SSMGX vs. NEEIX

Last updated Jul 17, 2026

SSMGX (SIT Small Cap Growth Fund) and NEEIX (Needham Growth Fund Institutional Class) are both Mid Cap Growth Equities funds. Over the past 5 years, SSMGX returned 6.22%/yr vs 12.97%/yr for NEEIX. Their correlation of 0.87 suggests significant overlap in exposure. SSMGX charges 1.50%/yr vs 1.21%/yr for NEEIX.

Performance

SSMGX vs. NEEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SIT Small Cap Growth Fund (SSMGX) and Needham Growth Fund Institutional Class (NEEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSMGX achieves a 17.50% return, which is significantly lower than NEEIX's 44.89% return.

SSMGX

• 1D: -0.88%
• 1M: -0.62%
• 6M: 9.98%
• YTD: 17.50%
• 1Y: 27.10%
• 3Y*: 13.73%
• 5Y*: 6.22%
• 10Y*: 10.99%

NEEIX

• 1D: -0.92%
• 1M: -7.32%
• 6M: 27.53%
• YTD: 44.89%
• 1Y: 63.04%
• 3Y*: 23.80%
• 5Y*: 12.97%
• 10Y*: —

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

SSMGX vs. NEEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSMGX SIT Small Cap Growth Fund	17.50%	9.40%	13.42%	16.93%	-25.59%	15.80%	35.97%	29.19%	-10.88%	15.69%
NEEIX Needham Growth Fund Institutional Class	44.89%	9.32%	19.26%	27.30%	-33.26%	28.13%	42.39%	43.15%	-10.13%	8.47%

Correlation

The correlation between SSMGX and NEEIX is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.87

The correlation between SSMGX and NEEIX has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

SSMGX vs. NEEIX — Risk / Return Rank

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

SSMGX

SSMGX Risk / Return Rank: 50
SSMGX Sharpe Ratio Rank: 39
SSMGX Sortino Ratio Rank: 39
SSMGX Omega Ratio Rank: 37
SSMGX Calmar Ratio Rank: 73
SSMGX Martin Ratio Rank: 64

NEEIX

NEEIX Risk / Return Rank: 76
NEEIX Sharpe Ratio Rank: 76
NEEIX Sortino Ratio Rank: 60
NEEIX Omega Ratio Rank: 61
NEEIX Calmar Ratio Rank: 95
NEEIX Martin Ratio Rank: 90

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.

SSMGX vs. NEEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SIT Small Cap Growth Fund (SSMGX) and Needham Growth Fund Institutional Class (NEEIX). 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.

	SSMGX	NEEIX	Difference
Sharpe ratio: Return per unit of total volatility	1.43	2.04	-0.61
Sortino ratio: Return per unit of downside risk	2.04	2.54	-0.49
Omega ratio: Gain probability vs. loss probability	1.25	1.33	-0.08
Calmar ratio: Return relative to maximum drawdown	2.73	4.79	-2.06
Martin ratio: Return relative to average drawdown	9.88	13.87	-3.99

SSMGX vs. NEEIX - Sharpe Ratio Comparison

The current SSMGX Sharpe Ratio is 1.43, which is comparable to the NEEIX Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SSMGX and NEEIX, 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

SSMGX vs. NEEIX - Drawdown Comparison

The maximum SSMGX drawdown since its inception was -65.75%, which is greater than NEEIX's maximum drawdown of -43.11%. Use the drawdown chart below to compare losses from any high point for SSMGX and NEEIX.

Drawdown Indicators

	SSMGX	NEEIX	Difference
Max Drawdown Largest peak-to-trough decline	-65.75%	-43.11%	-22.64%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-13.22%	+3.17%
Max Drawdown (3Y) Largest decline over 3 years	-26.67%	-36.13%	+9.46%
Max Drawdown (5Y) Largest decline over 5 years	-34.37%	-43.11%	+8.74%
Max Drawdown (10Y) Largest decline over 10 years	-35.72%	—	—
Current Drawdown Current decline from peak	-3.84%	-12.52%	+8.68%
Average Drawdown Average peak-to-trough decline	-18.98%	-10.80%	-8.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	4.56%	-1.79%

Volatility

SSMGX vs. NEEIX - Volatility Comparison

The current volatility for SIT Small Cap Growth Fund (SSMGX) is 6.19%, while Needham Growth Fund Institutional Class (NEEIX) has a volatility of 13.69%. This indicates that SSMGX experiences smaller price fluctuations and is considered to be less risky than NEEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSMGX	NEEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.19%	13.69%	-7.50%
Volatility (6M) Calculated over the trailing 6-month period	15.20%	25.32%	-10.12%
Volatility (1Y) Calculated over the trailing 1-year period	19.19%	30.97%	-11.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.04%	29.17%	-7.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.59%	26.18%	-4.59%

SSMGX vs. NEEIX - Expense Ratio Comparison

SSMGX has a 1.50% expense ratio, which is higher than NEEIX's 1.21% expense ratio.

Dividends

SSMGX vs. NEEIX - Dividend Comparison

SSMGX's dividend yield for the trailing twelve months is around 4.66%, less than NEEIX's 4.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NEEIX Needham Growth Fund Institutional Class	4.94%	7.16%	7.48%	0.00%	1.72%	6.70%	5.58%	11.09%	17.58%	9.64%	0.00%	0.00%
SSMGX SIT Small Cap Growth Fund	4.66%	5.48%	4.69%	3.13%	1.73%	15.89%	3.44%	3.14%	9.80%	6.81%	0.17%	10.68%

Frequently Asked Questions

Can I hold both SSMGX and NEEIX in my portfolio?

SSMGX and NEEIX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSMGX or NEEIX?

NEEIX has higher volatility (13.69%) compared to SSMGX (6.19%). In terms of maximum drawdown, SSMGX dropped -65.75% vs NEEIX's -43.11%.

Which has better risk-adjusted returns?

NEEIX currently has the higher Sharpe Ratio (2.04 vs 1.43), 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.