CMNWX vs. PMFMX

Last updated Jun 6, 2026

CMNWX (Principal Capital Appreciation Fund) and PMFMX (Principal MidCap S&P 400 Index Fund) are both mutual funds - CMNWX is a Large Cap Blend Equities fund managed by Principal, while PMFMX is a Mid Cap Blend Equities fund managed by Principal. Over the past 10 years, CMNWX returned 15.46%/yr vs 11.87%/yr for PMFMX. Their correlation of 0.91 suggests significant overlap in exposure. CMNWX charges 0.80%/yr vs 0.73%/yr for PMFMX.

Performance

CMNWX vs. PMFMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Capital Appreciation Fund (CMNWX) and Principal MidCap S&P 400 Index Fund (PMFMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CMNWX achieves a 10.54% return, which is significantly lower than PMFMX's 14.18% return. Over the past 10 years, CMNWX has outperformed PMFMX with an annualized return of 15.46%, while PMFMX has yielded a comparatively lower 11.87% annualized return.

CMNWX

• 1D: 0.55%
• 1M: 2.96%
• YTD: 10.54%
• 6M: 9.49%
• 1Y: 25.47%
• 3Y*: 23.40%
• 5Y*: 14.63%
• 10Y*: 15.46%

PMFMX

• 1D: 0.39%
• 1M: 0.99%
• YTD: 14.18%
• 6M: 13.82%
• 1Y: 25.57%
• 3Y*: 20.93%
• 5Y*: 10.31%
• 10Y*: 11.87%

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

CMNWX vs. PMFMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMNWX Principal Capital Appreciation Fund	10.54%	13.27%	32.14%	25.01%	-16.37%	27.45%	18.36%	32.21%	-4.12%	20.64%
PMFMX Principal MidCap S&P 400 Index Fund	14.18%	6.77%	28.52%	15.61%	-13.60%	23.61%	12.90%	25.34%	-11.89%	15.35%

Correlation

The correlation between CMNWX and PMFMX is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 7, 2000	0.91

The correlation between CMNWX and PMFMX shifts across timeframes, from 0.73 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CMNWX vs. PMFMX — Risk / Return Rank

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

CMNWX

CMNWX Risk / Return Rank: 55
CMNWX Sharpe Ratio Rank: 52
CMNWX Sortino Ratio Rank: 48
CMNWX Omega Ratio Rank: 47
CMNWX Calmar Ratio Rank: 58
CMNWX Martin Ratio Rank: 72

PMFMX

PMFMX Risk / Return Rank: 44
PMFMX Sharpe Ratio Rank: 36
PMFMX Sortino Ratio Rank: 37
PMFMX Omega Ratio Rank: 34
PMFMX Calmar Ratio Rank: 60
PMFMX Martin Ratio Rank: 53

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.

CMNWX vs. PMFMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Capital Appreciation Fund (CMNWX) and Principal MidCap S&P 400 Index Fund (PMFMX). 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.

	CMNWX	PMFMX	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.66	+0.37
Sortino ratio: Return per unit of downside risk	2.80	2.44	+0.36
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.06
Calmar ratio: Return relative to maximum drawdown	2.83	2.87	-0.04
Martin ratio: Return relative to average drawdown	13.23	10.45	+2.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMNWX vs. PMFMX - Sharpe Ratio Comparison

The current CMNWX Sharpe Ratio is 2.03, which is comparable to the PMFMX Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of CMNWX and PMFMX, 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

	CMNWX	PMFMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	1.66	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.50	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.90	0.57	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.44	+0.27

Drawdowns

CMNWX vs. PMFMX - Drawdown Comparison

The maximum CMNWX drawdown since its inception was -50.43%, smaller than the maximum PMFMX drawdown of -55.43%. Use the drawdown chart below to compare losses from any high point for CMNWX and PMFMX.

Drawdown Indicators

	CMNWX	PMFMX	Difference
Max Drawdown Largest peak-to-trough decline	-50.43%	-55.43%	+5.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-8.89%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.54%	-22.09%	+2.55%
Max Drawdown (5Y) Largest decline over 5 years	-23.35%	-24.08%	+0.73%
Max Drawdown (10Y) Largest decline over 10 years	-33.26%	-42.02%	+8.76%
Current Drawdown Current decline from peak	-0.24%	0.00%	-0.24%
Average Drawdown Average peak-to-trough decline	-6.95%	-7.81%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	2.44%	-0.54%

Volatility

CMNWX vs. PMFMX - Volatility Comparison

The current volatility for Principal Capital Appreciation Fund (CMNWX) is 2.99%, while Principal MidCap S&P 400 Index Fund (PMFMX) has a volatility of 4.22%. This indicates that CMNWX experiences smaller price fluctuations and is considered to be less risky than PMFMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMNWX	PMFMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	4.22%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	11.28%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	15.33%	-2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.80%	20.57%	-3.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.18%	20.99%	-3.81%

CMNWX vs. PMFMX - Expense Ratio Comparison

CMNWX has a 0.80% expense ratio, which is higher than PMFMX's 0.73% expense ratio.

Dividends

CMNWX vs. PMFMX - Dividend Comparison

CMNWX's dividend yield for the trailing twelve months is around 7.92%, more than PMFMX's 7.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNWX Principal Capital Appreciation Fund	7.92%	8.75%	10.03%	0.71%	0.69%	9.52%	5.33%	8.37%	46.60%	7.72%	10.32%	5.42%
PMFMX Principal MidCap S&P 400 Index Fund	7.18%	8.20%	25.27%	3.11%	6.69%	7.76%	6.63%	5.52%	10.65%	6.61%	5.85%	7.40%

Frequently Asked Questions

Can I hold both CMNWX and PMFMX in my portfolio?

CMNWX and PMFMX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMNWX or PMFMX?

PMFMX has higher volatility (4.22%) compared to CMNWX (2.99%). In terms of maximum drawdown, CMNWX dropped -50.43% vs PMFMX's -55.43%.

Which has better risk-adjusted returns?

CMNWX currently has the higher Sharpe Ratio (2.03 vs 1.66), 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.