BTMFX vs. BTSMX

Last updated Jun 23, 2026

BTMFX (Boston Trust Midcap Fund) and BTSMX (Boston Trust SMID Cap Fund) are both Mid Cap Blend Equities funds from Boston Trust Walden. Over the past 10 years, BTMFX returned 10.15%/yr vs 10.64%/yr for BTSMX. With a 0.96 correlation, they move nearly in lockstep. BTMFX charges 1.00%/yr vs 0.75%/yr for BTSMX.

Performance

BTMFX vs. BTSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Boston Trust Midcap Fund (BTMFX) and Boston Trust SMID Cap Fund (BTSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTMFX achieves a 2.05% return, which is significantly lower than BTSMX's 4.07% return. Both investments have delivered pretty close results over the past 10 years, with BTMFX having a 10.15% annualized return and BTSMX not far ahead at 10.64%.

BTMFX

• 1D: 0.64%
• 1M: 0.77%
• YTD: 2.05%
• 6M: 0.69%
• 1Y: 7.62%
• 3Y*: 8.12%
• 5Y*: 6.26%
• 10Y*: 10.15%

BTSMX

• 1D: 1.03%
• 1M: 1.51%
• YTD: 4.07%
• 6M: 2.32%
• 1Y: 8.29%
• 3Y*: 8.26%
• 5Y*: 6.44%
• 10Y*: 10.64%

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

BTMFX vs. BTSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTMFX Boston Trust Midcap Fund	2.05%	4.29%	10.27%	13.06%	-10.91%	24.77%	9.72%	33.00%	-3.36%	20.01%
BTSMX Boston Trust SMID Cap Fund	4.07%	0.72%	10.16%	13.14%	-12.02%	35.06%	8.27%	30.51%	-5.63%	17.69%

Correlation

The correlation between BTMFX and BTSMX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Dec 1, 2011	0.96

The correlation between BTMFX and BTSMX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

BTMFX vs. BTSMX — Risk / Return Rank

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

BTMFX

BTMFX Risk / Return Rank: 9
BTMFX Sharpe Ratio Rank: 8
BTMFX Sortino Ratio Rank: 9
BTMFX Omega Ratio Rank: 8
BTMFX Calmar Ratio Rank: 11
BTMFX Martin Ratio Rank: 10

BTSMX

BTSMX Risk / Return Rank: 9
BTSMX Sharpe Ratio Rank: 8
BTSMX Sortino Ratio Rank: 9
BTSMX Omega Ratio Rank: 8
BTSMX Calmar Ratio Rank: 10
BTSMX Martin Ratio Rank: 10

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.

BTMFX vs. BTSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Boston Trust Midcap Fund (BTMFX) and Boston Trust SMID Cap Fund (BTSMX). 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.

	BTMFX	BTSMX	Difference
Sharpe ratio: Return per unit of total volatility	0.65	0.66	0.00
Sortino ratio: Return per unit of downside risk	1.05	1.08	-0.03
Omega ratio: Gain probability vs. loss probability	1.12	1.12	0.00
Calmar ratio: Return relative to maximum drawdown	1.00	0.95	+0.05
Martin ratio: Return relative to average drawdown	2.75	2.66	+0.09

BTMFX vs. BTSMX - Sharpe Ratio Comparison

The current BTMFX Sharpe Ratio is 0.65, which is comparable to the BTSMX Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of BTMFX and BTSMX, 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

BTMFX vs. BTSMX - Drawdown Comparison

The maximum BTMFX drawdown since its inception was -49.26%, which is greater than BTSMX's maximum drawdown of -38.04%. Use the drawdown chart below to compare losses from any high point for BTMFX and BTSMX.

Drawdown Indicators

	BTMFX	BTSMX	Difference
Max Drawdown Largest peak-to-trough decline	-49.26%	-38.04%	-11.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.79%	-8.74%	+0.95%
Max Drawdown (3Y) Largest decline over 3 years	-17.77%	-20.28%	+2.51%
Max Drawdown (5Y) Largest decline over 5 years	-20.79%	-21.46%	+0.67%
Max Drawdown (10Y) Largest decline over 10 years	-37.14%	-38.04%	+0.90%
Current Drawdown Current decline from peak	-2.42%	-3.41%	+0.99%
Average Drawdown Average peak-to-trough decline	-6.15%	-4.99%	-1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	3.13%	-0.30%

Volatility

BTMFX vs. BTSMX - Volatility Comparison

Boston Trust Midcap Fund (BTMFX) and Boston Trust SMID Cap Fund (BTSMX) have volatilities of 3.28% and 3.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTMFX	BTSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	3.27%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	8.18%	8.51%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	11.90%	12.65%	-0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.76%	16.77%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.44%	18.39%	-0.95%

BTMFX vs. BTSMX - Expense Ratio Comparison

BTMFX has a 1.00% expense ratio, which is higher than BTSMX's 0.75% expense ratio.

Dividends

BTMFX vs. BTSMX - Dividend Comparison

BTMFX's dividend yield for the trailing twelve months is around 10.64%, more than BTSMX's 1.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTMFX Boston Trust Midcap Fund	10.64%	10.86%	4.23%	4.41%	4.71%	4.91%	1.98%	6.95%	5.96%	6.61%	7.03%	6.60%
BTSMX Boston Trust SMID Cap Fund	1.97%	2.05%	2.20%	0.79%	4.15%	6.35%	0.77%	6.33%	1.95%	0.47%	6.36%	7.34%

Frequently Asked Questions

Can I hold both BTMFX and BTSMX in my portfolio?

With a correlation of 0.96, BTMFX and BTSMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BTMFX or BTSMX?

BTMFX has higher volatility (3.28%) compared to BTSMX (3.27%). In terms of maximum drawdown, BTMFX dropped -49.26% vs BTSMX's -38.04%.

Which has better risk-adjusted returns?

BTSMX currently has the higher Sharpe Ratio (0.66 vs 0.65), 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.