SSCNX vs. SSASX

Last updated Jun 25, 2026

SSCNX (State Street Target Retirement 2040 Fund) and SSASX (State Street Income Fund) are both mutual funds - SSCNX is a Target Retirement Date fund managed by State Street, while SSASX is a Intermediate Core-Plus Bond fund managed by State Street. Over the past 5 years, SSCNX returned 7.06%/yr vs -0.80%/yr for SSASX. At a 0.31 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

SSCNX vs. SSASX - Performance Comparison

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

Returns By Period

In the year-to-date period, SSCNX achieves a 8.17% return, which is significantly higher than SSASX's -0.21% return.

SSCNX

• 1D: -1.34%
• 1M: 0.18%
• YTD: 8.17%
• 6M: 7.35%
• 1Y: 19.57%
• 3Y*: 15.58%
• 5Y*: 7.06%
• 10Y*: 10.41%

SSASX

• 1D: 0.10%
• 1M: 0.77%
• YTD: -0.21%
• 6M: 0.02%
• 1Y: 3.73%
• 3Y*: 2.91%
• 5Y*: -0.80%
• 10Y*: —

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

SSCNX vs. SSASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SSCNX State Street Target Retirement 2040 Fund	8.17%	19.00%	11.21%	17.68%	-18.55%	5.08%
SSASX State Street Income Fund	-0.21%	7.49%	-0.95%	4.83%	-13.74%	0.59%

Correlation

The correlation between SSCNX and SSASX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (All Time) Calculated using the full available price history since May 24, 2021	0.31

The correlation between SSCNX and SSASX shifts across timeframes, from 0.31 (all time) to 0.42 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SSCNX vs. SSASX — Risk / Return Rank

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

SSCNX

SSCNX Risk / Return Rank: 59
SSCNX Sharpe Ratio Rank: 60
SSCNX Sortino Ratio Rank: 58
SSCNX Omega Ratio Rank: 62
SSCNX Calmar Ratio Rank: 55
SSCNX Martin Ratio Rank: 61

SSASX

SSASX Risk / Return Rank: 15
SSASX Sharpe Ratio Rank: 16
SSASX Sortino Ratio Rank: 17
SSASX Omega Ratio Rank: 15
SSASX Calmar Ratio Rank: 15
SSASX Martin Ratio Rank: 14

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.

SSCNX vs. SSASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Target Retirement 2040 Fund (SSCNX) and State Street Income Fund (SSASX). 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.

	SSCNX	SSASX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	0.98	+1.05
Sortino ratio: Return per unit of downside risk	2.85	1.47	+1.38
Omega ratio: Gain probability vs. loss probability	1.39	1.17	+0.22
Calmar ratio: Return relative to maximum drawdown	2.65	1.19	+1.46
Martin ratio: Return relative to average drawdown	11.16	3.28	+7.88

SSCNX vs. SSASX - Sharpe Ratio Comparison

The current SSCNX Sharpe Ratio is 2.04, which is higher than the SSASX Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of SSCNX and SSASX, 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

SSCNX vs. SSASX - Drawdown Comparison

The maximum SSCNX drawdown since its inception was -27.49%, which is greater than SSASX's maximum drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for SSCNX and SSASX.

Drawdown Indicators

	SSCNX	SSASX	Difference
Max Drawdown Largest peak-to-trough decline	-27.49%	-19.65%	-7.84%
Max Drawdown (1Y) Largest decline over 1 year	-7.96%	-3.42%	-4.54%
Max Drawdown (3Y) Largest decline over 3 years	-12.72%	-7.97%	-4.75%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-19.65%	-6.49%
Max Drawdown (10Y) Largest decline over 10 years	-27.49%	—	—
Current Drawdown Current decline from peak	-1.74%	-5.45%	+3.71%
Average Drawdown Average peak-to-trough decline	-4.75%	-9.62%	+4.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	1.24%	+0.65%

Volatility

SSCNX vs. SSASX - Volatility Comparison

State Street Target Retirement 2040 Fund (SSCNX) has a higher volatility of 4.38% compared to State Street Income Fund (SSASX) at 1.18%. This indicates that SSCNX's price experiences larger fluctuations and is considered to be riskier than SSASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSCNX	SSASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	1.18%	+3.20%
Volatility (6M) Calculated over the trailing 6-month period	8.65%	2.99%	+5.66%
Volatility (1Y) Calculated over the trailing 1-year period	10.38%	4.14%	+6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.85%	6.50%	+6.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.45%	6.47%	+6.98%

SSCNX vs. SSASX - Expense Ratio Comparison

Both SSCNX and SSASX have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SSCNX vs. SSASX - Dividend Comparison

SSCNX's dividend yield for the trailing twelve months is around 6.66%, more than SSASX's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SSASX State Street Income Fund	4.01%	4.01%	2.76%	2.86%	2.48%	3.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SSCNX State Street Target Retirement 2040 Fund	6.66%	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 SSCNX and SSASX in my portfolio?

SSCNX and SSASX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSCNX or SSASX?

SSCNX has higher volatility (4.38%) compared to SSASX (1.18%). In terms of maximum drawdown, SSCNX dropped -27.49% vs SSASX's -19.65%.

Which has better risk-adjusted returns?

SSCNX currently has the higher Sharpe Ratio (2.04 vs 0.98), 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.