SSMHX vs. SCHA

Last updated Jun 23, 2026

SSMHX (State Street Small/Mid Cap Equity Index Portfolio) and SCHA (Schwab U.S. Small-Cap ETF) are both funds - SSMHX is a Mid Cap Growth Equities fund managed by State Street, while SCHA is a Small Cap Blend Equities fund tracking the Dow Jones U.S. Small-Cap Total Stock Market Index. Over the past 10 years, SSMHX returned 12.07%/yr vs 11.91%/yr for SCHA. With a 0.97 correlation, they move nearly in lockstep. SSMHX charges 0.02%/yr vs 0.04%/yr for SCHA.

Performance

SSMHX vs. SCHA - 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 Schwab U.S. Small-Cap ETF (SCHA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSMHX achieves a 14.95% return, which is significantly lower than SCHA's 24.67% return. Both investments have delivered pretty close results over the past 10 years, with SSMHX having a 12.07% annualized return and SCHA not far behind at 11.91%.

SSMHX

• 1D: 1.61%
• 1M: 4.19%
• YTD: 14.95%
• 6M: 12.07%
• 1Y: 30.61%
• 3Y*: 17.17%
• 5Y*: 6.47%
• 10Y*: 12.07%

SCHA

• 1D: 0.77%
• 1M: 6.39%
• YTD: 24.67%
• 6M: 21.39%
• 1Y: 45.75%
• 3Y*: 20.54%
• 5Y*: 7.90%
• 10Y*: 11.91%

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

SSMHX vs. SCHA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSMHX State Street Small/Mid Cap Equity Index Portfolio	14.95%	12.90%	10.73%	25.21%	-25.43%	13.08%	32.46%	28.00%	-9.21%	18.26%
SCHA Schwab U.S. Small-Cap ETF	24.67%	11.60%	11.16%	18.46%	-19.81%	16.45%	19.34%	26.50%	-11.79%	14.94%

Correlation

The correlation between SSMHX and SCHA is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Aug 17, 2015	0.97

The correlation between SSMHX and SCHA has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

SSMHX vs. SCHA — Risk / Return Rank

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

SSMHX

SSMHX Risk / Return Rank: 49
SSMHX Sharpe Ratio Rank: 41
SSMHX Sortino Ratio Rank: 39
SSMHX Omega Ratio Rank: 37
SSMHX Calmar Ratio Rank: 68
SSMHX Martin Ratio Rank: 58

SCHA

SCHA Risk / Return Rank: 81
SCHA Sharpe Ratio Rank: 80
SCHA Sortino Ratio Rank: 80
SCHA Omega Ratio Rank: 72
SCHA Calmar Ratio Rank: 87
SCHA Martin Ratio Rank: 87

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. SCHA - 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 Schwab U.S. Small-Cap ETF (SCHA). 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	SCHA	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.46	-0.72
Sortino ratio: Return per unit of downside risk	2.44	3.38	-0.94
Omega ratio: Gain probability vs. loss probability	1.30	1.41	-0.11
Calmar ratio: Return relative to maximum drawdown	3.04	4.84	-1.80
Martin ratio: Return relative to average drawdown	10.97	17.72	-6.76

SSMHX vs. SCHA - Sharpe Ratio Comparison

The current SSMHX Sharpe Ratio is 1.74, which is comparable to the SCHA Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of SSMHX and SCHA, 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. SCHA - Drawdown Comparison

The maximum SSMHX drawdown since its inception was -41.61%, roughly equal to the maximum SCHA drawdown of -42.41%. Use the drawdown chart below to compare losses from any high point for SSMHX and SCHA.

Drawdown Indicators

	SSMHX	SCHA	Difference
Max Drawdown Largest peak-to-trough decline	-41.61%	-42.41%	+0.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-9.50%	-0.53%
Max Drawdown (3Y) Largest decline over 3 years	-30.38%	-27.29%	-3.09%
Max Drawdown (5Y) Largest decline over 5 years	-34.84%	-30.79%	-4.05%
Max Drawdown (10Y) Largest decline over 10 years	-41.61%	-42.41%	+0.80%
Current Drawdown Current decline from peak	-0.20%	0.00%	-0.20%
Average Drawdown Average peak-to-trough decline	-9.11%	-7.56%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	2.59%	+0.19%

Volatility

SSMHX vs. SCHA - Volatility Comparison

State Street Small/Mid Cap Equity Index Portfolio (SSMHX) and Schwab U.S. Small-Cap ETF (SCHA) have volatilities of 6.28% and 6.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSMHX	SCHA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	6.45%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	13.80%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	18.71%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	22.03%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.43%	22.78%	-0.35%

SSMHX vs. SCHA - Expense Ratio Comparison

SSMHX has a 0.02% expense ratio, which is lower than SCHA's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SSMHX vs. SCHA - Dividend Comparison

SSMHX's dividend yield for the trailing twelve months is around 6.20%, more than SCHA's 0.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SCHA Schwab U.S. Small-Cap ETF	0.96%	1.26%	1.51%	1.42%	1.37%	1.19%	1.05%	1.39%	1.58%	1.24%	1.50%	1.48%
SSMHX State Street Small/Mid Cap Equity Index Portfolio	6.20%	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 SCHA in my portfolio?

With a correlation of 0.96, SSMHX and SCHA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SSMHX or SCHA?

SCHA has higher volatility (6.45%) compared to SSMHX (6.28%). In terms of maximum drawdown, SSMHX dropped -41.61% vs SCHA's -42.41%.

Which has better risk-adjusted returns?

SCHA currently has the higher Sharpe Ratio (2.46 vs 1.74), 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.