SSMHX vs. SPSM
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 11.42%/yr vs 10.94%/yr for SPSM. Their correlation of 0.92 means they have usually moved in the same direction. SSMHX charges 0.02%/yr vs 0.03%/yr for SPSM.
Performance
SSMHX vs. SPSM - Performance Comparison
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Returns By Period
In the year-to-date period, SSMHX achieves a 13.90% return, which is significantly lower than SPSM's 21.58% return. Both investments have delivered pretty close results over the past 10 years, with SSMHX having a 11.42% annualized return and SPSM not far behind at 10.94%.
SSMHX
- 1D
- 1.49%
- 1M
- -2.41%
- 6M
- 11.18%
- YTD
- 13.90%
- 1Y
- 24.63%
- 3Y*
- 14.32%
- 5Y*
- 5.84%
- 10Y*
- 11.42%
- ALL TIME*
- 10.38%
SPSM
- 1D
- 0.00%
- 1M
- -0.67%
- 6M
- 15.19%
- YTD
- 21.58%
- 1Y
- 36.02%
- 3Y*
- 13.49%
- 5Y*
- 7.48%
- 10Y*
- 10.94%
- ALL TIME*
- 10.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $90.54M | $95.75M | $94.53M | |
| $0.00 | $0.00 | $0.00 |
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 | 13.90% | 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 | 21.58% | 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, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.93 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.93 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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.
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Return for Risk
SSMHX vs. SPSM — Risk / Return Rank
SSMHX
SPSM
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 ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.34 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 3.89 | -1.73 |
| Martin ratioReturn relative to average drawdown | 7.52 | 13.32 | -5.80 |
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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.
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Drawdown Indicators
| SSMHX | SPSM | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -3.40% | -1.91% | -1.49% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -7.84% | -1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 2.54% | +0.33% |
Volatility
SSMHX vs. SPSM - Volatility Comparison
State Street Small/Mid Cap Equity Index Portfolio (SSMHX) has a higher volatility of 3.93% compared to State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) at 3.45%. 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.
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Volatility by Period
| SSMHX | SPSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 3.45% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 13.24% | 11.63% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.53% | 17.29% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.48% | 21.27% | +1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.37% | 22.94% | -0.57% |
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 6.25%, more than SPSM's 1.39% 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 | 1.39% | 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 | 6.25% | 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
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.
SSMHX has higher volatility (3.93%) compared to SPSM (3.45%). In terms of maximum drawdown, SSMHX dropped -41.61% vs SPSM's -42.89%.
SPSM currently has the higher Sharpe Ratio (1.97 vs 1.23), 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.
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