CIPMX vs. MDY

Last updated Jun 3, 2026

CIPMX (Champlain Mid Cap Fund) and MDY (SPDR S&P MidCap 400 ETF) are both funds - CIPMX is a Mid Cap Growth Equities fund managed by Champlain Funds, while MDY is a Small Cap Growth Equities fund tracking the S&P MidCap 400 Index. Over the past 10 years, CIPMX returned 9.79%/yr vs 11.05%/yr for MDY. Their correlation of 0.90 suggests significant overlap in exposure. CIPMX charges 1.09%/yr vs 0.23%/yr for MDY.

Performance

CIPMX vs. MDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Champlain Mid Cap Fund (CIPMX) and SPDR S&P MidCap 400 ETF (MDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CIPMX achieves a 0.56% return, which is significantly lower than MDY's 14.02% return. Over the past 10 years, CIPMX has underperformed MDY with an annualized return of 9.79%, while MDY has yielded a comparatively higher 11.05% annualized return.

CIPMX

• 1D: 1.80%
• 1M: 7.57%
• YTD: 0.56%
• 6M: 0.42%
• 1Y: 1.16%
• 3Y*: 8.25%
• 5Y*: 2.37%
• 10Y*: 9.79%

MDY

• 1D: 0.90%
• 1M: 3.28%
• YTD: 14.02%
• 6M: 15.05%
• 1Y: 26.67%
• 3Y*: 15.81%
• 5Y*: 8.07%
• 10Y*: 11.05%

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

CIPMX vs. MDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CIPMX Champlain Mid Cap Fund	0.56%	1.44%	13.94%	15.40%	-26.53%	24.48%	29.03%	26.27%	3.41%	13.62%
MDY SPDR S&P MidCap 400 ETF	14.02%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%

Correlation

The correlation between CIPMX and MDY is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jul 2, 2008	0.90

The correlation between CIPMX and MDY shifts across timeframes, from 0.78 (1 year) to 0.90 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CIPMX vs. MDY — Risk / Return Rank

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

CIPMX

CIPMX Risk / Return Rank: 3
CIPMX Sharpe Ratio Rank: 3
CIPMX Sortino Ratio Rank: 3
CIPMX Omega Ratio Rank: 3
CIPMX Calmar Ratio Rank: 3
CIPMX Martin Ratio Rank: 3

MDY

MDY Risk / Return Rank: 54
MDY Sharpe Ratio Rank: 49
MDY Sortino Ratio Rank: 51
MDY Omega Ratio Rank: 48
MDY Calmar Ratio Rank: 60
MDY Martin Ratio Rank: 61

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.

CIPMX vs. MDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Champlain Mid Cap Fund (CIPMX) and SPDR S&P MidCap 400 ETF (MDY). 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.

	CIPMX	MDY	Difference
Sharpe ratio Return per unit of total volatility	0.08	1.73	-1.65
Sortino ratio Return per unit of downside risk	0.22	2.52	-2.30
Omega ratio Gain probability vs. loss probability	1.03	1.31	-0.28
Calmar ratio Return relative to maximum drawdown	0.09	3.01	-2.92
Martin ratio Return relative to average drawdown	0.24	10.99	-10.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CIPMX vs. MDY - Sharpe Ratio Comparison

The current CIPMX Sharpe Ratio is 0.08, which is lower than the MDY Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of CIPMX and MDY, 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

	CIPMX	MDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.08	1.73	-1.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.41	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.52	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.53	-0.03

Drawdowns

CIPMX vs. MDY - Drawdown Comparison

The maximum CIPMX drawdown since its inception was -45.33%, smaller than the maximum MDY drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for CIPMX and MDY.

Drawdown Indicators

	CIPMX	MDY	Difference
Max Drawdown Largest peak-to-trough decline	-45.33%	-55.33%	+10.00%
Max Drawdown (1Y) Largest decline over 1 year	-14.68%	-8.82%	-5.86%
Max Drawdown (3Y) Largest decline over 3 years	-20.11%	-24.03%	+3.92%
Max Drawdown (5Y) Largest decline over 5 years	-33.20%	-24.03%	-9.17%
Max Drawdown (10Y) Largest decline over 10 years	-33.84%	-42.22%	+8.38%
Current Drawdown Current decline from peak	-3.52%	0.00%	-3.52%
Average Drawdown Average peak-to-trough decline	-7.96%	-7.03%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.66%	2.42%	+3.24%

Volatility

CIPMX vs. MDY - Volatility Comparison

The current volatility for Champlain Mid Cap Fund (CIPMX) is 3.95%, while SPDR S&P MidCap 400 ETF (MDY) has a volatility of 4.40%. This indicates that CIPMX experiences smaller price fluctuations and is considered to be less risky than MDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CIPMX	MDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.95%	4.40%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	10.98%	11.30%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	14.78%	15.48%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	19.77%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.87%	21.19%	-2.32%

CIPMX vs. MDY - Expense Ratio Comparison

CIPMX has a 1.09% expense ratio, which is higher than MDY's 0.23% expense ratio.

Dividends

CIPMX vs. MDY - Dividend Comparison

CIPMX's dividend yield for the trailing twelve months is around 18.07%, more than MDY's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIPMX Champlain Mid Cap Fund	18.07%	18.17%	15.31%	0.30%	1.44%	10.24%	4.62%	4.06%	6.70%	0.00%	4.28%	8.32%
MDY SPDR S&P MidCap 400 ETF	1.04%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%

Frequently Asked Questions

Can I hold both CIPMX and MDY in my portfolio?

CIPMX and MDY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CIPMX or MDY?

MDY has higher volatility (4.40%) compared to CIPMX (3.95%). In terms of maximum drawdown, CIPMX dropped -45.33% vs MDY's -55.33%.

Which has better risk-adjusted returns?

MDY currently has the higher Sharpe Ratio (1.73 vs 0.08), 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.