CMNWX vs. SMGIX

Last updated Jun 23, 2026

CMNWX (Principal Capital Appreciation Fund) and SMGIX (Columbia Contrarian Core Fund) are both Large Cap Blend Equities funds. Over the past 10 years, CMNWX returned 15.51%/yr vs 14.79%/yr for SMGIX. Their correlation of 0.91 suggests significant overlap in exposure. CMNWX charges 0.80%/yr vs 0.75%/yr for SMGIX.

Performance

CMNWX vs. SMGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Capital Appreciation Fund (CMNWX) and Columbia Contrarian Core Fund (SMGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CMNWX having a 9.31% return and SMGIX slightly lower at 9.02%. Both investments have delivered pretty close results over the past 10 years, with CMNWX having a 15.51% annualized return and SMGIX not far behind at 14.79%.

CMNWX

• 1D: 1.04%
• 1M: 0.93%
• YTD: 9.31%
• 6M: 8.77%
• 1Y: 24.02%
• 3Y*: 21.81%
• 5Y*: 14.55%
• 10Y*: 15.51%

SMGIX

• 1D: 1.27%
• 1M: 1.47%
• YTD: 9.02%
• 6M: 8.71%
• 1Y: 25.38%
• 3Y*: 20.39%
• 5Y*: 13.32%
• 10Y*: 14.79%

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

CMNWX vs. SMGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMNWX Principal Capital Appreciation Fund	9.31%	13.27%	32.14%	25.01%	-16.37%	27.45%	18.36%	32.21%	-4.12%	20.64%
SMGIX Columbia Contrarian Core Fund	9.02%	17.35%	23.33%	32.12%	-18.64%	24.18%	22.21%	32.95%	-8.95%	20.57%

Correlation

The correlation between CMNWX and SMGIX is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jun 20, 1996	0.91

The correlation between CMNWX and SMGIX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

Return for Risk

CMNWX vs. SMGIX — Risk / Return Rank

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

CMNWX

CMNWX Risk / Return Rank: 49
CMNWX Sharpe Ratio Rank: 45
CMNWX Sortino Ratio Rank: 41
CMNWX Omega Ratio Rank: 42
CMNWX Calmar Ratio Rank: 53
CMNWX Martin Ratio Rank: 66

SMGIX

SMGIX Risk / Return Rank: 49
SMGIX Sharpe Ratio Rank: 50
SMGIX Sortino Ratio Rank: 45
SMGIX Omega Ratio Rank: 49
SMGIX Calmar Ratio Rank: 47
SMGIX Martin Ratio Rank: 52

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. SMGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Capital Appreciation Fund (CMNWX) and Columbia Contrarian Core Fund (SMGIX). 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.

	CMNWX	SMGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.94	-0.12
Sortino ratio: Return per unit of downside risk	2.49	2.61	-0.13
Omega ratio: Gain probability vs. loss probability	1.32	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	2.66	2.51	+0.15
Martin ratio: Return relative to average drawdown	12.00	10.06	+1.94

CMNWX vs. SMGIX - Sharpe Ratio Comparison

The current CMNWX Sharpe Ratio is 1.82, which is comparable to the SMGIX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of CMNWX and SMGIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CMNWX vs. SMGIX - Drawdown Comparison

The maximum CMNWX drawdown since its inception was -50.43%, roughly equal to the maximum SMGIX drawdown of -50.62%. Use the drawdown chart below to compare losses from any high point for CMNWX and SMGIX.

Drawdown Indicators

	CMNWX	SMGIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.43%	-50.62%	+0.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-9.99%	+1.08%
Max Drawdown (3Y) Largest decline over 3 years	-19.54%	-19.92%	+0.38%
Max Drawdown (5Y) Largest decline over 5 years	-23.35%	-32.20%	+8.85%
Max Drawdown (10Y) Largest decline over 10 years	-33.26%	-32.45%	-0.81%
Current Drawdown Current decline from peak	-1.35%	-1.31%	-0.04%
Average Drawdown Average peak-to-trough decline	-6.94%	-6.73%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.49%	-0.52%

Volatility

CMNWX vs. SMGIX - Volatility Comparison

The current volatility for Principal Capital Appreciation Fund (CMNWX) is 4.91%, while Columbia Contrarian Core Fund (SMGIX) has a volatility of 5.37%. This indicates that CMNWX experiences smaller price fluctuations and is considered to be less risky than SMGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CMNWX	SMGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	5.37%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	10.28%	10.20%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	12.94%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	19.09%	-2.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.23%	19.03%	-1.80%

CMNWX vs. SMGIX - Expense Ratio Comparison

CMNWX has a 0.80% expense ratio, which is higher than SMGIX's 0.75% expense ratio.

Dividends

CMNWX vs. SMGIX - Dividend Comparison

CMNWX's dividend yield for the trailing twelve months is around 8.00%, more than SMGIX's 6.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNWX Principal Capital Appreciation Fund	8.00%	8.75%	10.03%	0.71%	0.69%	9.52%	5.33%	8.37%	46.60%	7.72%	10.32%	5.42%
SMGIX Columbia Contrarian Core Fund	6.78%	7.39%	9.69%	3.08%	10.61%	13.70%	7.69%	5.87%	10.17%	4.89%	0.76%	5.86%

Frequently Asked Questions

Can I hold both CMNWX and SMGIX in my portfolio?

With a correlation of 0.96, CMNWX and SMGIX 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.

Which is riskier, CMNWX or SMGIX?

SMGIX has higher volatility (5.37%) compared to CMNWX (4.91%). In terms of maximum drawdown, CMNWX dropped -50.43% vs SMGIX's -50.62%.

Which has better risk-adjusted returns?

SMGIX currently has the higher Sharpe Ratio (1.94 vs 1.82), 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.