SPSM vs. SSMHX
Compare and contrast key facts about SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and State Street Small/Mid Cap Equity Index Portfolio (SSMHX).
SPSM is a passively managed fund by State Street that tracks the performance of the S&P SmallCap 600 Index. It was launched on Jul 8, 2013. SSMHX is managed by State Street. It was launched on Aug 11, 2015.
Performance
SPSM vs. SSMHX - Performance Comparison
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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 | 3.48% | 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 | -4.45% | 12.90% | 10.73% | 25.21% | -25.43% | 13.08% | 32.46% | 28.00% | -9.21% | 18.26% |
Returns By Period
In the year-to-date period, SPSM achieves a 3.48% return, which is significantly higher than SSMHX's -4.45% return. Both investments have delivered pretty close results over the past 10 years, with SPSM having a 10.05% annualized return and SSMHX not far ahead at 10.38%.
SPSM
- 1D
- 2.81%
- 1M
- -4.07%
- YTD
- 3.48%
- 6M
- 5.20%
- 1Y
- 20.56%
- 3Y*
- 10.51%
- 5Y*
- 4.16%
- 10Y*
- 10.05%
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%
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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%.
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 | 0.92 | 0.78 | +0.14 |
Sortino ratioReturn per unit of downside risk | 1.41 | 1.23 | +0.19 |
Omega ratioGain probability vs. loss probability | 1.19 | 1.17 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.42 | 1.02 | +0.40 |
Martin ratioReturn relative to average drawdown | 5.73 | 4.33 | +1.40 |
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 | 0.92 | 0.78 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.15 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.47 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.40 | +0.01 |
Correlation
The correlation between SPSM and SSMHX is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPSM vs. SSMHX - Dividend Comparison
SPSM's dividend yield for the trailing twelve months is around 1.59%, less than SSMHX's 7.46% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPSM SPDR Portfolio S&P 600 Small Cap ETF | 1.59% | 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 | 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
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 | -14.82% | -14.48% | -0.34% |
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 | -5.81% | -10.03% | +4.22% |
Average DrawdownAverage peak-to-trough decline | -8.02% | -9.27% | +1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.67% | 3.41% | +0.26% |
Volatility
SPSM vs. SSMHX - Volatility Comparison
SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has a higher volatility of 6.26% compared to State Street Small/Mid Cap Equity Index Portfolio (SSMHX) at 5.96%. This indicates that SPSM'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
| SPSM | SSMHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.26% | 5.96% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 12.94% | 12.78% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.56% | 22.45% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.54% | 22.38% | -0.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.98% | 22.33% | +0.65% |