SSMHX vs. AA

Last updated Apr 1, 2026

Compare and contrast key facts about State Street Small/Mid Cap Equity Index Portfolio (SSMHX) and Alcoa Corporation (AA).

SSMHX is managed by State Street. It was launched on Aug 11, 2015.

Performance

SSMHX vs. AA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Small/Mid Cap Equity Index Portfolio (SSMHX) and Alcoa Corporation (AA). The values are adjusted to include any dividend payments, if applicable.

SSMHX vs. AA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSMHX State Street Small/Mid Cap Equity Index Portfolio	-4.45%	12.90%	10.73%	25.21%	-25.43%	13.08%	32.46%	28.00%	-9.21%	18.26%
AA Alcoa Corporation	25.03%	42.46%	12.43%	-24.33%	-23.12%	159.05%	7.16%	-19.07%	-50.66%	91.84%

Returns By Period

In the year-to-date period, SSMHX achieves a -4.45% return, which is significantly lower than AA's 25.03% return.

SSMHX

• 1D: -0.92%
• 1M: -8.01%
• YTD: -4.45%
• 6M: -3.94%
• 1Y: 17.75%
• 3Y*: 12.19%
• 5Y*: 3.29%
• 10Y*: 10.38%

AA

• 1D: 4.92%
• 1M: 7.02%
• YTD: 25.03%
• 6M: 102.55%
• 1Y: 119.91%
• 3Y*: 17.35%
• 5Y*: 16.63%
• 10Y*: —

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

Return for Risk

SSMHX vs. AA — Risk / Return Rank

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

SSMHX

SSMHX Risk / Return Rank: 38
SSMHX Sharpe Ratio Rank: 35
SSMHX Sortino Ratio Rank: 39
SSMHX Omega Ratio Rank: 35
SSMHX Calmar Ratio Rank: 39
SSMHX Martin Ratio Rank: 43

AA

AA Risk / Return Rank: 90
AA Sharpe Ratio Rank: 92
AA Sortino Ratio Rank: 89
AA Omega Ratio Rank: 85
AA Calmar Ratio Rank: 92
AA Martin Ratio Rank: 94

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.

SSMHX vs. AA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Small/Mid Cap Equity Index Portfolio (SSMHX) and Alcoa Corporation (AA). 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.

	SSMHX	AA	Difference
Sharpe ratio Return per unit of total volatility	0.78	2.13	-1.35
Sortino ratio Return per unit of downside risk	1.23	2.69	-1.46
Omega ratio Gain probability vs. loss probability	1.17	1.33	-0.16
Calmar ratio Return relative to maximum drawdown	1.02	4.43	-3.41
Martin ratio Return relative to average drawdown	4.33	13.84	-9.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSMHX vs. AA - Sharpe Ratio Comparison

The current SSMHX Sharpe Ratio is 0.78, which is lower than the AA Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of SSMHX and AA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SSMHX	AA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	2.13	-1.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.30	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.23	+0.18

Correlation

The correlation between SSMHX and AA is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SSMHX vs. AA - Dividend Comparison

SSMHX's dividend yield for the trailing twelve months is around 7.46%, more than AA's 0.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SSMHX State Street Small/Mid Cap Equity Index Portfolio	7.46%	7.12%	0.00%	1.56%	2.31%	16.30%	2.91%	3.65%	6.43%	4.01%	1.71%	0.73%
AA Alcoa Corporation	0.60%	0.75%	1.06%	1.18%	0.88%	0.17%	0.00%	0.00%	0.00%	0.00%	0.32%	0.00%

Drawdowns

SSMHX vs. AA - Drawdown Comparison

The maximum SSMHX drawdown since its inception was -41.61%, smaller than the maximum AA drawdown of -90.90%. Use the drawdown chart below to compare losses from any high point for SSMHX and AA.

Drawdown Indicators

	SSMHX	AA	Difference
Max Drawdown Largest peak-to-trough decline	-41.61%	-90.90%	+49.29%
Max Drawdown (1Y) Largest decline over 1 year	-14.48%	-26.82%	+12.34%
Max Drawdown (5Y) Largest decline over 5 years	-34.84%	-75.46%	+40.62%
Max Drawdown (10Y) Largest decline over 10 years	-41.61%	—	—
Current Drawdown Current decline from peak	-10.03%	-27.07%	+17.04%
Average Drawdown Average peak-to-trough decline	-9.27%	-46.62%	+37.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	8.58%	-5.17%

Volatility

SSMHX vs. AA - Volatility Comparison

The current volatility for State Street Small/Mid Cap Equity Index Portfolio (SSMHX) is 5.96%, while Alcoa Corporation (AA) has a volatility of 18.64%. This indicates that SSMHX experiences smaller price fluctuations and is considered to be less risky than AA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSMHX	AA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	18.64%	-12.68%
Volatility (6M) Calculated over the trailing 6-month period	12.78%	41.22%	-28.44%
Volatility (1Y) Calculated over the trailing 1-year period	22.45%	56.63%	-34.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.38%	56.11%	-33.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.33%	55.61%	-33.28%