SSFNX vs. SSAFX

Last updated Jun 25, 2026

SSFNX (State Street Target Retirement Fund) and SSAFX (State Street Aggregate Bond Index Portfolio) are both mutual funds - SSFNX is a Target Retirement Date fund managed by State Street, while SSAFX is a Intermediate Core Bond fund managed by State Street. Over the past 10 years, SSFNX returned 5.87%/yr vs 27.76%/yr for SSAFX. At a 0.26 correlation, their price movements are largely independent. SSFNX charges 0.10%/yr vs 0.02%/yr for SSAFX.

Performance

SSFNX vs. SSAFX - Performance Comparison

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

Returns By Period

In the year-to-date period, SSFNX achieves a 4.51% return, which is significantly higher than SSAFX's 0.45% return. Over the past 10 years, SSFNX has underperformed SSAFX with an annualized return of 5.87%, while SSAFX has yielded a comparatively higher 27.76% annualized return.

SSFNX

• 1D: -0.51%
• 1M: -0.25%
• YTD: 4.51%
• 6M: 4.05%
• 1Y: 10.55%
• 3Y*: 9.53%
• 5Y*: 4.24%
• 10Y*: 5.87%

SSAFX

• 1D: 0.12%
• 1M: 0.73%
• YTD: 0.45%
• 6M: 0.37%
• 1Y: 4.01%
• 3Y*: 3.84%
• 5Y*: -0.04%
• 10Y*: 27.76%

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

SSFNX vs. SSAFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSFNX State Street Target Retirement Fund	4.51%	10.93%	7.05%	10.73%	-12.21%	6.87%	10.26%	13.97%	-2.49%	8.92%
SSAFX State Street Aggregate Bond Index Portfolio	0.45%	6.81%	1.34%	5.61%	-13.30%	-1.72%	978.57%	8.69%	-0.12%	3.38%

Correlation

The correlation between SSFNX and SSAFX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Oct 1, 2014	0.26

Over the past year, SSFNX and SSAFX have become more correlated (0.58) than their long-term average of 0.26, meaning their price movements have been converging.

Return for Risk

SSFNX vs. SSAFX — Risk / Return Rank

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

SSFNX

SSFNX Risk / Return Rank: 78
SSFNX Sharpe Ratio Rank: 78
SSFNX Sortino Ratio Rank: 77
SSFNX Omega Ratio Rank: 80
SSFNX Calmar Ratio Rank: 74
SSFNX Martin Ratio Rank: 82

SSAFX

SSAFX Risk / Return Rank: 22
SSAFX Sharpe Ratio Rank: 22
SSAFX Sortino Ratio Rank: 23
SSAFX Omega Ratio Rank: 20
SSAFX Calmar Ratio Rank: 23
SSAFX Martin Ratio Rank: 20

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.

SSFNX vs. SSAFX - Risk-Adjusted Trends Comparison

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

	SSFNX	SSAFX	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.19	+1.16
Sortino ratio: Return per unit of downside risk	3.34	1.78	+1.56
Omega ratio: Gain probability vs. loss probability	1.47	1.21	+0.26
Calmar ratio: Return relative to maximum drawdown	3.15	1.59	+1.56
Martin ratio: Return relative to average drawdown	13.92	4.55	+9.37

SSFNX vs. SSAFX - Sharpe Ratio Comparison

The current SSFNX Sharpe Ratio is 2.35, which is higher than the SSAFX Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of SSFNX and SSAFX, 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

SSFNX vs. SSAFX - Drawdown Comparison

The maximum SSFNX drawdown since its inception was -16.62%, smaller than the maximum SSAFX drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for SSFNX and SSAFX.

Drawdown Indicators

	SSFNX	SSAFX	Difference
Max Drawdown Largest peak-to-trough decline	-16.62%	-18.74%	+2.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.52%	-2.74%	-0.78%
Max Drawdown (3Y) Largest decline over 3 years	-5.40%	-6.09%	+0.69%
Max Drawdown (5Y) Largest decline over 5 years	-16.62%	-18.10%	+1.48%
Max Drawdown (10Y) Largest decline over 10 years	-16.62%	-18.74%	+2.12%
Current Drawdown Current decline from peak	-1.01%	-2.58%	+1.57%
Average Drawdown Average peak-to-trough decline	-2.51%	-4.40%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.96%	-0.16%

Volatility

SSFNX vs. SSAFX - Volatility Comparison

State Street Target Retirement Fund (SSFNX) has a higher volatility of 2.00% compared to State Street Aggregate Bond Index Portfolio (SSAFX) at 1.08%. This indicates that SSFNX's price experiences larger fluctuations and is considered to be riskier than SSAFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSFNX	SSAFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.00%	1.08%	+0.92%
Volatility (6M) Calculated over the trailing 6-month period	3.94%	2.73%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.73%	3.69%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	5.95%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.57%	277.57%	-271.00%

SSFNX vs. SSAFX - Expense Ratio Comparison

SSFNX has a 0.10% expense ratio, which is higher than SSAFX's 0.02% 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

SSFNX vs. SSAFX - Dividend Comparison

SSFNX's dividend yield for the trailing twelve months is around 4.65%, more than SSAFX's 4.16% 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%
SSFNX State Street Target Retirement Fund	4.65%	4.86%	5.78%	5.26%	5.12%	6.69%	1.61%	3.35%	4.40%	2.72%	1.84%	2.05%

Frequently Asked Questions

Can I hold both SSFNX and SSAFX in my portfolio?

SSFNX and SSAFX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSFNX or SSAFX?

SSFNX has higher volatility (2.00%) compared to SSAFX (1.08%). In terms of maximum drawdown, SSFNX dropped -16.62% vs SSAFX's -18.74%.

Which has better risk-adjusted returns?

SSFNX currently has the higher Sharpe Ratio (2.35 vs 1.19), 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.