CCASX vs. CCSMX
CCASX (Conestoga Small Cap) and CCSMX (Conestoga SMid Cap Fund) are both mutual funds - CCASX is a Small Cap Growth Equities fund managed by Conestoga Capital Advisors, while CCSMX is a Mid Cap Growth Equities fund managed by Conestoga Capital Advisors. Over the past 10 years, CCASX returned 8.88%/yr vs 9.09%/yr for CCSMX. Their 0.96 correlation means they have historically moved very closely together. Both charge a 1.10% expense ratio.
Performance
CCASX vs. CCSMX - Performance Comparison
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Returns By Period
In the year-to-date period, CCASX achieves a 3.13% return, which is significantly higher than CCSMX's -7.13% return. Both investments have delivered pretty close results over the past 10 years, with CCASX having a 8.88% annualized return and CCSMX not far ahead at 9.09%.
CCASX
- 1D
- 0.70%
- 1M
- -4.12%
- 6M
- 0.58%
- YTD
- 3.13%
- 1Y
- 1.40%
- 3Y*
- 0.70%
- 5Y*
- -1.52%
- 10Y*
- 8.88%
- ALL TIME*
- 9.42%
CCSMX
- 1D
- 0.74%
- 1M
- -3.57%
- 6M
- -7.52%
- YTD
- -7.13%
- 1Y
- -10.37%
- 3Y*
- 0.54%
- 5Y*
- -2.97%
- 10Y*
- 9.09%
- ALL TIME*
- 6.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
CCASX Conestoga Small Cap | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
CCASX vs. CCSMX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CCASX Conestoga Small Cap | 3.13% | -11.00% | 8.74% | 22.13% | -28.32% | 16.02% | 30.34% | 25.18% | 0.60% | 28.42% |
CCSMX Conestoga SMid Cap Fund | -7.13% | -5.91% | 10.44% | 25.77% | -29.47% | 15.26% | 28.44% | 33.48% | -0.09% | 34.11% |
Correlation
The correlation between CCASX and CCSMX is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2014 | 0.96 |
The correlation between CCASX and CCSMX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
CCASX vs. CCSMX — Risk / Return Rank
CCASX
CCSMX
CCASX vs. CCSMX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Conestoga Small Cap (CCASX) and Conestoga SMid Cap Fund (CCSMX). 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.
| CCASX | CCSMX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.91 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.04 | -0.60 | +0.64 |
| Martin ratioReturn relative to average drawdown | 0.09 | -1.11 | +1.20 |
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Drawdowns
CCASX vs. CCSMX - Drawdown Comparison
The maximum CCASX drawdown since its inception was -48.00%, which is greater than CCSMX's maximum drawdown of -37.34%. Use the drawdown chart below to compare losses from any high point for CCASX and CCSMX.
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Drawdown Indicators
| CCASX | CCSMX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.00% | -37.34% | -10.66% |
Max Drawdown (1Y)Largest decline over 1 year | -14.51% | -18.40% | +3.89% |
Max Drawdown (3Y)Largest decline over 3 years | -27.74% | -25.00% | -2.74% |
Max Drawdown (5Y)Largest decline over 5 years | -38.14% | -37.34% | -0.80% |
Max Drawdown (10Y)Largest decline over 10 years | -38.14% | -37.34% | -0.80% |
Current DrawdownCurrent decline from peak | -17.17% | -20.61% | +3.44% |
Average DrawdownAverage peak-to-trough decline | -9.24% | -10.34% | +1.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.67% | 9.93% | -4.26% |
Volatility
CCASX vs. CCSMX - Volatility Comparison
Conestoga Small Cap (CCASX) and Conestoga SMid Cap Fund (CCSMX) have volatilities of 4.90% and 4.81%, 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
| CCASX | CCSMX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.90% | 4.81% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 13.93% | 12.28% | +1.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.13% | 17.15% | +1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.89% | 20.60% | +1.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.51% | 20.36% | +1.15% |
CCASX vs. CCSMX - Expense Ratio Comparison
Both CCASX and CCSMX have an expense ratio of 1.10%.
Dividends
CCASX vs. CCSMX - Dividend Comparison
CCASX's dividend yield for the trailing twelve months is around 5.41%, more than CCSMX's 2.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CCASX Conestoga Small Cap | 5.41% | 5.58% | 0.00% | 0.86% | 4.12% | 5.27% | 0.00% | 2.14% | 1.46% | 5.63% | 1.18% | 1.88% |
CCSMX Conestoga SMid Cap Fund | 2.35% | 2.18% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.33% | 1.04% | 0.33% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, CCASX and CCSMX 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.
CCASX has higher volatility (4.90%) compared to CCSMX (4.81%). In terms of maximum drawdown, CCASX dropped -48.00% vs CCSMX's -37.34%.
CCASX currently has the higher Sharpe Ratio (0.03 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.
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