SMTSX vs. SSBRX

Last updated Aug 1, 2026

SMTSX (JPMorgan SmartRetirement 2040 Fund) and SSBRX (State Street Target Retirement 2025 Fund) are both Target Retirement Date funds. Over the past 10 years, SMTSX returned 9.77%/yr vs 7.55%/yr for SSBRX. Their 0.95 correlation means they have historically moved very closely together. SMTSX charges 0.25%/yr vs 0.13%/yr for SSBRX.

Performance

SMTSX vs. SSBRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan SmartRetirement 2040 Fund (SMTSX) and State Street Target Retirement 2025 Fund (SSBRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMTSX achieves a 7.43% return, which is significantly higher than SSBRX's 6.02% return. Over the past 10 years, SMTSX has outperformed SSBRX with an annualized return of 9.77%, while SSBRX has yielded a comparatively lower 7.55% annualized return.

SMTSX

• 1D: 1.60%
• 1M: -0.59%
• 6M: 5.03%
• YTD: 7.43%
• 1Y: 15.89%
• 3Y*: 13.60%
• 5Y*: 7.45%
• 10Y*: 9.77%
• ALL TIME*: 7.57%

SSBRX

• 1D: 0.68%
• 1M: -0.07%
• 6M: 4.04%
• YTD: 6.02%
• 1Y: 12.33%
• 3Y*: 10.40%
• 5Y*: 4.92%
• 10Y*: 7.55%
• ALL TIME*: 7.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SMTSX JPMorgan SmartRetirement 2040 Fund	$0.00	$0.00	$0.00
SSBRX State Street Target Retirement 2025 Fund	$0.00	$0.00	$0.00

SMTSX vs. SSBRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMTSX JPMorgan SmartRetirement 2040 Fund	7.43%	16.50%	10.60%	21.23%	-17.97%	15.76%	14.94%	24.06%	-9.63%	21.76%
SSBRX State Street Target Retirement 2025 Fund	6.02%	12.93%	8.73%	13.61%	-15.51%	10.03%	14.68%	20.73%	-5.47%	14.32%

Correlation

The correlation between SMTSX and SSBRX is 0.94, 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.	0.94
Correlation (3Y) Balances recent behavior with more history.	0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	0.95
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014	0.95

The correlation between SMTSX and SSBRX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

SMTSX vs. SSBRX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMTSX

SMTSX Risk / Return Rank: 46
SMTSX Sharpe Ratio Rank: 44
SMTSX Sortino Ratio Rank: 43
SMTSX Omega Ratio Rank: 43
SMTSX Calmar Ratio Rank: 43
SMTSX Martin Ratio Rank: 54

SSBRX

SSBRX Risk / Return Rank: 82
SSBRX Sharpe Ratio Rank: 82
SSBRX Sortino Ratio Rank: 81
SSBRX Omega Ratio Rank: 81
SSBRX Calmar Ratio Rank: 80
SSBRX Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMTSX vs. SSBRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan SmartRetirement 2040 Fund (SMTSX) and State Street Target Retirement 2025 Fund (SSBRX). 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.

	SMTSX	SSBRX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.97	-0.65
Sortino ratio: Return per unit of downside risk	1.90	2.81	-0.91
Omega ratio: Gain probability vs. loss probability	1.24	1.37	-0.13
Calmar ratio: Return relative to maximum drawdown	1.80	2.63	-0.83
Martin ratio: Return relative to average drawdown	7.57	11.41	-3.84

SMTSX vs. SSBRX - Sharpe Ratio Comparison

The current SMTSX Sharpe Ratio is 1.32, which is lower than the SSBRX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of SMTSX and SSBRX, 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

SMTSX vs. SSBRX - Drawdown Comparison

The maximum SMTSX drawdown since its inception was -51.41%, which is greater than SSBRX's maximum drawdown of -21.96%. Use the drawdown chart below to compare losses from any high point for SMTSX and SSBRX.

Drawdown Indicators

	SMTSX	SSBRX	Difference
Max Drawdown Largest peak-to-trough decline	-51.41%	-21.96%	-29.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.04%	-4.44%	-3.60%
Max Drawdown (3Y) Largest decline over 3 years	-13.23%	-7.36%	-5.87%
Max Drawdown (5Y) Largest decline over 5 years	-24.82%	-21.13%	-3.69%
Max Drawdown (10Y) Largest decline over 10 years	-31.43%	-21.96%	-9.47%
Current Drawdown Current decline from peak	-1.39%	-0.67%	-0.72%
Average Drawdown Average peak-to-trough decline	-7.09%	-3.68%	-3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.02%	+0.89%

Volatility

SMTSX vs. SSBRX - Volatility Comparison

JPMorgan SmartRetirement 2040 Fund (SMTSX) has a higher volatility of 3.20% compared to State Street Target Retirement 2025 Fund (SSBRX) at 1.49%. This indicates that SMTSX's price experiences larger fluctuations and is considered to be riskier than SSBRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMTSX	SSBRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	1.49%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	9.18%	4.88%	+4.30%
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	5.94%	+5.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.45%	8.86%	+4.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.40%	9.75%	+4.65%

SMTSX vs. SSBRX - Expense Ratio Comparison

SMTSX has a 0.25% expense ratio, which is higher than SSBRX's 0.13% 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

SMTSX vs. SSBRX - Dividend Comparison

SMTSX's dividend yield for the trailing twelve months is around 5.38%, less than SSBRX's 5.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMTSX JPMorgan SmartRetirement 2040 Fund	5.38%	5.78%	4.87%	1.87%	10.16%	17.65%	4.83%	11.47%	6.11%	4.10%	2.89%	3.20%
SSBRX State Street Target Retirement 2025 Fund	5.72%	6.07%	6.67%	4.60%	6.60%	6.44%	4.74%	6.58%	5.35%	0.60%	1.84%	2.38%

Frequently Asked Questions

Can I hold both SMTSX and SSBRX in my portfolio?

With a correlation of 0.94, SMTSX and SSBRX 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, SMTSX or SSBRX?

SMTSX has higher volatility (3.20%) compared to SSBRX (1.49%). In terms of maximum drawdown, SMTSX dropped -51.41% vs SSBRX's -21.96%.

Which has better risk-adjusted returns?

SSBRX currently has the higher Sharpe Ratio (1.97 vs 1.32), 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.