RIPIX vs. SSMHX

Last updated Apr 1, 2026

Compare and contrast key facts about Royce International Premier Fund Institutional Class (RIPIX) and State Street Small/Mid Cap Equity Index Portfolio (SSMHX).

RIPIX is managed by Royce Investment Partners. SSMHX is managed by State Street. It was launched on Aug 11, 2015.

Performance

RIPIX vs. SSMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Royce International Premier Fund Institutional Class (RIPIX) and State Street Small/Mid Cap Equity Index Portfolio (SSMHX). The values are adjusted to include any dividend payments, if applicable.

RIPIX vs. SSMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
RIPIX Royce International Premier Fund Institutional Class	-9.90%	9.89%	-7.04%	8.14%	-26.99%	6.22%	16.11%	34.69%	-12.52%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	-4.45%	12.90%	10.73%	25.21%	-25.43%	13.08%	32.46%	28.00%	-13.43%

Returns By Period

In the year-to-date period, RIPIX achieves a -9.90% return, which is significantly lower than SSMHX's -4.45% return.

RIPIX

• 1D: -0.44%
• 1M: -10.68%
• YTD: -9.90%
• 6M: -12.89%
• 1Y: -0.99%
• 3Y*: -2.49%
• 5Y*: -4.59%
• 10Y*: —

SSMHX

• 1D: -0.92%
• 1M: -8.01%
• YTD: -4.45%
• 6M: -3.94%
• 1Y: 17.75%
• 3Y*: 12.19%
• 5Y*: 3.29%
• 10Y*: 10.38%

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

RIPIX vs. SSMHX - Expense Ratio Comparison

RIPIX has a 1.04% expense ratio, which is higher than SSMHX's 0.02% expense ratio.

RIPIX

Royce International Premier Fund Institutional Class

SSMHX

State Street Small/Mid Cap Equity Index Portfolio

Return for Risk

RIPIX vs. SSMHX — Risk / Return Rank

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

RIPIX

RIPIX Risk / Return Rank: 4
RIPIX Sharpe Ratio Rank: 4
RIPIX Sortino Ratio Rank: 3
RIPIX Omega Ratio Rank: 3
RIPIX Calmar Ratio Rank: 4
RIPIX Martin Ratio Rank: 4

SSMHX

SSMHX Risk / Return Rank: 38
SSMHX Sharpe Ratio Rank: 35
SSMHX Sortino Ratio Rank: 39
SSMHX Omega Ratio Rank: 35
SSMHX Calmar Ratio Rank: 39
SSMHX Martin Ratio Rank: 43

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.

RIPIX vs. SSMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royce International Premier Fund Institutional Class (RIPIX) 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.

	RIPIX	SSMHX	Difference
Sharpe ratio Return per unit of total volatility	-0.14	0.78	-0.91
Sortino ratio Return per unit of downside risk	-0.09	1.23	-1.32
Omega ratio Gain probability vs. loss probability	0.99	1.17	-0.18
Calmar ratio Return relative to maximum drawdown	-0.19	1.02	-1.21
Martin ratio Return relative to average drawdown	-0.51	4.33	-4.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RIPIX vs. SSMHX - Sharpe Ratio Comparison

The current RIPIX Sharpe Ratio is -0.14, which is lower than the SSMHX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of RIPIX and SSMHX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	RIPIX	SSMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	0.78	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.30	0.15	-0.45
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.40	-0.36

Correlation

The correlation between RIPIX and SSMHX is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

RIPIX vs. SSMHX - Dividend Comparison

RIPIX's dividend yield for the trailing twelve months is around 1.62%, less than SSMHX's 7.46% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RIPIX Royce International Premier Fund Institutional Class	1.62%	1.46%	5.66%	3.09%	3.87%	5.02%	0.36%	0.58%	0.54%	0.00%	0.00%	0.00%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	7.46%	7.12%	0.00%	1.56%	2.31%	16.30%	2.91%	3.65%	6.43%	4.01%	1.71%	0.73%

Drawdowns

RIPIX vs. SSMHX - Drawdown Comparison

The maximum RIPIX drawdown since its inception was -41.89%, roughly equal to the maximum SSMHX drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for RIPIX and SSMHX.

Drawdown Indicators

	RIPIX	SSMHX	Difference
Max Drawdown Largest peak-to-trough decline	-41.89%	-41.61%	-0.28%
Max Drawdown (1Y) Largest decline over 1 year	-16.38%	-14.48%	-1.90%
Max Drawdown (5Y) Largest decline over 5 years	-41.89%	-34.84%	-7.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-41.61%	—
Current Drawdown Current decline from peak	-33.58%	-10.03%	-23.55%
Average Drawdown Average peak-to-trough decline	-17.83%	-9.27%	-8.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.03%	3.41%	+2.62%

Volatility

RIPIX vs. SSMHX - Volatility Comparison

The current volatility for Royce International Premier Fund Institutional Class (RIPIX) is 5.45%, while State Street Small/Mid Cap Equity Index Portfolio (SSMHX) has a volatility of 5.96%. This indicates that RIPIX experiences smaller price fluctuations and is considered to be less risky than SSMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RIPIX	SSMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	5.96%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	9.22%	12.78%	-3.56%
Volatility (1Y) Calculated over the trailing 1-year period	13.61%	22.45%	-8.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.26%	22.38%	-7.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.14%	22.33%	-6.19%