SSDJX vs. SPY

Last updated Jun 24, 2026

SSDJX (State Street Target Retirement 2050 Fund) and SPY (State Street SPDR S&P 500 ETF) are both funds - SSDJX is a Target Retirement Date fund managed by State Street, while SPY is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, SSDJX returned 11.39%/yr vs 15.53%/yr for SPY. Their correlation of 0.92 suggests significant overlap in exposure. SSDJX charges 0.21%/yr vs 0.09%/yr for SPY.

Performance

SSDJX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Target Retirement 2050 Fund (SSDJX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSDJX achieves a 11.24% return, which is significantly higher than SPY's 8.15% return. Over the past 10 years, SSDJX has underperformed SPY with an annualized return of 11.39%, while SPY has yielded a comparatively higher 15.53% annualized return.

SSDJX

• 1D: -0.11%
• 1M: 1.79%
• YTD: 11.24%
• 6M: 10.53%
• 1Y: 25.64%
• 3Y*: 17.90%
• 5Y*: 8.41%
• 10Y*: 11.39%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

SSDJX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSDJX State Street Target Retirement 2050 Fund	11.24%	20.71%	12.35%	19.18%	-19.24%	13.12%	19.69%	25.73%	-8.12%	18.90%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between SSDJX and SPY is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014	0.92

The correlation between SSDJX and SPY has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

SSDJX vs. SPY — Risk / Return Rank

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

SSDJX

SSDJX Risk / Return Rank: 70
SSDJX Sharpe Ratio Rank: 72
SSDJX Sortino Ratio Rank: 68
SSDJX Omega Ratio Rank: 73
SSDJX Calmar Ratio Rank: 68
SSDJX Martin Ratio Rank: 70

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

SSDJX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Target Retirement 2050 Fund (SSDJX) and State Street SPDR S&P 500 ETF (SPY). 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.

	SSDJX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.90	+0.38
Sortino ratio: Return per unit of downside risk	3.15	2.58	+0.56
Omega ratio: Gain probability vs. loss probability	1.44	1.34	+0.09
Calmar ratio: Return relative to maximum drawdown	3.03	2.67	+0.37
Martin ratio: Return relative to average drawdown	12.67	11.92	+0.75

SSDJX vs. SPY - Sharpe Ratio Comparison

The current SSDJX Sharpe Ratio is 2.28, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SSDJX and SPY, 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

SSDJX vs. SPY - Drawdown Comparison

The maximum SSDJX drawdown since its inception was -29.95%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SSDJX and SPY.

Drawdown Indicators

	SSDJX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-29.95%	-55.19%	+25.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-8.88%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	-14.70%	-18.76%	+4.06%
Max Drawdown (5Y) Largest decline over 5 years	-27.45%	-24.50%	-2.95%
Max Drawdown (10Y) Largest decline over 10 years	-29.95%	-33.72%	+3.77%
Current Drawdown Current decline from peak	-0.37%	-3.17%	+2.80%
Average Drawdown Average peak-to-trough decline	-5.03%	-9.04%	+4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.98%	+0.10%

Volatility

SSDJX vs. SPY - Volatility Comparison

The current volatility for State Street Target Retirement 2050 Fund (SSDJX) is 4.61%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that SSDJX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSDJX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	4.87%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	9.62%	9.85%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	11.64%	12.50%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.23%	17.15%	-2.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.81%	17.95%	-3.14%

SSDJX vs. SPY - Expense Ratio Comparison

SSDJX has a 0.21% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SSDJX vs. SPY - Dividend Comparison

SSDJX's dividend yield for the trailing twelve months is around 5.44%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
SSDJX State Street Target Retirement 2050 Fund	5.44%	6.05%	4.63%	3.13%	5.47%	4.87%	4.13%	6.79%	5.05%	0.45%	1.73%	1.86%

Frequently Asked Questions

Can I hold both SSDJX and SPY in my portfolio?

With a correlation of 0.91, SSDJX and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SSDJX or SPY?

SPY has higher volatility (4.87%) compared to SSDJX (4.61%). In terms of maximum drawdown, SSDJX dropped -29.95% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SSDJX currently has the higher Sharpe Ratio (2.28 vs 1.90), 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.