PEXMX vs. SSMHX

Last updated Jun 25, 2026

PEXMX (T. Rowe Price Extended Equity Market Index Fund) and SSMHX (State Street Small/Mid Cap Equity Index Portfolio) are both Mid Cap Growth Equities funds. Over the past 10 years, PEXMX returned 12.57%/yr vs 12.29%/yr for SSMHX. With a 0.98 correlation, they move nearly in lockstep. PEXMX charges 0.23%/yr vs 0.02%/yr for SSMHX.

Performance

PEXMX vs. SSMHX - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with PEXMX having a 14.29% return and SSMHX slightly lower at 14.16%. Both investments have delivered pretty close results over the past 10 years, with PEXMX having a 12.57% annualized return and SSMHX not far behind at 12.29%.

PEXMX

• 1D: -0.82%
• 1M: 3.43%
• YTD: 14.29%
• 6M: 11.74%
• 1Y: 26.06%
• 3Y*: 19.72%
• 5Y*: 5.92%
• 10Y*: 12.57%

SSMHX

• 1D: -0.77%
• 1M: 3.48%
• YTD: 14.16%
• 6M: 11.68%
• 1Y: 26.67%
• 3Y*: 18.07%
• 5Y*: 5.58%
• 10Y*: 12.29%

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

PEXMX vs. SSMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEXMX T. Rowe Price Extended Equity Market Index Fund	14.29%	11.17%	16.72%	25.32%	-26.15%	12.09%	30.80%	32.57%	-9.61%	16.63%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	14.16%	12.90%	10.73%	25.21%	-25.43%	13.08%	32.46%	28.00%	-9.21%	18.26%

Correlation

The correlation between PEXMX and SSMHX is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 17, 2015	0.98

The correlation between PEXMX and SSMHX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

PEXMX vs. SSMHX — Risk / Return Rank

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

PEXMX

PEXMX Risk / Return Rank: 43
PEXMX Sharpe Ratio Rank: 36
PEXMX Sortino Ratio Rank: 36
PEXMX Omega Ratio Rank: 33
PEXMX Calmar Ratio Rank: 60
PEXMX Martin Ratio Rank: 51

SSMHX

SSMHX Risk / Return Rank: 46
SSMHX Sharpe Ratio Rank: 39
SSMHX Sortino Ratio Rank: 38
SSMHX Omega Ratio Rank: 35
SSMHX Calmar Ratio Rank: 64
SSMHX Martin Ratio Rank: 55

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.

PEXMX vs. SSMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Extended Equity Market Index Fund (PEXMX) 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.

	PEXMX	SSMHX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.64	-0.05
Sortino ratio: Return per unit of downside risk	2.28	2.32	-0.04
Omega ratio: Gain probability vs. loss probability	1.27	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	2.80	2.86	-0.07
Martin ratio: Return relative to average drawdown	9.81	10.32	-0.51

PEXMX vs. SSMHX - Sharpe Ratio Comparison

The current PEXMX Sharpe Ratio is 1.59, which is comparable to the SSMHX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of PEXMX 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

PEXMX vs. SSMHX - Drawdown Comparison

The maximum PEXMX drawdown since its inception was -57.82%, which is greater than SSMHX's maximum drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for PEXMX and SSMHX.

Drawdown Indicators

	PEXMX	SSMHX	Difference
Max Drawdown Largest peak-to-trough decline	-57.82%	-41.61%	-16.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.30%	-10.03%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-27.01%	-30.38%	+3.37%
Max Drawdown (5Y) Largest decline over 5 years	-36.27%	-34.84%	-1.43%
Max Drawdown (10Y) Largest decline over 10 years	-41.27%	-41.61%	+0.34%
Current Drawdown Current decline from peak	-1.04%	-0.88%	-0.16%
Average Drawdown Average peak-to-trough decline	-13.60%	-9.10%	-4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.78%	+0.12%

Volatility

PEXMX vs. SSMHX - Volatility Comparison

T. Rowe Price Extended Equity Market Index Fund (PEXMX) and State Street Small/Mid Cap Equity Index Portfolio (SSMHX) have volatilities of 6.14% and 6.05%, 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

	PEXMX	SSMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.14%	6.05%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	13.71%	13.18%	+0.53%
Volatility (1Y) Calculated over the trailing 1-year period	18.14%	17.54%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.57%	22.52%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.26%	22.40%	-0.14%

PEXMX vs. SSMHX - Expense Ratio Comparison

PEXMX has a 0.23% 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

PEXMX vs. SSMHX - Dividend Comparison

PEXMX's dividend yield for the trailing twelve months is around 3.52%, less than SSMHX's 6.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEXMX T. Rowe Price Extended Equity Market Index Fund	3.52%	4.02%	7.64%	3.64%	7.53%	14.87%	2.99%	8.17%	6.67%	4.50%	5.90%	4.81%
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 PEXMX and SSMHX in my portfolio?

With a correlation of 0.97, PEXMX 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, PEXMX or SSMHX?

PEXMX has higher volatility (6.14%) compared to SSMHX (6.05%). In terms of maximum drawdown, PEXMX dropped -57.82% vs SSMHX's -41.61%.

Which has better risk-adjusted returns?

SSMHX currently has the higher Sharpe Ratio (1.64 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.