CAFX vs. CSMD

Last updated Jun 4, 2026

CAFX (Congress Intermediate Bond ETF) and CSMD (Congress SMID Growth ETF) are both exchange-traded funds - CAFX is a Intermediate Core Bond fund actively managed by Congress, while CSMD is a Mid Cap Growth Equities fund actively managed by Congress. Both are actively managed. Over the past year, CAFX returned 3.95% vs 14.97% for CSMD. At a 0.17 correlation, their price movements are largely independent. CAFX charges 0.35%/yr vs 0.68%/yr for CSMD.

Performance

CAFX vs. CSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Congress Intermediate Bond ETF (CAFX) and Congress SMID Growth ETF (CSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CAFX achieves a 0.28% return, which is significantly lower than CSMD's 10.72% return.

CAFX

• 1D: -0.14%
• 1M: 0.22%
• YTD: 0.28%
• 6M: 0.37%
• 1Y: 3.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSMD

• 1D: 0.29%
• 1M: 7.59%
• YTD: 10.72%
• 6M: 8.83%
• 1Y: 14.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CAFX vs. CSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CAFX Congress Intermediate Bond ETF	0.28%	6.46%	-1.66%
CSMD Congress SMID Growth ETF	10.72%	5.68%	6.94%

Correlation

The correlation between CAFX and CSMD is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Sep 11, 2024	0.17

Return for Risk

CAFX vs. CSMD — Risk / Return Rank

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

CAFX

CAFX Risk / Return Rank: 42
CAFX Sharpe Ratio Rank: 39
CAFX Sortino Ratio Rank: 43
CAFX Omega Ratio Rank: 40
CAFX Calmar Ratio Rank: 46
CAFX Martin Ratio Rank: 41

CSMD

CSMD Risk / Return Rank: 24
CSMD Sharpe Ratio Rank: 24
CSMD Sortino Ratio Rank: 24
CSMD Omega Ratio Rank: 23
CSMD Calmar Ratio Rank: 23
CSMD Martin Ratio Rank: 24

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.

CAFX vs. CSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Congress Intermediate Bond ETF (CAFX) and Congress SMID Growth ETF (CSMD). 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.

	CAFX	CSMD	Difference
Sharpe ratio: Return per unit of total volatility	1.37	0.79	+0.58
Sortino ratio: Return per unit of downside risk	2.12	1.24	+0.88
Omega ratio: Gain probability vs. loss probability	1.26	1.15	+0.11
Calmar ratio: Return relative to maximum drawdown	2.22	1.02	+1.20
Martin ratio: Return relative to average drawdown	6.46	3.09	+3.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAFX vs. CSMD - Sharpe Ratio Comparison

The current CAFX Sharpe Ratio is 1.37, which is higher than the CSMD Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of CAFX and CSMD, 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

	CAFX	CSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	0.79	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.66	+0.25

Drawdowns

CAFX vs. CSMD - Drawdown Comparison

The maximum CAFX drawdown since its inception was -2.63%, smaller than the maximum CSMD drawdown of -22.54%. Use the drawdown chart below to compare losses from any high point for CAFX and CSMD.

Drawdown Indicators

	CAFX	CSMD	Difference
Max Drawdown Largest peak-to-trough decline	-2.63%	-22.54%	+19.91%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	-14.79%	+13.00%
Current Drawdown Current decline from peak	-0.92%	0.00%	-0.92%
Average Drawdown Average peak-to-trough decline	-0.73%	-4.75%	+4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	4.85%	-4.24%

Volatility

CAFX vs. CSMD - Volatility Comparison

The current volatility for Congress Intermediate Bond ETF (CAFX) is 0.75%, while Congress SMID Growth ETF (CSMD) has a volatility of 6.03%. This indicates that CAFX experiences smaller price fluctuations and is considered to be less risky than CSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAFX	CSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	6.03%	-5.28%
Volatility (6M) Calculated over the trailing 6-month period	1.84%	14.45%	-12.61%
Volatility (1Y) Calculated over the trailing 1-year period	2.89%	18.97%	-16.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.16%	19.77%	-16.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.16%	19.77%	-16.61%

CAFX vs. CSMD - Expense Ratio Comparison

CAFX has a 0.35% expense ratio, which is lower than CSMD's 0.68% expense ratio.

Dividends

CAFX vs. CSMD - Dividend Comparison

CAFX's dividend yield for the trailing twelve months is around 4.01%, while CSMD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CAFX Congress Intermediate Bond ETF	4.01%	3.92%	0.96%	0.00%
CSMD Congress SMID Growth ETF	0.00%	0.00%	0.40%	0.02%

Frequently Asked Questions

Can I hold both CAFX and CSMD in my portfolio?

CAFX and CSMD have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CAFX or CSMD?

CSMD has higher volatility (6.03%) compared to CAFX (0.75%). In terms of maximum drawdown, CAFX dropped -2.63% vs CSMD's -22.54%.

Which ETF is better, CAFX or CSMD?

On 1-year performance, CSMD leads with 14.97% vs 3.95% for CAFX. On fees, CAFX is cheaper at 0.35% per year. On volatility, CAFX has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CAFX or CSMD?

Over the 1-year period, CSMD has performed better with a 14.97% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CAFX or CSMD?

CAFX is cheaper with a 0.35% expense ratio, compared with 0.68% for CSMD.

Which ETF pays a higher dividend yield, CAFX or CSMD?

CAFX has the higher dividend yield at 4.01%, compared with 0.00% for CSMD.

What is the main difference between CAFX and CSMD?

CAFX is categorized as Intermediate Core Bond, while CSMD is Mid Cap Growth Equities. Their fees differ too: 0.35% for CAFX and 0.68% for CSMD.

Which has better risk-adjusted returns?

CAFX currently has the higher Sharpe Ratio (1.37 vs 0.79), 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.