OTCAX Martin Ratio Rank: 3

SSMHX

SSMHX Risk / Return Rank: 41
SSMHX Sharpe Ratio Rank: 35
SSMHX Sortino Ratio Rank: 35
SSMHX Omega Ratio Rank: 32
SSMHX Calmar Ratio Rank: 55
SSMHX Martin Ratio Rank: 50

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.

OTCAX vs. SSMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Mid Cap Growth Fund (OTCAX) 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.

	OTCAX	SSMHX	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	1.38	-1.40
Sortino ratio: Return per unit of downside risk	0.09	1.99	-1.90
Omega ratio: Gain probability vs. loss probability	1.01	1.24	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.02	2.39	-2.41
Martin ratio: Return relative to average drawdown	-0.06	8.53	-8.59

OTCAX vs. SSMHX - Sharpe Ratio Comparison

The current OTCAX Sharpe Ratio is -0.02, which is lower than the SSMHX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of OTCAX 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

OTCAX vs. SSMHX - Drawdown Comparison

The maximum OTCAX drawdown since its inception was -74.39%, which is greater than SSMHX's maximum drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for OTCAX and SSMHX.

Drawdown Indicators

	OTCAX	SSMHX	Difference
Max Drawdown Largest peak-to-trough decline	-74.39%	-41.61%	-32.78%
Max Drawdown (1Y) Largest decline over 1 year	-16.46%	-10.03%	-6.43%
Max Drawdown (3Y) Largest decline over 3 years	-21.05%	-30.38%	+9.33%
Max Drawdown (5Y) Largest decline over 5 years	-36.85%	-34.84%	-2.01%
Max Drawdown (10Y) Largest decline over 10 years	-36.85%	-41.61%	+4.76%
Current Drawdown Current decline from peak	-4.85%	-2.65%	-2.20%
Average Drawdown Average peak-to-trough decline	-23.05%	-9.06%	-13.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	2.80%	+3.70%

Volatility

OTCAX vs. SSMHX - Volatility Comparison

MFS Mid Cap Growth Fund (OTCAX) has a higher volatility of 4.99% compared to State Street Small/Mid Cap Equity Index Portfolio (SSMHX) at 3.81%. This indicates that OTCAX'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

	OTCAX	SSMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.99%	3.81%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	14.47%	13.16%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.54%	17.42%	+0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.38%	22.50%	-2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.00%	22.36%	-2.36%

OTCAX vs. SSMHX - Expense Ratio Comparison

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

Dividends

OTCAX vs. SSMHX - Dividend Comparison

OTCAX's dividend yield for the trailing twelve months is around 16.29%, more than SSMHX's 6.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OTCAX MFS Mid Cap Growth Fund	16.29%	16.76%	15.59%	0.00%	0.00%	3.64%	0.83%	0.86%	4.70%	8.80%	5.67%	2.84%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	6.21%	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 OTCAX and SSMHX in my portfolio?

With a correlation of 0.90, OTCAX 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, OTCAX or SSMHX?

OTCAX has higher volatility (4.99%) compared to SSMHX (3.81%). In terms of maximum drawdown, OTCAX dropped -74.39% vs SSMHX's -41.61%.

Which has better risk-adjusted returns?

SSMHX currently has the higher Sharpe Ratio (1.38 vs -0.02), 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.