SSMHX vs. OEGYX

Last updated Jun 25, 2026

SSMHX (State Street Small/Mid Cap Equity Index Portfolio) and OEGYX (Invesco Discovery Mid Cap Growth Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, SSMHX returned 12.29%/yr vs 13.92%/yr for OEGYX. Their correlation of 0.88 suggests significant overlap in exposure. SSMHX charges 0.02%/yr vs 0.78%/yr for OEGYX.

Performance

SSMHX vs. OEGYX - 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 Invesco Discovery Mid Cap Growth Fund (OEGYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSMHX achieves a 14.16% return, which is significantly lower than OEGYX's 24.92% return. Over the past 10 years, SSMHX has underperformed OEGYX with an annualized return of 12.29%, while OEGYX has yielded a comparatively higher 13.92% annualized return.

SSMHX

• 1D: -0.77%
• 1M: 3.48%
• YTD: 14.16%
• 6M: 11.68%
• 1Y: 26.67%
• 3Y*: 18.07%
• 5Y*: 5.58%
• 10Y*: 12.29%

OEGYX

• 1D: -2.80%
• 1M: 2.37%
• YTD: 24.92%
• 6M: 21.70%
• 1Y: 28.28%
• 3Y*: 20.23%
• 5Y*: 6.90%
• 10Y*: 13.92%

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

SSMHX vs. OEGYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSMHX State Street Small/Mid Cap Equity Index Portfolio	14.16%	12.90%	10.73%	25.21%	-25.43%	13.08%	32.46%	28.00%	-9.21%	18.26%
OEGYX Invesco Discovery Mid Cap Growth Fund	24.92%	5.08%	24.38%	13.24%	-30.92%	18.76%	40.53%	39.33%	-6.50%	28.34%

Correlation

The correlation between SSMHX and OEGYX is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 17, 2015	0.88

The correlation between SSMHX and OEGYX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

SSMHX vs. OEGYX — Risk / Return Rank

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

SSMHX

SSMHX Risk / Return Rank: 46
SSMHX Sharpe Ratio Rank: 39
SSMHX Sortino Ratio Rank: 38
SSMHX Omega Ratio Rank: 35
SSMHX Calmar Ratio Rank: 64
SSMHX Martin Ratio Rank: 55

OEGYX

OEGYX Risk / Return Rank: 41
OEGYX Sharpe Ratio Rank: 29
OEGYX Sortino Ratio Rank: 27
OEGYX Omega Ratio Rank: 27
OEGYX Calmar Ratio Rank: 68
OEGYX Martin Ratio Rank: 56

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. OEGYX - 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 Invesco Discovery Mid Cap Growth Fund (OEGYX). 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.

	SSMHX	OEGYX	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.38	+0.26
Sortino ratio: Return per unit of downside risk	2.32	1.92	+0.39
Omega ratio: Gain probability vs. loss probability	1.28	1.24	+0.04
Calmar ratio: Return relative to maximum drawdown	2.86	2.92	-0.06
Martin ratio: Return relative to average drawdown	10.32	10.39	-0.07

SSMHX vs. OEGYX - Sharpe Ratio Comparison

The current SSMHX Sharpe Ratio is 1.64, which is comparable to the OEGYX Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of SSMHX and OEGYX, 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

SSMHX vs. OEGYX - Drawdown Comparison

The maximum SSMHX drawdown since its inception was -41.61%, smaller than the maximum OEGYX drawdown of -53.44%. Use the drawdown chart below to compare losses from any high point for SSMHX and OEGYX.

Drawdown Indicators

	SSMHX	OEGYX	Difference
Max Drawdown Largest peak-to-trough decline	-41.61%	-53.44%	+11.83%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-10.14%	+0.11%
Max Drawdown (3Y) Largest decline over 3 years	-30.38%	-28.58%	-1.80%
Max Drawdown (5Y) Largest decline over 5 years	-34.84%	-39.25%	+4.41%
Max Drawdown (10Y) Largest decline over 10 years	-41.61%	-39.25%	-2.36%
Current Drawdown Current decline from peak	-0.88%	-2.80%	+1.92%
Average Drawdown Average peak-to-trough decline	-9.10%	-12.47%	+3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	2.84%	-0.06%

Volatility

SSMHX vs. OEGYX - Volatility Comparison

The current volatility for State Street Small/Mid Cap Equity Index Portfolio (SSMHX) is 6.05%, while Invesco Discovery Mid Cap Growth Fund (OEGYX) has a volatility of 8.23%. This indicates that SSMHX experiences smaller price fluctuations and is considered to be less risky than OEGYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSMHX	OEGYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	8.23%	-2.18%
Volatility (6M) Calculated over the trailing 6-month period	13.18%	17.72%	-4.54%
Volatility (1Y) Calculated over the trailing 1-year period	17.54%	21.50%	-3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	22.31%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	22.13%	+0.27%

SSMHX vs. OEGYX - Expense Ratio Comparison

SSMHX has a 0.02% expense ratio, which is lower than OEGYX's 0.78% expense ratio.

Dividends

SSMHX vs. OEGYX - Dividend Comparison

SSMHX's dividend yield for the trailing twelve months is around 6.24%, more than OEGYX's 5.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OEGYX Invesco Discovery Mid Cap Growth Fund	5.97%	7.45%	4.13%	0.00%	0.00%	16.02%	3.08%	3.85%	9.31%	8.34%	0.81%	3.88%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	6.24%	7.12%	0.00%	1.56%	2.31%	16.30%	2.91%	3.65%	6.43%	4.01%	1.71%	0.73%

Frequently Asked Questions

Can I hold both SSMHX and OEGYX in my portfolio?

SSMHX and OEGYX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSMHX or OEGYX?

OEGYX has higher volatility (8.23%) compared to SSMHX (6.05%). In terms of maximum drawdown, SSMHX dropped -41.61% vs OEGYX's -53.44%.

Which has better risk-adjusted returns?

SSMHX currently has the higher Sharpe Ratio (1.64 vs 1.38), 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.