SSMKX vs. SSHQX
SSMKX (State Street Small/Mid Cap Equity Index Fund) and SSHQX (State Street Hedged International Developed Equity Index Fund) are both mutual funds - SSMKX is a Mid Cap Blend Equities fund managed by State Street, while SSHQX is a Foreign Large Cap Equities fund managed by State Street. Over the past 10 years, SSMKX returned 12.03%/yr vs 12.44%/yr for SSHQX. Their 0.67 correlation means they have sometimes moved together and sometimes differently. SSMKX charges 0.04%/yr vs 0.20%/yr for SSHQX.
Performance
SSMKX vs. SSHQX - Performance Comparison
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Returns By Period
In the year-to-date period, SSMKX achieves a 15.37% return, which is significantly higher than SSHQX's 14.27% return. Both investments have delivered pretty close results over the past 10 years, with SSMKX having a 12.03% annualized return and SSHQX not far ahead at 12.44%.
SSMKX
- 1D
- 1.80%
- 1M
- -1.14%
- 6M
- 12.05%
- YTD
- 15.37%
- 1Y
- 23.65%
- 3Y*
- 18.02%
- 5Y*
- 7.24%
- 10Y*
- 12.03%
- ALL TIME*
- 12.41%
SSHQX
- 1D
- 0.13%
- 1M
- 0.69%
- 6M
- 9.61%
- YTD
- 14.27%
- 1Y
- 27.81%
- 3Y*
- 19.35%
- 5Y*
- 13.70%
- 10Y*
- 12.44%
- ALL TIME*
- 11.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
SSMKX vs. SSHQX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SSMKX State Street Small/Mid Cap Equity Index Fund | 15.37% | 12.77% | 17.20% | 25.20% | -25.49% | 12.38% | 32.41% | 27.82% | -9.02% | 18.16% |
SSHQX State Street Hedged International Developed Equity Index Fund | 14.27% | 23.42% | 13.71% | 19.74% | -4.73% | 19.32% | 2.47% | 24.83% | -9.27% | 16.85% |
Correlation
The correlation between SSMKX and SSHQX is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.68 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.67 |
The correlation between SSMKX and SSHQX has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
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Return for Risk
SSMKX vs. SSHQX — Risk / Return Rank
SSMKX
SSHQX
SSMKX vs. SSHQX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Small/Mid Cap Equity Index Fund (SSMKX) 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.
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.
| SSMKX | SSHQX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.46 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | 3.06 | -0.44 |
| Martin ratioReturn relative to average drawdown | 9.09 | 12.73 | -3.64 |
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Drawdowns
SSMKX vs. SSHQX - Drawdown Comparison
The maximum SSMKX drawdown since its inception was -41.65%, which is greater than SSHQX's maximum drawdown of -31.84%. Use the drawdown chart below to compare losses from any high point for SSMKX and SSHQX.
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Drawdown Indicators
| SSMKX | SSHQX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.65% | -31.84% | -9.81% |
Max Drawdown (1Y)Largest decline over 1 year | -10.03% | -9.69% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -26.31% | -13.99% | -12.32% |
Max Drawdown (5Y)Largest decline over 5 years | -35.19% | -14.79% | -20.40% |
Max Drawdown (10Y)Largest decline over 10 years | -41.65% | -31.84% | -9.81% |
Current DrawdownCurrent decline from peak | -2.14% | -0.38% | -1.76% |
Average DrawdownAverage peak-to-trough decline | -8.59% | -3.32% | -5.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 2.32% | +0.56% |
Volatility
SSMKX vs. SSHQX - Volatility Comparison
State Street Small/Mid Cap Equity Index Fund (SSMKX) has a higher volatility of 4.35% compared to State Street Hedged International Developed Equity Index Fund (SSHQX) at 3.28%. This indicates that SSMKX'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
| SSMKX | SSHQX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.35% | 3.28% | +1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 13.24% | 10.34% | +2.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.51% | 12.49% | +5.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.34% | 13.48% | +8.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.26% | 14.95% | +7.31% |
SSMKX vs. SSHQX - Expense Ratio Comparison
SSMKX has a 0.05% 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
SSMKX vs. SSHQX - Dividend Comparison
SSMKX's dividend yield for the trailing twelve months is around 4.42%, more than SSHQX's 3.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SSHQX State Street Hedged International Developed Equity Index Fund | 3.15% | 3.60% | 3.11% | 3.77% | 22.27% | 2.93% | 2.03% | 5.14% | 7.33% | 3.12% | 4.30% |
SSMKX State Street Small/Mid Cap Equity Index Fund | 4.42% | 5.10% | 2.12% | 2.56% | 17.09% | 9.69% | 1.47% | 5.75% | 3.68% | 5.52% | 1.30% |
Frequently Asked Questions
SSMKX and SSHQX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSMKX has higher volatility (4.35%) compared to SSHQX (3.28%). In terms of maximum drawdown, SSMKX dropped -41.65% vs SSHQX's -31.84%.
SSHQX currently has the higher Sharpe Ratio (2.38 vs 1.50), 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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