PMVAX vs. SSMHX
PMVAX (Putnam Sustainable Future Fund) and SSMHX (State Street Small/Mid Cap Equity Index Portfolio) are both Mid Cap Growth Equities funds. Over the past 10 years, PMVAX returned 8.85%/yr vs 11.42%/yr for SSMHX. Their correlation of 0.90 means they have usually moved in the same direction. PMVAX charges 1.00%/yr vs 0.02%/yr for SSMHX.
Performance
PMVAX vs. SSMHX - Performance Comparison
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Returns By Period
In the year-to-date period, PMVAX achieves a 1.73% return, which is significantly lower than SSMHX's 13.90% return. Over the past 10 years, PMVAX has underperformed SSMHX with an annualized return of 8.85%, while SSMHX has yielded a comparatively higher 11.42% annualized return.
PMVAX
- 1D
- 2.58%
- 1M
- -4.05%
- 6M
- 4.28%
- YTD
- 1.73%
- 1Y
- 1.86%
- 3Y*
- 9.24%
- 5Y*
- -1.18%
- 10Y*
- 8.85%
- ALL TIME*
- 9.24%
SSMHX
- 1D
- 1.49%
- 1M
- -2.41%
- 6M
- 11.18%
- YTD
- 13.90%
- 1Y
- 24.63%
- 3Y*
- 14.32%
- 5Y*
- 5.84%
- 10Y*
- 11.42%
- ALL TIME*
- 10.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PMVAX vs. SSMHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PMVAX Putnam Sustainable Future Fund | 1.73% | 2.64% | 14.87% | 28.60% | -33.93% | 5.99% | 52.93% | 29.77% | -7.08% | 10.61% |
SSMHX State Street Small/Mid Cap Equity Index Portfolio | 13.90% | 12.90% | 10.73% | 25.21% | -25.43% | 13.08% | 32.46% | 28.00% | -9.21% | 18.26% |
Correlation
The correlation between PMVAX and SSMHX is 0.91, 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. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.90 |
Correlation (All Time) Calculated using the full available price history since Aug 17, 2015 | 0.90 |
The correlation between PMVAX and SSMHX has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.
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Return for Risk
PMVAX vs. SSMHX — Risk / Return Rank
PMVAX
SSMHX
PMVAX vs. SSMHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Putnam Sustainable Future Fund (PMVAX) 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.
| PMVAX | SSMHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.22 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.03 | 2.15 | -2.18 |
| Martin ratioReturn relative to average drawdown | -0.09 | 7.52 | -7.61 |
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Drawdowns
PMVAX vs. SSMHX - Drawdown Comparison
The maximum PMVAX drawdown since its inception was -61.94%, which is greater than SSMHX's maximum drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for PMVAX and SSMHX.
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Drawdown Indicators
| PMVAX | SSMHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.94% | -41.61% | -20.33% |
Max Drawdown (1Y)Largest decline over 1 year | -14.96% | -10.03% | -4.93% |
Max Drawdown (3Y)Largest decline over 3 years | -27.38% | -30.38% | +3.00% |
Max Drawdown (5Y)Largest decline over 5 years | -44.20% | -34.84% | -9.36% |
Max Drawdown (10Y)Largest decline over 10 years | -44.20% | -41.61% | -2.59% |
Current DrawdownCurrent decline from peak | -9.36% | -3.40% | -5.96% |
Average DrawdownAverage peak-to-trough decline | -10.98% | -9.04% | -1.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.33% | 2.87% | +2.46% |
Volatility
PMVAX vs. SSMHX - Volatility Comparison
Putnam Sustainable Future Fund (PMVAX) has a higher volatility of 5.64% compared to State Street Small/Mid Cap Equity Index Portfolio (SSMHX) at 3.93%. This indicates that PMVAX'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.
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Volatility by Period
| PMVAX | SSMHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 3.93% | +1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 14.31% | 13.24% | +1.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.65% | 17.53% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.54% | 22.48% | -0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.50% | 22.37% | -1.87% |
PMVAX vs. SSMHX - Expense Ratio Comparison
PMVAX has a 1.00% expense ratio, which is higher than SSMHX's 0.02% expense ratio.
Dividends
PMVAX vs. SSMHX - Dividend Comparison
PMVAX's dividend yield for the trailing twelve months is around 14.00%, more than SSMHX's 6.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PMVAX Putnam Sustainable Future Fund | 14.00% | 14.24% | 12.53% | 0.00% | 0.00% | 16.32% | 10.06% | 2.67% | 31.09% | 4.49% | 2.25% | 8.33% |
SSMHX State Street Small/Mid Cap Equity Index Portfolio | 6.25% | 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
With a correlation of 0.91, PMVAX 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.
PMVAX has higher volatility (5.64%) compared to SSMHX (3.93%). In terms of maximum drawdown, PMVAX dropped -61.94% vs SSMHX's -41.61%.
SSMHX currently has the higher Sharpe Ratio (1.23 vs -0.03), 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.
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