UTIP.L vs. SSMKX

Last updated Jun 5, 2026

UTIP.L (SPDR Bloomberg US TIPS UCITS ETF) and SSMKX (State Street Small/Mid Cap Equity Index Fund) are both funds - UTIP.L is a Inflation-Protected Bonds fund tracking the Bloomberg Gbl Infl Linked US TIPS TR USD, while SSMKX is a Mid Cap Blend Equities fund managed by State Street. Over the past 10 years, UTIP.L returned 41.75%/yr vs 13.25%/yr for SSMKX. At a 0.15 correlation, their price movements are largely independent. UTIP.L charges 0.17%/yr vs 0.04%/yr for SSMKX.

Performance

UTIP.L vs. SSMKX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) and State Street Small/Mid Cap Equity Index Fund (SSMKX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UTIP.L is traded in GBP, while SSMKX is traded in USD. To make them comparable, the SSMKX values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, UTIP.L achieves a -0.61% return, which is significantly lower than SSMKX's 13.50% return. Over the past 10 years, UTIP.L has outperformed SSMKX with an annualized return of 41.75%, while SSMKX has yielded a comparatively lower 13.25% annualized return.

UTIP.L

• 1D: 0.00%
• 1M: 0.96%
• YTD: -0.61%
• 6M: -1.42%
• 1Y: 1.23%
• 3Y*: -2.70%
• 5Y*: -2.60%
• 10Y*: 41.75%

SSMKX

• 1D: -0.64%
• 1M: 4.37%
• YTD: 13.50%
• 6M: 10.60%
• 1Y: 29.63%
• 3Y*: 17.01%
• 5Y*: 8.21%
• 10Y*: 13.25%

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

UTIP.L vs. SSMKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UTIP.L SPDR Bloomberg US TIPS UCITS ETF	-0.61%	-3.83%	-0.45%	-6.33%	-8.86%	4.03%	279.51%	55.61%	265.06%	56.18%
SSMKX State Street Small/Mid Cap Equity Index Fund	13.50%	4.73%	19.25%	18.94%	-16.63%	13.44%	28.52%	22.96%	-3.62%	7.94%

Correlation

The correlation between UTIP.L and SSMKX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.15

The correlation between UTIP.L and SSMKX shifts across timeframes, from 0.04 (1 year) to 0.15 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

UTIP.L vs. SSMKX — Risk / Return Rank

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

UTIP.L

UTIP.L Risk / Return Rank: 11
UTIP.L Sharpe Ratio Rank: 12
UTIP.L Sortino Ratio Rank: 10
UTIP.L Omega Ratio Rank: 11
UTIP.L Calmar Ratio Rank: 11
UTIP.L Martin Ratio Rank: 11

SSMKX

SSMKX Risk / Return Rank: 42
SSMKX Sharpe Ratio Rank: 35
SSMKX Sortino Ratio Rank: 34
SSMKX Omega Ratio Rank: 32
SSMKX Calmar Ratio Rank: 56
SSMKX Martin Ratio Rank: 51

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.

UTIP.L vs. SSMKX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) and State Street Small/Mid Cap Equity Index Fund (SSMKX). 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.

	UTIP.L	SSMKX	Difference
Sharpe ratio: Return per unit of total volatility	0.17	1.86	-1.69
Sortino ratio: Return per unit of downside risk	0.27	2.56	-2.28
Omega ratio: Gain probability vs. loss probability	1.04	1.33	-0.29
Calmar ratio: Return relative to maximum drawdown	0.19	3.59	-3.40
Martin ratio: Return relative to average drawdown	0.38	11.79	-11.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UTIP.L vs. SSMKX - Sharpe Ratio Comparison

The current UTIP.L Sharpe Ratio is 0.17, which is lower than the SSMKX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of UTIP.L and SSMKX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UTIP.L	SSMKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	1.86	-1.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	0.40	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.61	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.62	-0.27

Drawdowns

UTIP.L vs. SSMKX - Drawdown Comparison

The maximum UTIP.L drawdown since its inception was -23.72%, smaller than the maximum SSMKX drawdown of -35.12%. Use the drawdown chart below to compare losses from any high point for UTIP.L and SSMKX.

Drawdown Indicators

	UTIP.L	SSMKX	Difference
Max Drawdown Largest peak-to-trough decline	-23.72%	-35.12%	+11.40%
Max Drawdown (1Y) Largest decline over 1 year	-6.54%	-8.25%	+1.71%
Max Drawdown (3Y) Largest decline over 3 years	-10.48%	-27.18%	+16.70%
Max Drawdown (5Y) Largest decline over 5 years	-22.38%	-29.18%	+6.80%
Max Drawdown (10Y) Largest decline over 10 years	-23.72%	-35.12%	+11.40%
Current Drawdown Current decline from peak	-21.46%	-0.64%	-20.82%
Average Drawdown Average peak-to-trough decline	-9.04%	-7.42%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.51%	+0.76%

Volatility

UTIP.L vs. SSMKX - Volatility Comparison

The current volatility for SPDR Bloomberg US TIPS UCITS ETF (UTIP.L) is 1.76%, while State Street Small/Mid Cap Equity Index Fund (SSMKX) has a volatility of 4.27%. This indicates that UTIP.L experiences smaller price fluctuations and is considered to be less risky than SSMKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UTIP.L	SSMKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.76%	4.27%	-2.51%
Volatility (6M) Calculated over the trailing 6-month period	4.86%	11.26%	-6.40%
Volatility (1Y) Calculated over the trailing 1-year period	7.14%	15.97%	-8.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.35%	20.89%	-11.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	118.48%	21.78%	+96.70%

UTIP.L vs. SSMKX - Expense Ratio Comparison

UTIP.L has a 0.17% expense ratio, which is higher than SSMKX's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

UTIP.L vs. SSMKX - Dividend Comparison

UTIP.L has not paid dividends to shareholders, while SSMKX's dividend yield for the trailing twelve months is around 4.51%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SSMKX State Street Small/Mid Cap Equity Index Fund	4.51%	5.10%	2.12%	2.56%	17.09%	9.69%	1.47%	5.75%	3.68%	5.52%	1.30%
UTIP.L SPDR Bloomberg US TIPS UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	69.04%	31.90%	67.27%	43.97%	0.00%

Frequently Asked Questions

Can I hold both UTIP.L and SSMKX in my portfolio?

UTIP.L and SSMKX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.