SSSFX vs. SMH

Last updated Jun 23, 2026

SSSFX (SouthernSun Small Cap) and SMH (VanEck Semiconductor ETF) are both funds - SSSFX is a Small Cap Blend Equities fund managed by AMG, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Over the past 10 years, SSSFX returned 9.46%/yr vs 38.85%/yr for SMH. A 0.62 correlation means they provide meaningful diversification when combined. SSSFX charges 1.30%/yr vs 0.35%/yr for SMH.

Performance

SSSFX vs. SMH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SouthernSun Small Cap (SSSFX) and VanEck Semiconductor ETF (SMH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SSSFX achieves a 13.72% return, which is significantly lower than SMH's 85.74% return. Over the past 10 years, SSSFX has underperformed SMH with an annualized return of 9.46%, while SMH has yielded a comparatively higher 38.85% annualized return.

SSSFX

• 1D: 1.93%
• 1M: 4.05%
• YTD: 13.72%
• 6M: 11.42%
• 1Y: 24.91%
• 3Y*: 8.22%
• 5Y*: 8.21%
• 10Y*: 9.46%

SMH

• 1D: 1.37%
• 1M: 16.07%
• YTD: 85.74%
• 6M: 85.96%
• 1Y: 157.81%
• 3Y*: 66.26%
• 5Y*: 40.65%
• 10Y*: 38.85%

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

SSSFX vs. SMH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSSFX SouthernSun Small Cap	13.72%	4.72%	3.46%	12.52%	-1.86%	21.87%	14.08%	35.45%	-24.32%	18.03%
SMH VanEck Semiconductor ETF	85.74%	49.17%	39.10%	73.38%	-33.53%	42.13%	55.53%	64.45%	-9.05%	38.48%

Correlation

The correlation between SSSFX and SMH is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 2, 2003	0.62

The correlation between SSSFX and SMH shifts across timeframes, from 0.48 (3 years) to 0.62 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SSSFX vs. SMH — Risk / Return Rank

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

SSSFX

SSSFX Risk / Return Rank: 22
SSSFX Sharpe Ratio Rank: 21
SSSFX Sortino Ratio Rank: 24
SSSFX Omega Ratio Rank: 19
SSSFX Calmar Ratio Rank: 25
SSSFX Martin Ratio Rank: 19

SMH

SMH Risk / Return Rank: 96
SMH Sharpe Ratio Rank: 97
SMH Sortino Ratio Rank: 94
SMH Omega Ratio Rank: 94
SMH Calmar Ratio Rank: 97
SMH Martin Ratio Rank: 97

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.

SSSFX vs. SMH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SouthernSun Small Cap (SSSFX) and VanEck Semiconductor ETF (SMH). 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.

	SSSFX	SMH	Difference
Sharpe ratio: Return per unit of total volatility	1.23	4.66	-3.43
Sortino ratio: Return per unit of downside risk	1.90	4.60	-2.70
Omega ratio: Gain probability vs. loss probability	1.22	1.66	-0.44
Calmar ratio: Return relative to maximum drawdown	1.74	10.63	-8.89
Martin ratio: Return relative to average drawdown	4.55	38.91	-34.36

SSSFX vs. SMH - Sharpe Ratio Comparison

The current SSSFX Sharpe Ratio is 1.23, which is lower than the SMH Sharpe Ratio of 4.66. The chart below compares the historical Sharpe Ratios of SSSFX and SMH, 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

SSSFX vs. SMH - Drawdown Comparison

The maximum SSSFX drawdown since its inception was -65.85%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for SSSFX and SMH.

Drawdown Indicators

	SSSFX	SMH	Difference
Max Drawdown Largest peak-to-trough decline	-65.85%	-84.96%	+19.11%
Max Drawdown (1Y) Largest decline over 1 year	-14.39%	-14.93%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-32.76%	-35.74%	+2.98%
Max Drawdown (5Y) Largest decline over 5 years	-32.76%	-45.30%	+12.54%
Max Drawdown (10Y) Largest decline over 10 years	-45.20%	-45.30%	+0.10%
Current Drawdown Current decline from peak	-3.95%	0.00%	-3.95%
Average Drawdown Average peak-to-trough decline	-10.89%	-41.01%	+30.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.49%	4.07%	+1.42%

Volatility

SSSFX vs. SMH - Volatility Comparison

The current volatility for SouthernSun Small Cap (SSSFX) is 5.53%, while VanEck Semiconductor ETF (SMH) has a volatility of 17.29%. This indicates that SSSFX experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSSFX	SMH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.53%	17.29%	-11.76%
Volatility (6M) Calculated over the trailing 6-month period	14.61%	28.18%	-13.57%
Volatility (1Y) Calculated over the trailing 1-year period	20.29%	34.14%	-13.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.55%	35.68%	-13.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.34%	32.95%	-9.61%

SSSFX vs. SMH - Expense Ratio Comparison

SSSFX has a 1.30% expense ratio, which is higher than SMH's 0.35% expense ratio.

Dividends

SSSFX vs. SMH - Dividend Comparison

SSSFX's dividend yield for the trailing twelve months is around 4.43%, more than SMH's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMH VanEck Semiconductor ETF	0.17%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
SSSFX SouthernSun Small Cap	4.43%	5.04%	13.93%	13.87%	9.40%	11.51%	0.23%	5.29%	4.77%	0.00%	0.00%	12.69%

Frequently Asked Questions

Can I hold both SSSFX and SMH in my portfolio?

SSSFX and SMH have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSSFX or SMH?

SMH has higher volatility (17.29%) compared to SSSFX (5.53%). In terms of maximum drawdown, SSSFX dropped -65.85% vs SMH's -84.96%.

Which has better risk-adjusted returns?

SMH currently has the higher Sharpe Ratio (4.66 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.