SCHA vs. SSMHX

Last updated Jun 24, 2026

SCHA (Schwab U.S. Small-Cap ETF) and SSMHX (State Street Small/Mid Cap Equity Index Portfolio) are both funds - SCHA is a Small Cap Blend Equities fund tracking the Dow Jones U.S. Small-Cap Total Stock Market Index, while SSMHX is a Mid Cap Growth Equities fund managed by State Street. Over the past 10 years, SCHA returned 11.72%/yr vs 12.38%/yr for SSMHX. With a 0.97 correlation, they move nearly in lockstep. SCHA charges 0.04%/yr vs 0.02%/yr for SSMHX.

Performance

SCHA vs. SSMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Small-Cap ETF (SCHA) 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, SCHA achieves a 22.53% return, which is significantly higher than SSMHX's 15.05% return. Over the past 10 years, SCHA has underperformed SSMHX with an annualized return of 11.72%, while SSMHX has yielded a comparatively higher 12.38% annualized return.

SCHA

• 1D: -1.72%
• 1M: 4.56%
• YTD: 22.53%
• 6M: 20.00%
• 1Y: 41.81%
• 3Y*: 19.85%
• 5Y*: 7.30%
• 10Y*: 11.72%

SSMHX

• 1D: 0.09%
• 1M: 4.28%
• YTD: 15.05%
• 6M: 12.78%
• 1Y: 29.58%
• 3Y*: 18.38%
• 5Y*: 5.97%
• 10Y*: 12.38%

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

SCHA vs. SSMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SCHA Schwab U.S. Small-Cap ETF	22.53%	11.60%	11.16%	18.46%	-19.81%	16.45%	19.34%	26.50%	-11.79%	14.94%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	15.05%	12.90%	10.73%	25.21%	-25.43%	13.08%	32.46%	28.00%	-9.21%	18.26%

Correlation

The correlation between SCHA and SSMHX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Aug 17, 2015	0.97

The correlation between SCHA and SSMHX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

SCHA vs. SSMHX — Risk / Return Rank

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

SCHA

SCHA Risk / Return Rank: 75
SCHA Sharpe Ratio Rank: 73
SCHA Sortino Ratio Rank: 72
SCHA Omega Ratio Rank: 64
SCHA Calmar Ratio Rank: 84
SCHA Martin Ratio Rank: 83

SSMHX

SSMHX Risk / Return Rank: 50
SSMHX Sharpe Ratio Rank: 42
SSMHX Sortino Ratio Rank: 41
SSMHX Omega Ratio Rank: 37
SSMHX Calmar Ratio Rank: 70
SSMHX Martin Ratio Rank: 60

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.

SCHA vs. SSMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Small-Cap ETF (SCHA) 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.

	SCHA	SSMHX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.76	+0.48
Sortino ratio: Return per unit of downside risk	3.11	2.47	+0.64
Omega ratio: Gain probability vs. loss probability	1.37	1.30	+0.07
Calmar ratio: Return relative to maximum drawdown	4.42	3.08	+1.34
Martin ratio: Return relative to average drawdown	16.18	11.10	+5.08

SCHA vs. SSMHX - Sharpe Ratio Comparison

The current SCHA Sharpe Ratio is 2.24, which is comparable to the SSMHX Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of SCHA 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

SCHA vs. SSMHX - Drawdown Comparison

The maximum SCHA drawdown since its inception was -42.41%, roughly equal to the maximum SSMHX drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for SCHA and SSMHX.

Drawdown Indicators

	SCHA	SSMHX	Difference
Max Drawdown Largest peak-to-trough decline	-42.41%	-41.61%	-0.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-10.03%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-27.29%	-30.38%	+3.09%
Max Drawdown (5Y) Largest decline over 5 years	-30.79%	-34.84%	+4.05%
Max Drawdown (10Y) Largest decline over 10 years	-42.41%	-41.61%	-0.80%
Current Drawdown Current decline from peak	-1.72%	-0.11%	-1.61%
Average Drawdown Average peak-to-trough decline	-7.56%	-9.10%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.78%	-0.19%

Volatility

SCHA vs. SSMHX - Volatility Comparison

Schwab U.S. Small-Cap ETF (SCHA) has a higher volatility of 6.71% compared to State Street Small/Mid Cap Equity Index Portfolio (SSMHX) at 5.97%. This indicates that SCHA'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

	SCHA	SSMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	5.97%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	13.92%	13.16%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	18.77%	17.56%	+1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.05%	22.52%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.75%	22.44%	+0.31%

SCHA vs. SSMHX - Expense Ratio Comparison

SCHA has a 0.04% 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

SCHA vs. SSMHX - Dividend Comparison

SCHA's dividend yield for the trailing twelve months is around 0.98%, less than SSMHX's 6.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHA Schwab U.S. Small-Cap ETF	0.98%	1.26%	1.51%	1.42%	1.37%	1.19%	1.05%	1.39%	1.58%	1.24%	1.50%	1.48%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	6.19%	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 SCHA and SSMHX in my portfolio?

With a correlation of 0.96, SCHA 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, SCHA or SSMHX?

SCHA has higher volatility (6.71%) compared to SSMHX (5.97%). In terms of maximum drawdown, SCHA dropped -42.41% vs SSMHX's -41.61%.

Which has better risk-adjusted returns?

SCHA currently has the higher Sharpe Ratio (2.24 vs 1.76), 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.