SSGJX vs. SSHQX

Last updated Jun 26, 2026

SSGJX (State Street Global All Cap Equity ex-U.S. Index Fund) and SSHQX (State Street Hedged International Developed Equity Index Fund) are both Foreign Large Cap Equities funds from State Street. Over the past 10 years, SSGJX returned 10.04%/yr vs 13.10%/yr for SSHQX. Their correlation of 0.84 suggests significant overlap in exposure. SSGJX charges 0.27%/yr vs 0.20%/yr for SSHQX.

Performance

SSGJX vs. SSHQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Global All Cap Equity ex-U.S. Index Fund (SSGJX) and State Street Hedged International Developed Equity Index Fund (SSHQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SSGJX having a 12.51% return and SSHQX slightly lower at 11.96%. Over the past 10 years, SSGJX has underperformed SSHQX with an annualized return of 10.04%, while SSHQX has yielded a comparatively higher 13.10% annualized return.

SSGJX

• 1D: -0.36%
• 1M: -0.91%
• YTD: 12.51%
• 6M: 12.63%
• 1Y: 28.00%
• 3Y*: 18.80%
• 5Y*: 8.08%
• 10Y*: 10.04%

SSHQX

• 1D: -0.04%
• 1M: 1.59%
• YTD: 11.96%
• 6M: 12.39%
• 1Y: 28.16%
• 3Y*: 18.93%
• 5Y*: 13.41%
• 10Y*: 13.10%

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

SSGJX vs. SSHQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSGJX State Street Global All Cap Equity ex-U.S. Index Fund	12.51%	32.51%	4.92%	15.59%	-16.57%	8.21%	10.93%	21.27%	-14.19%	27.00%
SSHQX State Street Hedged International Developed Equity Index Fund	11.96%	23.42%	13.71%	19.74%	-4.73%	19.32%	2.47%	24.83%	-9.27%	16.85%

Correlation

The correlation between SSGJX and SSHQX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.84

The correlation between SSGJX and SSHQX has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

Return for Risk

SSGJX vs. SSHQX — Risk / Return Rank

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

SSGJX

SSGJX Risk / Return Rank: 60
SSGJX Sharpe Ratio Rank: 63
SSGJX Sortino Ratio Rank: 60
SSGJX Omega Ratio Rank: 66
SSGJX Calmar Ratio Rank: 55
SSGJX Martin Ratio Rank: 55

SSHQX

SSHQX Risk / Return Rank: 77
SSHQX Sharpe Ratio Rank: 80
SSHQX Sortino Ratio Rank: 78
SSHQX Omega Ratio Rank: 80
SSHQX Calmar Ratio Rank: 72
SSHQX Martin Ratio Rank: 76

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.

SSGJX vs. SSHQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Global All Cap Equity ex-U.S. Index Fund (SSGJX) 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.

	SSGJX	SSHQX	Difference
Sharpe ratio: Return per unit of total volatility	1.92	2.24	-0.32
Sortino ratio: Return per unit of downside risk	2.65	3.13	-0.48
Omega ratio: Gain probability vs. loss probability	1.37	1.44	-0.07
Calmar ratio: Return relative to maximum drawdown	2.48	2.86	-0.38
Martin ratio: Return relative to average drawdown	9.47	11.93	-2.46

SSGJX vs. SSHQX - Sharpe Ratio Comparison

The current SSGJX Sharpe Ratio is 1.92, which is comparable to the SSHQX Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of SSGJX 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

SSGJX vs. SSHQX - Drawdown Comparison

The maximum SSGJX drawdown since its inception was -36.15%, which is greater than SSHQX's maximum drawdown of -31.84%. Use the drawdown chart below to compare losses from any high point for SSGJX and SSHQX.

Drawdown Indicators

	SSGJX	SSHQX	Difference
Max Drawdown Largest peak-to-trough decline	-36.15%	-31.84%	-4.31%
Max Drawdown (1Y) Largest decline over 1 year	-11.23%	-9.69%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-13.61%	-13.99%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-30.19%	-14.79%	-15.40%
Max Drawdown (10Y) Largest decline over 10 years	-36.15%	-31.84%	-4.31%
Current Drawdown Current decline from peak	-2.66%	-1.30%	-1.36%
Average Drawdown Average peak-to-trough decline	-8.29%	-3.34%	-4.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	2.32%	+0.62%

Volatility

SSGJX vs. SSHQX - Volatility Comparison

State Street Global All Cap Equity ex-U.S. Index Fund (SSGJX) has a higher volatility of 6.20% compared to State Street Hedged International Developed Equity Index Fund (SSHQX) at 4.09%. This indicates that SSGJX'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

	SSGJX	SSHQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	4.09%	+2.11%
Volatility (6M) Calculated over the trailing 6-month period	12.60%	10.26%	+2.34%
Volatility (1Y) Calculated over the trailing 1-year period	14.58%	12.35%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.93%	13.50%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	15.02%	+0.73%

SSGJX vs. SSHQX - Expense Ratio Comparison

SSGJX has a 0.27% expense ratio, which is higher than SSHQX's 0.20% 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

SSGJX vs. SSHQX - Dividend Comparison

SSGJX's dividend yield for the trailing twelve months is around 3.86%, more than SSHQX's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SSGJX State Street Global All Cap Equity ex-U.S. Index Fund	3.86%	4.34%	4.43%	2.93%	2.73%	4.07%	1.57%	4.69%	8.03%	3.98%	1.52%	2.09%
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 SSGJX and SSHQX in my portfolio?

SSGJX and SSHQX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSGJX or SSHQX?

SSGJX has higher volatility (6.20%) compared to SSHQX (4.09%). In terms of maximum drawdown, SSGJX dropped -36.15% vs SSHQX's -31.84%.

Which has better risk-adjusted returns?

SSHQX currently has the higher Sharpe Ratio (2.24 vs 1.92), 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.