SSMHX vs. BARAX

Last updated Apr 1, 2026

Compare and contrast key facts about State Street Small/Mid Cap Equity Index Portfolio (SSMHX) and Baron Asset Fund (BARAX).

SSMHX is managed by State Street. It was launched on Aug 11, 2015. BARAX is managed by Baron Capital Group, Inc.. It was launched on Jun 12, 1987.

Performance

SSMHX vs. BARAX - 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 Baron Asset Fund (BARAX). The values are adjusted to include any dividend payments, if applicable.

SSMHX vs. BARAX - 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%
BARAX Baron Asset Fund	-9.35%	7.89%	10.35%	17.05%	-26.06%	13.88%	32.98%	37.64%	-0.15%	26.18%

Returns By Period

In the year-to-date period, SSMHX achieves a -4.45% return, which is significantly higher than BARAX's -9.35% return. Both investments have delivered pretty close results over the past 10 years, with SSMHX having a 10.38% annualized return and BARAX not far behind at 10.14%.

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%

BARAX

• 1D: 0.01%
• 1M: -7.56%
• YTD: -9.35%
• 6M: -2.30%
• 1Y: 0.78%
• 3Y*: 6.27%
• 5Y*: 1.47%
• 10Y*: 10.14%

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

SSMHX vs. BARAX - Expense Ratio Comparison

SSMHX has a 0.02% expense ratio, which is lower than BARAX's 1.29% expense ratio.

BARAX

Baron Asset Fund

SSMHX

State Street Small/Mid Cap Equity Index Portfolio

Return for Risk

SSMHX vs. BARAX — 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

BARAX

BARAX Risk / Return Rank: 8
BARAX Sharpe Ratio Rank: 8
BARAX Sortino Ratio Rank: 8
BARAX Omega Ratio Rank: 8
BARAX Calmar Ratio Rank: 7
BARAX Martin Ratio Rank: 7

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. BARAX - 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 Baron Asset Fund (BARAX). 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	BARAX	Difference
Sharpe ratio Return per unit of total volatility	0.78	0.12	+0.65
Sortino ratio Return per unit of downside risk	1.23	0.34	+0.89
Omega ratio Gain probability vs. loss probability	1.17	1.04	+0.12
Calmar ratio Return relative to maximum drawdown	1.02	0.07	+0.95
Martin ratio Return relative to average drawdown	4.33	0.17	+4.16
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. BARAX - Sharpe Ratio Comparison

The current SSMHX Sharpe Ratio is 0.78, which is higher than the BARAX Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of SSMHX and BARAX, 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	BARAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	0.12	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.08	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.51	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.48	-0.08

Correlation

The correlation between SSMHX and BARAX is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SSMHX vs. BARAX - Dividend Comparison

SSMHX's dividend yield for the trailing twelve months is around 7.46%, less than BARAX's 12.69% 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%
BARAX Baron Asset Fund	12.69%	11.51%	19.23%	3.48%	0.01%	7.65%	3.05%	1.78%	7.42%	7.25%	4.88%	11.50%

Drawdowns

SSMHX vs. BARAX - Drawdown Comparison

The maximum SSMHX drawdown since its inception was -41.61%, smaller than the maximum BARAX drawdown of -59.71%. Use the drawdown chart below to compare losses from any high point for SSMHX and BARAX.

Drawdown Indicators

	SSMHX	BARAX	Difference
Max Drawdown Largest peak-to-trough decline	-41.61%	-59.71%	+18.10%
Max Drawdown (1Y) Largest decline over 1 year	-14.48%	-11.12%	-3.36%
Max Drawdown (5Y) Largest decline over 5 years	-34.84%	-37.53%	+2.69%
Max Drawdown (10Y) Largest decline over 10 years	-41.61%	-37.53%	-4.08%
Current Drawdown Current decline from peak	-10.03%	-10.74%	+0.71%
Average Drawdown Average peak-to-trough decline	-9.27%	-11.44%	+2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	4.40%	-0.99%

Volatility

SSMHX vs. BARAX - Volatility Comparison

State Street Small/Mid Cap Equity Index Portfolio (SSMHX) has a higher volatility of 5.96% compared to Baron Asset Fund (BARAX) at 3.35%. This indicates that SSMHX's price experiences larger fluctuations and is considered to be riskier than BARAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSMHX	BARAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	3.35%	+2.61%
Volatility (6M) Calculated over the trailing 6-month period	12.78%	11.72%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	22.45%	18.99%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.38%	19.55%	+2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.33%	19.79%	+2.54%