SSCNX vs. SSHQX

Last updated Jun 25, 2026

SSCNX (State Street Target Retirement 2040 Fund) and SSHQX (State Street Hedged International Developed Equity Index Fund) are both mutual funds - SSCNX is a Target Retirement Date fund managed by State Street, while SSHQX is a Foreign Large Cap Equities fund managed by State Street. Over the past 10 years, SSCNX returned 10.41%/yr vs 13.10%/yr for SSHQX. Their correlation of 0.80 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.

Performance

SSCNX vs. SSHQX - 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 Hedged International Developed Equity Index Fund (SSHQX). 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 lower than SSHQX's 12.01% return. Over the past 10 years, SSCNX has underperformed SSHQX with an annualized return of 10.41%, while SSHQX has yielded a comparatively higher 13.10% annualized 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%

SSHQX

• 1D: -1.26%
• 1M: 2.25%
• YTD: 12.01%
• 6M: 12.44%
• 1Y: 27.62%
• 3Y*: 18.95%
• 5Y*: 13.49%
• 10Y*: 13.10%

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

SSCNX vs. SSHQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSCNX State Street Target Retirement 2040 Fund	8.17%	19.00%	11.21%	17.68%	-18.55%	11.75%	18.72%	24.61%	-7.45%	18.32%
SSHQX State Street Hedged International Developed Equity Index Fund	12.01%	23.42%	13.71%	19.74%	-4.73%	19.32%	2.47%	24.83%	-9.27%	16.85%

Correlation

The correlation between SSCNX and SSHQX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.80

The correlation between SSCNX and SSHQX has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

Return for Risk

SSCNX vs. SSHQX — 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

SSHQX

SSHQX Risk / Return Rank: 72
SSHQX Sharpe Ratio Rank: 76
SSHQX Sortino Ratio Rank: 73
SSHQX Omega Ratio Rank: 77
SSHQX Calmar Ratio Rank: 67
SSHQX Martin Ratio Rank: 70

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. SSHQX - 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 Hedged International Developed Equity Index Fund (SSHQX). 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	SSHQX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.30	-0.27
Sortino ratio: Return per unit of downside risk	2.85	3.21	-0.36
Omega ratio: Gain probability vs. loss probability	1.39	1.45	-0.06
Calmar ratio: Return relative to maximum drawdown	2.65	2.93	-0.28
Martin ratio: Return relative to average drawdown	11.16	12.26	-1.10

SSCNX vs. SSHQX - Sharpe Ratio Comparison

The current SSCNX Sharpe Ratio is 2.04, which is comparable to the SSHQX Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of SSCNX and SSHQX, 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. SSHQX - Drawdown Comparison

The maximum SSCNX drawdown since its inception was -27.49%, smaller than the maximum SSHQX drawdown of -31.84%. Use the drawdown chart below to compare losses from any high point for SSCNX and SSHQX.

Drawdown Indicators

	SSCNX	SSHQX	Difference
Max Drawdown Largest peak-to-trough decline	-27.49%	-31.84%	+4.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.96%	-9.69%	+1.73%
Max Drawdown (3Y) Largest decline over 3 years	-12.72%	-13.99%	+1.27%
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	-14.79%	-11.35%
Max Drawdown (10Y) Largest decline over 10 years	-27.49%	-31.84%	+4.35%
Current Drawdown Current decline from peak	-1.74%	-1.26%	-0.48%
Average Drawdown Average peak-to-trough decline	-4.75%	-3.34%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	2.32%	-0.43%

Volatility

SSCNX vs. SSHQX - Volatility Comparison

State Street Target Retirement 2040 Fund (SSCNX) has a higher volatility of 4.38% compared to State Street Hedged International Developed Equity Index Fund (SSHQX) at 4.12%. This indicates that SSCNX's price experiences larger fluctuations and is considered to be riskier than SSHQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSCNX	SSHQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	4.12%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	8.65%	10.28%	-1.63%
Volatility (1Y) Calculated over the trailing 1-year period	10.38%	12.35%	-1.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.85%	13.50%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.45%	15.02%	-1.57%

SSCNX vs. SSHQX - Expense Ratio Comparison

Both SSCNX and SSHQX 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. SSHQX - Dividend Comparison

SSCNX's dividend yield for the trailing twelve months is around 6.66%, more than SSHQX's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SSHQX State Street Hedged International Developed Equity Index Fund	3.22%	3.60%	3.11%	3.77%	22.27%	2.93%	2.03%	5.14%	7.33%	3.12%	4.30%	0.00%

Frequently Asked Questions

Can I hold both SSCNX and SSHQX in my portfolio?

SSCNX and SSHQX have a correlation of 0.79, 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 SSHQX?

SSCNX has higher volatility (4.38%) compared to SSHQX (4.12%). In terms of maximum drawdown, SSCNX dropped -27.49% vs SSHQX's -31.84%.

Which has better risk-adjusted returns?

SSHQX currently has the higher Sharpe Ratio (2.30 vs 2.04), 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.