CCALX vs. CCASX
CCALX (Conestoga Small Cap Fund Institutional Class) and CCASX (Conestoga Small Cap) are both Small Cap Growth Equities funds from Conestoga Capital Advisors. Over the past 10 years, CCALX returned 9.37%/yr vs 9.15%/yr for CCASX. With a 1.00 correlation, they move nearly in lockstep. CCALX charges 0.90%/yr vs 1.10%/yr for CCASX.
Performance
CCALX vs. CCASX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with CCALX having a 1.83% return and CCASX slightly lower at 1.74%. Both investments have delivered pretty close results over the past 10 years, with CCALX having a 9.37% annualized return and CCASX not far behind at 9.15%.
CCALX
- 1D
- -0.17%
- 1M
- 0.51%
- YTD
- 1.83%
- 6M
- 0.01%
- 1Y
- -3.22%
- 3Y*
- 2.24%
- 5Y*
- -0.30%
- 10Y*
- 9.37%
CCASX
- 1D
- -0.18%
- 1M
- 0.51%
- YTD
- 1.74%
- 6M
- -0.09%
- 1Y
- -3.40%
- 3Y*
- 2.04%
- 5Y*
- -0.50%
- 10Y*
- 9.15%
CCALX vs. CCASX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CCALX Conestoga Small Cap Fund Institutional Class | 1.83% | -10.83% | 8.96% | 22.36% | -28.16% | 16.25% | 30.59% | 25.42% | 0.79% | 28.72% |
CCASX Conestoga Small Cap | 1.74% | -11.00% | 8.74% | 22.13% | -28.32% | 16.02% | 30.34% | 25.18% | 0.60% | 28.42% |
Correlation
The correlation between CCALX and CCASX is 1.00 - 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 | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2014 | 1.00 |
The correlation between CCALX and CCASX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
CCALX vs. CCASX — Risk / Return Rank
CCALX
CCASX
CCALX vs. CCASX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Conestoga Small Cap Fund Institutional Class (CCALX) and Conestoga Small Cap (CCASX). 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.
| CCALX | CCASX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 0.99 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | -0.21 | +0.01 |
| Martin ratioReturn relative to average drawdown | -0.53 | -0.56 | +0.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CCALX | CCASX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.16 | -0.17 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | -0.02 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.43 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.44 | -0.01 |
Drawdowns
CCALX vs. CCASX - Drawdown Comparison
The maximum CCALX drawdown since its inception was -38.06%, smaller than the maximum CCASX drawdown of -48.00%. Use the drawdown chart below to compare losses from any high point for CCALX and CCASX.
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Drawdown Indicators
| CCALX | CCASX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.06% | -48.00% | +9.94% |
Max Drawdown (1Y)Largest decline over 1 year | -14.47% | -14.51% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -27.69% | -27.74% | +0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -38.06% | -38.14% | +0.08% |
Max Drawdown (10Y)Largest decline over 10 years | -38.06% | -38.14% | +0.08% |
Current DrawdownCurrent decline from peak | -17.54% | -18.28% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -10.31% | -9.19% | -1.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.50% | 5.53% | -0.03% |
Volatility
CCALX vs. CCASX - Volatility Comparison
Conestoga Small Cap Fund Institutional Class (CCALX) and Conestoga Small Cap (CCASX) have volatilities of 4.84% and 4.83%, 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.
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Volatility by Period
| CCALX | CCASX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.84% | 4.83% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 13.50% | 13.49% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.70% | 18.69% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.76% | 21.77% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.50% | 21.50% | 0.00% |
CCALX vs. CCASX - Expense Ratio Comparison
CCALX has a 0.90% expense ratio, which is lower than CCASX's 1.10% expense ratio.
Dividends
CCALX vs. CCASX - Dividend Comparison
CCALX's dividend yield for the trailing twelve months is around 5.33%, less than CCASX's 5.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CCALX Conestoga Small Cap Fund Institutional Class | 5.33% | 5.43% | 0.00% | 0.84% | 4.04% | 5.18% | 0.00% | 2.11% | 1.45% | 5.59% | 1.18% | 1.87% |
CCASX Conestoga Small Cap | 5.49% | 5.58% | 0.00% | 0.86% | 4.12% | 5.27% | 0.00% | 2.14% | 1.46% | 5.63% | 1.18% | 1.88% |
Frequently Asked Questions
With a correlation of 1.00, CCALX and CCASX 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.
CCALX has higher volatility (4.84%) compared to CCASX (4.83%). In terms of maximum drawdown, CCALX dropped -38.06% vs CCASX's -48.00%.
CCALX currently has the higher Sharpe Ratio (-0.16 vs -0.17), 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.
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