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SSASX vs. MDVAX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SSASX vs. MDVAX

Last updated Jun 23, 2026

SSASX (State Street Income Fund) and MDVAX (MassMutual Diversified Bond Fund) are both Intermediate Core-Plus Bond funds. Over the past 5 years, SSASX returned -0.82%/yr vs 0.17%/yr for MDVAX. Their correlation of 0.92 suggests significant overlap in exposure. SSASX charges 0.20%/yr vs 1.07%/yr for MDVAX.

Performance

SSASX vs. MDVAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Income Fund (SSASX) and MassMutual Diversified Bond Fund (MDVAX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

SSASX

1D
0.20%
1M
0.97%
YTD
-0.00%
6M
0.42%
1Y
4.47%
3Y*
2.98%
5Y*
-0.82%
10Y*
—

MDVAX

1D
0.00%
1M
0.84%
YTD
2.59%
6M
3.06%
1Y
7.64%
3Y*
5.91%
5Y*
0.17%
10Y*
2.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SSASX vs. MDVAX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
SSASX
State Street Income Fund		-0.00%7.49%-0.95%4.83%-13.74%0.59%
MDVAX
MassMutual Diversified Bond Fund		2.59%8.40%2.47%5.81%-17.01%2.15%

Correlation

The correlation between SSASX and MDVAX is 0.86, 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

0.86

Correlation (3Y)
Calculated over the trailing 3-year period

0.93

Correlation (5Y)
Calculated over the trailing 5-year period

0.92

Correlation (All Time)
Calculated using the full available price history since May 24, 2021

0.92

The correlation between SSASX and MDVAX has been stable across timeframes, ranging from 0.86 to 0.93 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street Income Fund

MassMutual Diversified Bond Fund

Often compared with SSASX:
SSASX vs. BLKSSASX vs. VTISSASX vs. AIMNXSSASX vs. DBLFXSSASX vs. CGBIXSSASX vs. SAVYXSSASX vs. QDVO
Often compared with MDVAX:
MDVAX vs. ARINXMDVAX vs. MGFAXMDVAX vs. FRIAXMDVAX vs. MCBDXMDVAX vs. MWIGXMDVAX vs. AMFIXMDVAX vs. DCPYX

Return for Risk

SSASX vs. MDVAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SSASX
SSASX Risk / Return Rank: 1717
Overall Rank
SSASX Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
SSASX Sortino Ratio Rank: 1818
Sortino Ratio Rank
SSASX Omega Ratio Rank: 1616
Omega Ratio Rank
SSASX Calmar Ratio Rank: 1616
Calmar Ratio Rank
SSASX Martin Ratio Rank: 1414
Martin Ratio Rank
MDVAX
MDVAX Risk / Return Rank: 8383
Overall Rank
MDVAX Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
MDVAX Sortino Ratio Rank: 8989
Sortino Ratio Rank
MDVAX Omega Ratio Rank: 8181
Omega Ratio Rank
MDVAX Calmar Ratio Rank: 8080
Calmar Ratio Rank
MDVAX Martin Ratio Rank: 8484
Martin Ratio Rank
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.

SSASX vs. MDVAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Income Fund (SSASX) and MassMutual Diversified Bond Fund (MDVAX). 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.

SSASXMDVAXDifference
Sharpe ratioReturn per unit of total volatility
1.11
2.41

-1.30

Sortino ratioReturn per unit of downside risk
1.67
4.00

-2.33

Omega ratioGain probability vs. loss probability

1.20

1.49

-0.29

Calmar ratioReturn relative to maximum drawdown

1.34

3.46

-2.12

Martin ratioReturn relative to average drawdown

3.76

14.62

-10.87

SSASX vs. MDVAX - Sharpe Ratio Comparison

The current SSASX Sharpe Ratio is 1.11, which is lower than the MDVAX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of SSASX and MDVAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

SSASX vs. MDVAX - Drawdown Comparison

The maximum SSASX drawdown since its inception was -19.65%, smaller than the maximum MDVAX drawdown of -23.02%. Use the drawdown chart below to compare losses from any high point for SSASX and MDVAX.

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Drawdown Indicators

SSASXMDVAXDifference

Max Drawdown

Largest peak-to-trough decline

-19.65%

-23.02%

+3.37%

Max Drawdown (1Y)

Largest decline over 1 year

-3.42%

-2.21%

-1.21%

Max Drawdown (3Y)

Largest decline over 3 years

-7.97%

-5.44%

-2.53%

Max Drawdown (5Y)

Largest decline over 5 years

-19.65%

-23.02%

+3.37%

Max Drawdown (10Y)

Largest decline over 10 years

—

-23.02%

—

Current Drawdown

Current decline from peak

-5.26%

-3.38%

-1.88%

Average Drawdown

Average peak-to-trough decline

-9.63%

-3.47%

-6.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.22%

0.52%

+0.70%

Volatility

SSASX vs. MDVAX - Volatility Comparison

State Street Income Fund (SSASX) has a higher volatility of 1.26% compared to MassMutual Diversified Bond Fund (MDVAX) at 0.78%. This indicates that SSASX's price experiences larger fluctuations and is considered to be riskier than MDVAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SSASXMDVAXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.26%

0.78%

+0.48%

Volatility (6M)

Calculated over the trailing 6-month period

2.98%

2.15%

+0.83%

Volatility (1Y)

Calculated over the trailing 1-year period

4.12%

3.18%

+0.94%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.50%

6.46%

+0.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.47%

5.27%

+1.20%

SSASX vs. MDVAX - Expense Ratio Comparison

SSASX has a 0.20% expense ratio, which is lower than MDVAX's 1.07% expense ratio.

Dividends

SSASX vs. MDVAX - Dividend Comparison

SSASX's dividend yield for the trailing twelve months is around 4.00%, which matches MDVAX's 3.99% yield.

PositionTTM20252024202320222021202020192018201720162015
MDVAX
MassMutual Diversified Bond Fund		3.99%3.91%2.45%4.87%3.76%4.06%7.20%2.90%2.86%2.64%2.11%0.53%
SSASX
State Street Income Fund		4.00%4.01%2.76%2.86%2.48%3.77%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SSASX and MDVAX have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SSASX has higher volatility (1.26%) compared to MDVAX (0.78%). In terms of maximum drawdown, SSASX dropped -19.65% vs MDVAX's -23.02%.

MDVAX currently has the higher Sharpe Ratio (2.41 vs 1.11), 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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