SSMAX vs. SPIIX

Last updated Jun 3, 2026

SSMAX (SEI Institutional Investments Trust Small/Mid Cap Equity Fund) and SPIIX (SEI S&P 500 Index Fund Class I) are both mutual funds - SSMAX is a Small Cap Blend Equities fund managed by SEI, while SPIIX is a Large Cap Blend Equities fund tracking the S&P 500 Index. Over the past 10 years, SSMAX returned 9.04%/yr vs 14.89%/yr for SPIIX. Their correlation of 0.88 suggests significant overlap in exposure. SSMAX charges 0.72%/yr vs 0.65%/yr for SPIIX.

Performance

SSMAX vs. SPIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Investments Trust Small/Mid Cap Equity Fund (SSMAX) and SEI S&P 500 Index Fund Class I (SPIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SSMAX having a 10.90% return and SPIIX slightly higher at 11.33%. Over the past 10 years, SSMAX has underperformed SPIIX with an annualized return of 9.04%, while SPIIX has yielded a comparatively higher 14.89% annualized return.

SSMAX

• 1D: -0.09%
• 1M: 0.66%
• YTD: 10.90%
• 6M: 11.36%
• 1Y: 19.98%
• 3Y*: 12.04%
• 5Y*: 4.53%
• 10Y*: 9.04%

SPIIX

• 1D: 0.12%
• 1M: 5.72%
• YTD: 11.33%
• 6M: 11.21%
• 1Y: 27.96%
• 3Y*: 21.87%
• 5Y*: 13.46%
• 10Y*: 14.89%

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

SSMAX vs. SPIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSMAX SEI Institutional Investments Trust Small/Mid Cap Equity Fund	10.90%	3.70%	11.72%	12.41%	-17.84%	25.88%	12.25%	25.52%	-11.36%	13.53%
SPIIX SEI S&P 500 Index Fund Class I	11.33%	16.97%	24.11%	25.49%	-18.84%	28.04%	17.66%	30.72%	-5.00%	21.06%

Correlation

The correlation between SSMAX and SPIIX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Sep 5, 2007	0.88

The correlation between SSMAX and SPIIX shifts across timeframes, from 0.78 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SSMAX vs. SPIIX — Risk / Return Rank

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

SSMAX

SSMAX Risk / Return Rank: 26
SSMAX Sharpe Ratio Rank: 21
SSMAX Sortino Ratio Rank: 22
SSMAX Omega Ratio Rank: 20
SSMAX Calmar Ratio Rank: 35
SSMAX Martin Ratio Rank: 33

SPIIX

SPIIX Risk / Return Rank: 68
SPIIX Sharpe Ratio Rank: 70
SPIIX Sortino Ratio Rank: 62
SPIIX Omega Ratio Rank: 63
SPIIX Calmar Ratio Rank: 69
SPIIX Martin Ratio Rank: 79

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.

SSMAX vs. SPIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust Small/Mid Cap Equity Fund (SSMAX) and SEI S&P 500 Index Fund Class I (SPIIX). 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.

	SSMAX	SPIIX	Difference
Sharpe ratio Return per unit of total volatility	1.32	2.44	-1.12
Sortino ratio Return per unit of downside risk	1.99	3.31	-1.32
Omega ratio Gain probability vs. loss probability	1.24	1.44	-0.21
Calmar ratio Return relative to maximum drawdown	2.25	3.20	-0.95
Martin ratio Return relative to average drawdown	7.53	14.82	-7.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSMAX vs. SPIIX - Sharpe Ratio Comparison

The current SSMAX Sharpe Ratio is 1.32, which is lower than the SPIIX Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of SSMAX and SPIIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SSMAX	SPIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	2.44	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.73	-0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.79	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.57	-0.23

Drawdowns

SSMAX vs. SPIIX - Drawdown Comparison

The maximum SSMAX drawdown since its inception was -58.31%, roughly equal to the maximum SPIIX drawdown of -55.78%. Use the drawdown chart below to compare losses from any high point for SSMAX and SPIIX.

Drawdown Indicators

	SSMAX	SPIIX	Difference
Max Drawdown Largest peak-to-trough decline	-58.31%	-55.78%	-2.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-9.02%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-24.61%	-25.70%	+1.09%
Max Drawdown (5Y) Largest decline over 5 years	-26.45%	-25.70%	-0.75%
Max Drawdown (10Y) Largest decline over 10 years	-41.23%	-33.85%	-7.38%
Current Drawdown Current decline from peak	-1.29%	0.00%	-1.29%
Average Drawdown Average peak-to-trough decline	-9.77%	-7.28%	-2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	1.94%	+0.68%

Volatility

SSMAX vs. SPIIX - Volatility Comparison

SEI Institutional Investments Trust Small/Mid Cap Equity Fund (SSMAX) has a higher volatility of 4.11% compared to SEI S&P 500 Index Fund Class I (SPIIX) at 2.83%. This indicates that SSMAX's price experiences larger fluctuations and is considered to be riskier than SPIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSMAX	SPIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	2.83%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	8.94%	+1.95%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	11.83%	+3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.20%	18.44%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	18.87%	+1.88%

SSMAX vs. SPIIX - Expense Ratio Comparison

SSMAX has a 0.72% expense ratio, which is higher than SPIIX's 0.65% expense ratio.

Dividends

SSMAX vs. SPIIX - Dividend Comparison

SSMAX's dividend yield for the trailing twelve months is around 6.97%, less than SPIIX's 7.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPIIX SEI S&P 500 Index Fund Class I	7.57%	8.42%	12.20%	4.10%	10.27%	7.03%	5.78%	4.04%	3.90%	2.08%	4.34%	1.53%
SSMAX SEI Institutional Investments Trust Small/Mid Cap Equity Fund	6.97%	7.73%	7.95%	1.02%	7.76%	29.28%	3.90%	6.69%	25.14%	12.23%	4.94%	17.42%

Frequently Asked Questions

Can I hold both SSMAX and SPIIX in my portfolio?

SSMAX and SPIIX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSMAX or SPIIX?

SSMAX has higher volatility (4.11%) compared to SPIIX (2.83%). In terms of maximum drawdown, SSMAX dropped -58.31% vs SPIIX's -55.78%.

Which has better risk-adjusted returns?

SPIIX currently has the higher Sharpe Ratio (2.44 vs 1.32), 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.