SPYGX vs. SSMGX

Last updated Jul 17, 2026

SPYGX (Spyglass Growth Fund) and SSMGX (SIT Small Cap Growth Fund) are both Mid Cap Growth Equities funds. Over the past 5 years, SPYGX returned 0.48%/yr vs 6.22%/yr for SSMGX. Their correlation of 0.82 suggests significant overlap in exposure. SPYGX charges 1.05%/yr vs 1.50%/yr for SSMGX.

Performance

SPYGX vs. SSMGX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spyglass Growth Fund (SPYGX) and SIT Small Cap Growth Fund (SSMGX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYGX achieves a -6.24% return, which is significantly lower than SSMGX's 17.50% return.

SPYGX

• 1D: -0.14%
• 1M: 3.81%
• 6M: -5.51%
• YTD: -6.24%
• 1Y: 6.09%
• 3Y*: 20.84%
• 5Y*: 0.48%
• 10Y*: —

SSMGX

• 1D: -0.88%
• 1M: -0.62%
• 6M: 9.98%
• YTD: 17.50%
• 1Y: 27.10%
• 3Y*: 13.73%
• 5Y*: 6.22%
• 10Y*: 10.99%

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

SPYGX vs. SSMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPYGX Spyglass Growth Fund	-6.24%	15.74%	38.10%	54.03%	-47.17%	-11.45%	61.87%	34.27%	7.19%
SSMGX SIT Small Cap Growth Fund	17.50%	9.40%	13.42%	16.93%	-25.59%	15.80%	35.97%	29.19%	-13.29%

Correlation

The correlation between SPYGX and SSMGX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jan 10, 2018	0.82

Over the past year, the correlation between SPYGX and SSMGX has dropped to 0.55 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

SPYGX vs. SSMGX — Risk / Return Rank

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

SPYGX

SPYGX Risk / Return Rank: 5
SPYGX Sharpe Ratio Rank: 5
SPYGX Sortino Ratio Rank: 6
SPYGX Omega Ratio Rank: 6
SPYGX Calmar Ratio Rank: 5
SPYGX Martin Ratio Rank: 5

SSMGX

SSMGX Risk / Return Rank: 50
SSMGX Sharpe Ratio Rank: 39
SSMGX Sortino Ratio Rank: 39
SSMGX Omega Ratio Rank: 37
SSMGX Calmar Ratio Rank: 73
SSMGX Martin Ratio Rank: 64

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.

SPYGX vs. SSMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spyglass Growth Fund (SPYGX) and SIT Small Cap Growth Fund (SSMGX). 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.

	SPYGX	SSMGX	Difference
Sharpe ratio: Return per unit of total volatility	0.26	1.43	-1.18
Sortino ratio: Return per unit of downside risk	0.54	2.04	-1.50
Omega ratio: Gain probability vs. loss probability	1.06	1.25	-0.19
Calmar ratio: Return relative to maximum drawdown	0.23	2.73	-2.50
Martin ratio: Return relative to average drawdown	0.53	9.88	-9.36

SPYGX vs. SSMGX - Sharpe Ratio Comparison

The current SPYGX Sharpe Ratio is 0.26, which is lower than the SSMGX Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of SPYGX and SSMGX, 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

SPYGX vs. SSMGX - Drawdown Comparison

The maximum SPYGX drawdown since its inception was -60.08%, smaller than the maximum SSMGX drawdown of -65.75%. Use the drawdown chart below to compare losses from any high point for SPYGX and SSMGX.

Drawdown Indicators

	SPYGX	SSMGX	Difference
Max Drawdown Largest peak-to-trough decline	-60.08%	-65.75%	+5.67%
Max Drawdown (1Y) Largest decline over 1 year	-30.05%	-10.05%	-20.00%
Max Drawdown (3Y) Largest decline over 3 years	-32.90%	-26.67%	-6.23%
Max Drawdown (5Y) Largest decline over 5 years	-59.08%	-34.37%	-24.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.72%	—
Current Drawdown Current decline from peak	-9.92%	-3.84%	-6.08%
Average Drawdown Average peak-to-trough decline	-19.56%	-18.98%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.08%	2.77%	+10.31%

Volatility

SPYGX vs. SSMGX - Volatility Comparison

Spyglass Growth Fund (SPYGX) has a higher volatility of 6.68% compared to SIT Small Cap Growth Fund (SSMGX) at 6.19%. This indicates that SPYGX's price experiences larger fluctuations and is considered to be riskier than SSMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYGX	SSMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.68%	6.19%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	21.91%	15.20%	+6.71%
Volatility (1Y) Calculated over the trailing 1-year period	26.64%	19.19%	+7.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.75%	22.04%	+8.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.21%	21.59%	+7.62%

SPYGX vs. SSMGX - Expense Ratio Comparison

SPYGX has a 1.05% expense ratio, which is lower than SSMGX's 1.50% expense ratio.

Dividends

SPYGX vs. SSMGX - Dividend Comparison

SPYGX has not paid dividends to shareholders, while SSMGX's dividend yield for the trailing twelve months is around 4.66%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYGX Spyglass Growth Fund	0.00%	0.00%	0.00%	0.00%	0.06%	10.07%	2.71%	0.25%	4.95%	0.00%	0.00%	0.00%
SSMGX SIT Small Cap Growth Fund	4.66%	5.48%	4.69%	3.13%	1.73%	15.89%	3.44%	3.14%	9.80%	6.81%	0.17%	10.68%

Frequently Asked Questions

Can I hold both SPYGX and SSMGX in my portfolio?

SPYGX and SSMGX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYGX or SSMGX?

SPYGX has higher volatility (6.68%) compared to SSMGX (6.19%). In terms of maximum drawdown, SPYGX dropped -60.08% vs SSMGX's -65.75%.

Which has better risk-adjusted returns?

SSMGX currently has the higher Sharpe Ratio (1.43 vs 0.26), 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.