SSMHX vs. SPSM

Last updated Jun 23, 2026

SSMHX (State Street Small/Mid Cap Equity Index Portfolio) and SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) are both funds - SSMHX is a Mid Cap Growth Equities fund managed by State Street, while SPSM is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Over the past 10 years, SSMHX returned 12.07%/yr vs 11.51%/yr for SPSM. Their correlation of 0.92 suggests significant overlap in exposure. SSMHX charges 0.02%/yr vs 0.03%/yr for SPSM.

Performance

SSMHX vs. SPSM - 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 State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). 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 SPSM's 19.74% return. Both investments have delivered pretty close results over the past 10 years, with SSMHX having a 12.07% annualized return and SPSM not far behind at 11.51%.

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%

SPSM

• 1D: 0.09%
• 1M: 4.62%
• YTD: 19.74%
• 6M: 16.75%
• 1Y: 36.81%
• 3Y*: 16.39%
• 5Y*: 6.72%
• 10Y*: 11.51%

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

SSMHX vs. SPSM - 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%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	19.74%	6.11%	8.55%	16.11%	-16.12%	26.67%	11.69%	25.85%	-11.17%	15.44%

Correlation

The correlation between SSMHX and SPSM is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 17, 2015	0.92

The correlation between SSMHX and SPSM has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

SSMHX vs. SPSM — 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

SPSM

SPSM Risk / Return Rank: 71
SPSM Sharpe Ratio Rank: 66
SPSM Sortino Ratio Rank: 69
SPSM Omega Ratio Rank: 61
SPSM Calmar Ratio Rank: 83
SPSM Martin Ratio Rank: 77

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. SPSM - 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 State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). 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	SPSM	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.10	-0.36
Sortino ratio: Return per unit of downside risk	2.44	3.00	-0.56
Omega ratio: Gain probability vs. loss probability	1.30	1.36	-0.06
Calmar ratio: Return relative to maximum drawdown	3.04	4.24	-1.20
Martin ratio: Return relative to average drawdown	10.97	14.31	-3.35

SSMHX vs. SPSM - Sharpe Ratio Comparison

The current SSMHX Sharpe Ratio is 1.74, which is comparable to the SPSM Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of SSMHX and SPSM, 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. SPSM - Drawdown Comparison

The maximum SSMHX drawdown since its inception was -41.61%, roughly equal to the maximum SPSM drawdown of -42.89%. Use the drawdown chart below to compare losses from any high point for SSMHX and SPSM.

Drawdown Indicators

	SSMHX	SPSM	Difference
Max Drawdown Largest peak-to-trough decline	-41.61%	-42.89%	+1.28%
Max Drawdown (1Y) Largest decline over 1 year	-10.03%	-8.72%	-1.31%
Max Drawdown (3Y) Largest decline over 3 years	-30.38%	-27.94%	-2.44%
Max Drawdown (5Y) Largest decline over 5 years	-34.84%	-27.94%	-6.90%
Max Drawdown (10Y) Largest decline over 10 years	-41.61%	-42.89%	+1.28%
Current Drawdown Current decline from peak	-0.20%	-0.07%	-0.13%
Average Drawdown Average peak-to-trough decline	-9.11%	-7.90%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	2.58%	+0.20%

Volatility

SSMHX vs. SPSM - Volatility Comparison

State Street Small/Mid Cap Equity Index Portfolio (SSMHX) has a higher volatility of 6.28% compared to State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) at 4.90%. This indicates that SSMHX's price experiences larger fluctuations and is considered to be riskier than SPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSMHX	SPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.28%	4.90%	+1.38%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	12.03%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	17.53%	17.68%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	21.42%	+1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.43%	23.01%	-0.58%

SSMHX vs. SPSM - Expense Ratio Comparison

SSMHX has a 0.02% expense ratio, which is lower than SPSM's 0.03% 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. SPSM - Dividend Comparison

SSMHX's dividend yield for the trailing twelve months is around 6.20%, more than SPSM's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	1.74%	1.62%	1.85%	1.61%	1.38%	1.40%	1.34%	1.58%	1.82%	1.51%	1.49%	2.37%
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 SPSM in my portfolio?

With a correlation of 0.91, SSMHX and SPSM 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 SPSM?

SSMHX has higher volatility (6.28%) compared to SPSM (4.90%). In terms of maximum drawdown, SSMHX dropped -41.61% vs SPSM's -42.89%.

Which has better risk-adjusted returns?

SPSM currently has the higher Sharpe Ratio (2.10 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.