SSM Parameter Store Vs Secret Manager

AWS SSM Parameter StoreAWS Secrets Manager
Automatic rotation of secretNo automatic rotation
KMS is mandatoryKMS is optional
Seamlessly integrate with RDS, Redshift, DocumentDB, CloudFormationIntegrate with CloudFormation
Can Pull AWS Secrets Manager secret using API

Integration with RDS For example

AWS Secrets Manager (Newer)

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Write an AWS Lambda function (AWS Provided) to trigger change password for RDS

SSM Parameter store

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Use CloudWatch Events to invoke a custom AWS Lambda to change passwords in both RDS and SSM Parameter Store