SSMGX vs. SDMGX

Last updated Jun 23, 2026

SSMGX (SIT Small Cap Growth Fund) and SDMGX (SIT Developing Markets Growth Fund) are both mutual funds - SSMGX is a Mid Cap Growth Equities fund managed by Sit, while SDMGX is a Emerging Markets Diversified fund managed by Sit. Over the past 10 years, SSMGX returned 11.52%/yr vs 11.32%/yr for SDMGX. A 0.64 correlation means they provide meaningful diversification when combined. SSMGX charges 1.50%/yr vs 1.20%/yr for SDMGX.

Performance

SSMGX vs. SDMGX - Performance Comparison

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

Returns By Period

In the year-to-date period, SSMGX achieves a 19.99% return, which is significantly lower than SDMGX's 27.12% return. Both investments have delivered pretty close results over the past 10 years, with SSMGX having a 11.52% annualized return and SDMGX not far behind at 11.32%.

SSMGX

• 1D: 2.19%
• 1M: 2.49%
• YTD: 19.99%
• 6M: 17.08%
• 1Y: 36.96%
• 3Y*: 16.27%
• 5Y*: 6.58%
• 10Y*: 11.52%

SDMGX

• 1D: 2.74%
• 1M: 6.44%
• YTD: 27.12%
• 6M: 29.40%
• 1Y: 57.42%
• 3Y*: 23.88%
• 5Y*: 9.50%
• 10Y*: 11.32%

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

SSMGX vs. SDMGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSMGX SIT Small Cap Growth Fund	19.99%	9.40%	13.42%	16.93%	-25.59%	15.80%	35.97%	29.19%	-10.88%	15.69%
SDMGX SIT Developing Markets Growth Fund	27.12%	36.11%	13.58%	7.37%	-17.23%	-8.88%	23.14%	19.77%	-14.76%	43.22%

Correlation

The correlation between SSMGX and SDMGX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Dec 6, 1995	0.64

The correlation between SSMGX and SDMGX has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.

Return for Risk

SSMGX vs. SDMGX — Risk / Return Rank

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

SSMGX

SSMGX Risk / Return Rank: 61
SSMGX Sharpe Ratio Rank: 51
SSMGX Sortino Ratio Rank: 48
SSMGX Omega Ratio Rank: 46
SSMGX Calmar Ratio Rank: 83
SSMGX Martin Ratio Rank: 76

SDMGX

SDMGX Risk / Return Rank: 83
SDMGX Sharpe Ratio Rank: 86
SDMGX Sortino Ratio Rank: 69
SDMGX Omega Ratio Rank: 83
SDMGX Calmar Ratio Rank: 90
SDMGX 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. SDMGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SIT Small Cap Growth Fund (SSMGX) and SIT Developing Markets Growth Fund (SDMGX). 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	SDMGX	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.58	-0.64
Sortino ratio: Return per unit of downside risk	2.68	3.14	-0.47
Omega ratio: Gain probability vs. loss probability	1.34	1.50	-0.16
Calmar ratio: Return relative to maximum drawdown	3.62	4.38	-0.76
Martin ratio: Return relative to average drawdown	13.42	16.34	-2.92

SSMGX vs. SDMGX - Sharpe Ratio Comparison

The current SSMGX Sharpe Ratio is 1.94, which is comparable to the SDMGX Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of SSMGX and SDMGX, 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. SDMGX - Drawdown Comparison

The maximum SSMGX drawdown since its inception was -65.75%, roughly equal to the maximum SDMGX drawdown of -67.12%. Use the drawdown chart below to compare losses from any high point for SSMGX and SDMGX.

Drawdown Indicators

	SSMGX	SDMGX	Difference
Max Drawdown Largest peak-to-trough decline	-65.75%	-67.12%	+1.37%
Max Drawdown (1Y) Largest decline over 1 year	-10.05%	-13.00%	+2.95%
Max Drawdown (3Y) Largest decline over 3 years	-26.67%	-18.90%	-7.77%
Max Drawdown (5Y) Largest decline over 5 years	-34.37%	-39.52%	+5.15%
Max Drawdown (10Y) Largest decline over 10 years	-35.72%	-44.63%	+8.91%
Current Drawdown Current decline from peak	0.00%	-2.50%	+2.50%
Average Drawdown Average peak-to-trough decline	-19.02%	-23.57%	+4.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	3.48%	-0.78%

Volatility

SSMGX vs. SDMGX - Volatility Comparison

The current volatility for SIT Small Cap Growth Fund (SSMGX) is 6.63%, while SIT Developing Markets Growth Fund (SDMGX) has a volatility of 13.22%. This indicates that SSMGX experiences smaller price fluctuations and is considered to be less risky than SDMGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSMGX	SDMGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.63%	13.22%	-6.59%
Volatility (6M) Calculated over the trailing 6-month period	14.74%	19.46%	-4.72%
Volatility (1Y) Calculated over the trailing 1-year period	18.69%	22.07%	-3.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.97%	20.17%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.64%	19.70%	+1.94%

SSMGX vs. SDMGX - Expense Ratio Comparison

SSMGX has a 1.50% expense ratio, which is higher than SDMGX's 1.20% expense ratio.

Dividends

SSMGX vs. SDMGX - Dividend Comparison

SSMGX's dividend yield for the trailing twelve months is around 4.57%, more than SDMGX's 0.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SDMGX SIT Developing Markets Growth Fund	0.69%	0.87%	4.13%	2.03%	2.44%	2.13%	0.26%	1.75%	1.67%	1.45%	0.27%	3.13%
SSMGX SIT Small Cap Growth Fund	4.57%	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 SDMGX in my portfolio?

SSMGX and SDMGX have a correlation of 0.55, 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 SDMGX?

SDMGX has higher volatility (13.22%) compared to SSMGX (6.63%). In terms of maximum drawdown, SSMGX dropped -65.75% vs SDMGX's -67.12%.

Which has better risk-adjusted returns?

SDMGX currently has the higher Sharpe Ratio (2.58 vs 1.94), 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.