SSAFX vs. SSCNX

Last updated Jun 4, 2026

SSAFX (State Street Aggregate Bond Index Portfolio) and SSCNX (State Street Target Retirement 2040 Fund) are both mutual funds - SSAFX is a Intermediate Core Bond fund managed by State Street, while SSCNX is a Target Retirement Date fund managed by State Street. Over the past 10 years, SSAFX returned 27.83%/yr vs 10.26%/yr for SSCNX. At a 0.09 correlation, their price movements are largely independent. SSAFX charges 0.02%/yr vs 0.20%/yr for SSCNX.

Performance

SSAFX vs. SSCNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Aggregate Bond Index Portfolio (SSAFX) and State Street Target Retirement 2040 Fund (SSCNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSAFX achieves a 0.42% return, which is significantly lower than SSCNX's 10.08% return. Over the past 10 years, SSAFX has outperformed SSCNX with an annualized return of 27.83%, while SSCNX has yielded a comparatively lower 10.26% annualized return.

SSAFX

• 1D: 0.05%
• 1M: 0.49%
• YTD: 0.42%
• 6M: 0.33%
• 1Y: 5.39%
• 3Y*: 3.90%
• 5Y*: 0.09%
• 10Y*: 27.83%

SSCNX

• 1D: 0.41%
• 1M: 4.29%
• YTD: 10.08%
• 6M: 10.69%
• 1Y: 24.06%
• 3Y*: 16.53%
• 5Y*: 7.69%
• 10Y*: 10.26%

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

SSAFX vs. SSCNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSAFX State Street Aggregate Bond Index Portfolio	0.42%	6.81%	1.34%	5.61%	-13.30%	-1.72%	978.57%	8.69%	-0.12%	3.38%
SSCNX State Street Target Retirement 2040 Fund	10.08%	19.00%	11.21%	17.68%	-18.55%	11.75%	18.72%	24.61%	-7.45%	18.32%

Correlation

The correlation between SSAFX and SSCNX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Oct 2, 2014	0.09

Over the past year, SSAFX and SSCNX have become more correlated (0.44) than their long-term average of 0.09, meaning their price movements have been converging.

Return for Risk

SSAFX vs. SSCNX — Risk / Return Rank

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

SSAFX

SSAFX Risk / Return Rank: 26
SSAFX Sharpe Ratio Rank: 26
SSAFX Sortino Ratio Rank: 27
SSAFX Omega Ratio Rank: 24
SSAFX Calmar Ratio Rank: 27
SSAFX Martin Ratio Rank: 24

SSCNX

SSCNX Risk / Return Rank: 71
SSCNX Sharpe Ratio Rank: 77
SSCNX Sortino Ratio Rank: 74
SSCNX Omega Ratio Rank: 75
SSCNX Calmar Ratio Rank: 63
SSCNX Martin Ratio Rank: 68

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.

SSAFX vs. SSCNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Aggregate Bond Index Portfolio (SSAFX) and State Street Target Retirement 2040 Fund (SSCNX). 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.

	SSAFX	SSCNX	Difference
Sharpe ratio: Return per unit of total volatility	1.45	2.54	-1.09
Sortino ratio: Return per unit of downside risk	2.17	3.59	-1.43
Omega ratio: Gain probability vs. loss probability	1.26	1.49	-0.23
Calmar ratio: Return relative to maximum drawdown	1.96	3.07	-1.10
Martin ratio: Return relative to average drawdown	6.00	13.19	-7.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSAFX vs. SSCNX - Sharpe Ratio Comparison

The current SSAFX Sharpe Ratio is 1.45, which is lower than the SSCNX Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of SSAFX and SSCNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SSAFX	SSCNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	2.54	-1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.61	-0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.10	0.76	-0.66
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.69	-0.60

Drawdowns

SSAFX vs. SSCNX - Drawdown Comparison

The maximum SSAFX drawdown since its inception was -18.74%, smaller than the maximum SSCNX drawdown of -27.49%. Use the drawdown chart below to compare losses from any high point for SSAFX and SSCNX.

Drawdown Indicators

	SSAFX	SSCNX	Difference
Max Drawdown Largest peak-to-trough decline	-18.74%	-27.49%	+8.75%
Max Drawdown (1Y) Largest decline over 1 year	-2.74%	-7.96%	+5.22%
Max Drawdown (3Y) Largest decline over 3 years	-6.09%	-12.72%	+6.63%
Max Drawdown (5Y) Largest decline over 5 years	-18.10%	-26.14%	+8.04%
Max Drawdown (10Y) Largest decline over 10 years	-18.74%	-27.49%	+8.75%
Current Drawdown Current decline from peak	-2.62%	0.00%	-2.62%
Average Drawdown Average peak-to-trough decline	-4.41%	-4.77%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	1.85%	-0.95%

Volatility

SSAFX vs. SSCNX - Volatility Comparison

The current volatility for State Street Aggregate Bond Index Portfolio (SSAFX) is 1.29%, while State Street Target Retirement 2040 Fund (SSCNX) has a volatility of 3.08%. This indicates that SSAFX experiences smaller price fluctuations and is considered to be less risky than SSCNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSAFX	SSCNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	3.08%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	7.75%	-5.10%
Volatility (1Y) Calculated over the trailing 1-year period	3.74%	9.63%	-5.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.95%	12.73%	-6.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	277.51%	13.47%	+264.04%

SSAFX vs. SSCNX - Expense Ratio Comparison

SSAFX has a 0.02% expense ratio, which is lower than SSCNX's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SSAFX vs. SSCNX - Dividend Comparison

SSAFX's dividend yield for the trailing twelve months is around 4.16%, less than SSCNX's 6.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SSAFX State Street Aggregate Bond Index Portfolio	4.16%	3.70%	3.76%	3.16%	2.49%	1.90%	2.41%	2.88%	2.82%	2.42%	2.21%	3.21%
SSCNX State Street Target Retirement 2040 Fund	6.55%	7.21%	4.97%	3.78%	5.39%	5.58%	4.63%	6.31%	5.11%	0.38%	1.77%	1.96%

Frequently Asked Questions

Can I hold both SSAFX and SSCNX in my portfolio?

SSAFX and SSCNX have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSAFX or SSCNX?

SSCNX has higher volatility (3.08%) compared to SSAFX (1.29%). In terms of maximum drawdown, SSAFX dropped -18.74% vs SSCNX's -27.49%.

Which has better risk-adjusted returns?

SSCNX currently has the higher Sharpe Ratio (2.54 vs 1.45), 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.