SPSM vs. SSMHX
SPSM (SPDR Portfolio S&P 600 Small Cap ETF) and SSMHX (State Street Small/Mid Cap Equity Index Portfolio) are both funds - SPSM is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while SSMHX is a Mid Cap Growth Equities fund managed by State Street. Over the past 10 years, SPSM returned 10.77%/yr vs 11.94%/yr for SSMHX. Their correlation of 0.92 suggests significant overlap in exposure. SPSM charges 0.05%/yr vs 0.02%/yr for SSMHX.
Performance
SPSM vs. SSMHX - Performance Comparison
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Returns By Period
In the year-to-date period, SPSM achieves a 15.28% return, which is significantly higher than SSMHX's 14.18% return. Over the past 10 years, SPSM has underperformed SSMHX with an annualized return of 10.77%, while SSMHX has yielded a comparatively higher 11.94% annualized return.
SPSM
- 1D
- -0.92%
- 1M
- 1.62%
- YTD
- 15.28%
- 6M
- 14.19%
- 1Y
- 31.50%
- 3Y*
- 14.42%
- 5Y*
- 5.71%
- 10Y*
- 10.77%
SSMHX
- 1D
- 1.00%
- 1M
- 5.71%
- YTD
- 14.18%
- 6M
- 13.12%
- 1Y
- 29.97%
- 3Y*
- 18.16%
- 5Y*
- 6.39%
- 10Y*
- 11.94%
SPSM vs. SSMHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPSM SPDR Portfolio S&P 600 Small Cap ETF | 15.28% | 6.11% | 8.55% | 16.11% | -16.12% | 26.67% | 11.69% | 25.85% | -11.17% | 15.44% |
SSMHX State Street Small/Mid Cap Equity Index Portfolio | 14.18% | 12.90% | 10.73% | 25.21% | -25.43% | 13.08% | 32.46% | 28.00% | -9.21% | 18.26% |
Correlation
The correlation between SPSM and SSMHX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2015 | 0.92 |
The correlation between SPSM and SSMHX has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.
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Return for Risk
SPSM vs. SSMHX — Risk / Return Rank
SPSM
SSMHX
SPSM vs. SSMHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 600 Small Cap ETF (SPSM) 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.
| SPSM | SSMHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.32 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | 3.18 | +0.45 |
| Martin ratioReturn relative to average drawdown | 12.14 | 11.56 | +0.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPSM | SSMHX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.82 | 1.89 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.27 | 0.29 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.54 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.48 | -0.03 |
Drawdowns
SPSM vs. SSMHX - Drawdown Comparison
The maximum SPSM drawdown since its inception was -42.89%, roughly equal to the maximum SSMHX drawdown of -41.61%. Use the drawdown chart below to compare losses from any high point for SPSM and SSMHX.
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Drawdown Indicators
| SPSM | SSMHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.89% | -41.61% | -1.28% |
Max Drawdown (1Y)Largest decline over 1 year | -8.72% | -10.03% | +1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -27.94% | -30.38% | +2.44% |
Max Drawdown (5Y)Largest decline over 5 years | -27.94% | -34.84% | +6.90% |
Max Drawdown (10Y)Largest decline over 10 years | -42.89% | -41.61% | -1.28% |
Current DrawdownCurrent decline from peak | -0.97% | 0.00% | -0.97% |
Average DrawdownAverage peak-to-trough decline | -7.93% | -9.15% | +1.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.76% | -0.16% |
Volatility
SPSM vs. SSMHX - Volatility Comparison
The current volatility for SPDR Portfolio S&P 600 Small Cap ETF (SPSM) is 4.44%, while State Street Small/Mid Cap Equity Index Portfolio (SSMHX) has a volatility of 4.70%. This indicates that SPSM 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.
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Volatility by Period
| SPSM | SSMHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.44% | 4.70% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 11.64% | 12.36% | -0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.47% | 16.90% | +0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.43% | 22.41% | -0.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.99% | 22.39% | +0.60% |
SPSM vs. SSMHX - Expense Ratio Comparison
SPSM has a 0.05% 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
SPSM vs. SSMHX - Dividend Comparison
SPSM's dividend yield for the trailing twelve months is around 1.43%, less than SSMHX's 6.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPSM SPDR Portfolio S&P 600 Small Cap ETF | 1.43% | 1.62% | 1.85% | 1.61% | 1.38% | 1.40% | 1.34% | 1.58% | 1.82% | 1.51% | 1.49% | 2.37% |
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
With a correlation of 0.91, SPSM 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.
SSMHX has higher volatility (4.70%) compared to SPSM (4.44%). In terms of maximum drawdown, SPSM dropped -42.89% vs SSMHX's -41.61%.
SSMHX currently has the higher Sharpe Ratio (1.89 vs 1.82), 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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