CSMDX vs. CDGRX

Last updated Jun 4, 2026

CSMDX (Copeland SMID Cap Dividend Growth Fund) and CDGRX (Copeland Dividend Growth Fund) are both mutual funds - CSMDX is a Small Cap Blend Equities fund managed by Copeland Funds, while CDGRX is a Diversified Portfolio fund managed by Copeland Funds. Over the past 5 years, CSMDX returned 5.03%/yr vs 7.45%/yr for CDGRX. Their correlation of 0.90 suggests significant overlap in exposure. CSMDX charges 0.95%/yr vs 1.20%/yr for CDGRX.

Performance

CSMDX vs. CDGRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Copeland SMID Cap Dividend Growth Fund (CSMDX) and Copeland Dividend Growth Fund (CDGRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSMDX achieves a 11.73% return, which is significantly higher than CDGRX's 4.92% return.

CSMDX

• 1D: 0.53%
• 1M: 2.59%
• YTD: 11.73%
• 6M: 10.42%
• 1Y: 16.91%
• 3Y*: 8.52%
• 5Y*: 5.03%
• 10Y*: —

CDGRX

• 1D: 0.47%
• 1M: 1.19%
• YTD: 4.92%
• 6M: 5.22%
• 1Y: 12.86%
• 3Y*: 11.91%
• 5Y*: 7.45%
• 10Y*: 11.11%

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

CSMDX vs. CDGRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSMDX Copeland SMID Cap Dividend Growth Fund	11.73%	2.72%	2.24%	18.89%	-14.89%	22.60%	8.29%	29.90%	-5.20%	10.44%
CDGRX Copeland Dividend Growth Fund	4.92%	8.70%	9.79%	18.80%	-14.83%	26.29%	3.69%	42.03%	0.22%	12.42%

Correlation

The correlation between CSMDX and CDGRX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 28, 2017	0.90

The correlation between CSMDX and CDGRX has been stable across timeframes, ranging from 0.85 to 0.93 - a consistent structural relationship.

Return for Risk

CSMDX vs. CDGRX — Risk / Return Rank

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

CSMDX

CSMDX Risk / Return Rank: 23
CSMDX Sharpe Ratio Rank: 20
CSMDX Sortino Ratio Rank: 22
CSMDX Omega Ratio Rank: 19
CSMDX Calmar Ratio Rank: 29
CSMDX Martin Ratio Rank: 25

CDGRX

CDGRX Risk / Return Rank: 20
CDGRX Sharpe Ratio Rank: 17
CDGRX Sortino Ratio Rank: 17
CDGRX Omega Ratio Rank: 16
CDGRX Calmar Ratio Rank: 20
CDGRX Martin Ratio Rank: 30

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.

CSMDX vs. CDGRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copeland SMID Cap Dividend Growth Fund (CSMDX) and Copeland Dividend Growth Fund (CDGRX). 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.

	CSMDX	CDGRX	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.17	+0.10
Sortino ratio: Return per unit of downside risk	1.97	1.74	+0.23
Omega ratio: Gain probability vs. loss probability	1.22	1.21	+0.02
Calmar ratio: Return relative to maximum drawdown	2.00	1.63	+0.37
Martin ratio: Return relative to average drawdown	6.13	6.87	-0.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSMDX vs. CDGRX - Sharpe Ratio Comparison

The current CSMDX Sharpe Ratio is 1.27, which is comparable to the CDGRX Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of CSMDX and CDGRX, 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

	CSMDX	CDGRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	1.17	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.45	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.59	-0.14

Drawdowns

CSMDX vs. CDGRX - Drawdown Comparison

The maximum CSMDX drawdown since its inception was -37.28%, roughly equal to the maximum CDGRX drawdown of -36.25%. Use the drawdown chart below to compare losses from any high point for CSMDX and CDGRX.

Drawdown Indicators

	CSMDX	CDGRX	Difference
Max Drawdown Largest peak-to-trough decline	-37.28%	-36.25%	-1.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.20%	-8.37%	-0.83%
Max Drawdown (3Y) Largest decline over 3 years	-24.60%	-19.94%	-4.66%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-22.21%	-2.39%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.25%	—
Current Drawdown Current decline from peak	-0.53%	-0.16%	-0.37%
Average Drawdown Average peak-to-trough decline	-5.77%	-5.24%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	1.98%	+1.02%

Volatility

CSMDX vs. CDGRX - Volatility Comparison

Copeland SMID Cap Dividend Growth Fund (CSMDX) has a higher volatility of 3.70% compared to Copeland Dividend Growth Fund (CDGRX) at 2.98%. This indicates that CSMDX's price experiences larger fluctuations and is considered to be riskier than CDGRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSMDX	CDGRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	2.98%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	8.96%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	14.46%	11.67%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.16%	16.50%	+1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.17%	18.78%	+0.39%

CSMDX vs. CDGRX - Expense Ratio Comparison

CSMDX has a 0.95% expense ratio, which is lower than CDGRX's 1.20% expense ratio.

Dividends

CSMDX vs. CDGRX - Dividend Comparison

CSMDX's dividend yield for the trailing twelve months is around 2.81%, less than CDGRX's 8.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDGRX Copeland Dividend Growth Fund	8.91%	9.35%	13.93%	3.68%	7.00%	11.95%	0.00%	41.54%	8.40%	4.22%	3.79%	12.12%
CSMDX Copeland SMID Cap Dividend Growth Fund	2.81%	3.14%	1.33%	0.81%	4.07%	6.67%	0.38%	2.61%	4.40%	0.13%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSMDX and CDGRX in my portfolio?

CSMDX and CDGRX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSMDX or CDGRX?

CSMDX has higher volatility (3.70%) compared to CDGRX (2.98%). In terms of maximum drawdown, CSMDX dropped -37.28% vs CDGRX's -36.25%.

Which has better risk-adjusted returns?

CSMDX currently has the higher Sharpe Ratio (1.27 vs 1.17), 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.