SSMHX vs. SSHQX
SSMHX (State Street Small/Mid Cap Equity Index Portfolio) and SSHQX (State Street Hedged International Developed Equity Index Fund) are both mutual funds - SSMHX is a Mid Cap Growth Equities fund managed by State Street, while SSHQX is a Foreign Large Cap Equities fund managed by State Street. Over the past 10 years, SSMHX returned 11.94%/yr vs -10.86%/yr for SSHQX. A 0.66 correlation means they provide meaningful diversification when combined. SSMHX charges 0.02%/yr vs 0.20%/yr for SSHQX.
Performance
SSMHX vs. SSHQX - Performance Comparison
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Returns By Period
In the year-to-date period, SSMHX achieves a 14.18% return, which is significantly higher than SSHQX's 10.20% return. Over the past 10 years, SSMHX has outperformed SSHQX with an annualized return of 11.94%, while SSHQX has yielded a comparatively lower -10.86% annualized return.
SSMHX
- 1D
- 1.00%
- 1M
- 5.71%
- YTD
- 14.18%
- 6M
- 13.12%
- 1Y
- 29.97%
- 3Y*
- 18.16%
- 5Y*
- 6.39%
- 10Y*
- 11.94%
SSHQX
- 1D
- 0.43%
- 1M
- 4.39%
- YTD
- 10.20%
- 6M
- 12.92%
- 1Y
- 24.83%
- 3Y*
- 18.08%
- 5Y*
- 13.32%
- 10Y*
- -10.86%
SSMHX vs. SSHQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSMHX State Street Small/Mid Cap Equity Index Portfolio | 14.18% | 12.90% | 10.73% | 25.21% | -25.43% | 13.08% | 32.46% | 28.00% | -9.21% | 18.26% |
SSHQX State Street Hedged International Developed Equity Index Fund | 10.20% | 23.42% | 13.71% | 19.74% | -4.73% | 19.32% | -89.75% | 24.83% | -9.27% | 16.85% |
Correlation
The correlation between SSMHX and SSHQX is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016 | 0.66 |
The correlation between SSMHX and SSHQX has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.
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Return for Risk
SSMHX vs. SSHQX — Risk / Return Rank
SSMHX
SSHQX
SSMHX vs. SSHQX - 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 Hedged International Developed Equity Index Fund (SSHQX). 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 | SSHQX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.41 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.18 | 2.56 | +0.62 |
| Martin ratioReturn relative to average drawdown | 11.56 | 10.66 | +0.90 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SSMHX | SSHQX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.89 | 2.09 | -0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 1.00 | -0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | -0.34 | +0.87 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | -0.34 | +0.81 |
Drawdowns
SSMHX vs. SSHQX - Drawdown Comparison
The maximum SSMHX drawdown since its inception was -41.61%, smaller than the maximum SSHQX drawdown of -92.12%. Use the drawdown chart below to compare losses from any high point for SSMHX and SSHQX.
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Drawdown Indicators
| SSMHX | SSHQX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.61% | -92.12% | +50.51% |
Max Drawdown (1Y)Largest decline over 1 year | -10.03% | -9.69% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -30.38% | -13.99% | -16.39% |
Max Drawdown (5Y)Largest decline over 5 years | -34.84% | -14.79% | -20.05% |
Max Drawdown (10Y)Largest decline over 10 years | -41.61% | -92.12% | +50.51% |
Current DrawdownCurrent decline from peak | 0.00% | -78.98% | +78.98% |
Average DrawdownAverage peak-to-trough decline | -9.15% | -52.29% | +43.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.76% | 2.32% | +0.44% |
Volatility
SSMHX vs. SSHQX - Volatility Comparison
State Street Small/Mid Cap Equity Index Portfolio (SSMHX) has a higher volatility of 4.70% compared to State Street Hedged International Developed Equity Index Fund (SSHQX) at 3.49%. This indicates that SSMHX's price experiences larger fluctuations and is considered to be riskier than SSHQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SSMHX | SSHQX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.70% | 3.49% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 12.36% | 9.73% | +2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.90% | 11.84% | +5.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.41% | 13.42% | +8.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.39% | 32.24% | -9.85% |
SSMHX vs. SSHQX - Expense Ratio Comparison
SSMHX has a 0.02% expense ratio, which is lower than SSHQX's 0.20% 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. SSHQX - Dividend Comparison
SSMHX's dividend yield for the trailing twelve months is around 6.24%, more than SSHQX's 3.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SSHQX State Street Hedged International Developed Equity Index Fund | 3.27% | 3.60% | 3.11% | 3.77% | 22.27% | 2.93% | 2.03% | 5.14% | 7.33% | 3.12% | 4.30% | 0.00% |
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
SSMHX and SSHQX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSMHX has higher volatility (4.70%) compared to SSHQX (3.49%). In terms of maximum drawdown, SSMHX dropped -41.61% vs SSHQX's -92.12%.
SSHQX currently has the higher Sharpe Ratio (2.09 vs 1.89), 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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