CSMDX vs. IJR

Last updated Jun 3, 2026

CSMDX (Copeland SMID Cap Dividend Growth Fund) and IJR (iShares Core S&P Small-Cap ETF) are both Small Cap Blend Equities funds. Over the past 5 years, CSMDX returned 4.81%/yr vs 5.90%/yr for IJR. Their correlation of 0.93 suggests significant overlap in exposure. CSMDX charges 0.95%/yr vs 0.06%/yr for IJR.

Performance

CSMDX vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Copeland SMID Cap Dividend Growth Fund (CSMDX) and iShares Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CSMDX achieves a 11.14% return, which is significantly lower than IJR's 16.42% return.

CSMDX

• 1D: 0.06%
• 1M: 0.89%
• YTD: 11.14%
• 6M: 10.68%
• 1Y: 17.70%
• 3Y*: 8.32%
• 5Y*: 4.81%
• 10Y*: —

IJR

• 1D: 0.89%
• 1M: 1.64%
• YTD: 16.42%
• 6M: 16.87%
• 1Y: 34.85%
• 3Y*: 14.73%
• 5Y*: 5.90%
• 10Y*: 10.76%

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

CSMDX vs. IJR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSMDX Copeland SMID Cap Dividend Growth Fund	11.14%	2.72%	2.24%	18.89%	-14.89%	22.60%	8.29%	29.90%	-5.20%	10.44%
IJR iShares Core S&P Small-Cap ETF	16.42%	5.89%	8.63%	16.06%	-16.20%	26.58%	11.28%	22.82%	-8.51%	10.21%

Correlation

The correlation between CSMDX and IJR is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 28, 2017	0.93

The correlation between CSMDX and IJR has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

CSMDX vs. IJR — Risk / Return Rank

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

CSMDX

CSMDX Risk / Return Rank: 19
CSMDX Sharpe Ratio Rank: 17
CSMDX Sortino Ratio Rank: 19
CSMDX Omega Ratio Rank: 16
CSMDX Calmar Ratio Rank: 23
CSMDX Martin Ratio Rank: 21

IJR

IJR Risk / Return Rank: 64
IJR Sharpe Ratio Rank: 59
IJR Sortino Ratio Rank: 61
IJR Omega Ratio Rank: 55
IJR Calmar Ratio Rank: 77
IJR Martin Ratio Rank: 70

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. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copeland SMID Cap Dividend Growth Fund (CSMDX) and iShares Core S&P Small-Cap ETF (IJR). 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	IJR	Difference
Sharpe ratio Return per unit of total volatility	1.20	2.00	-0.80
Sortino ratio Return per unit of downside risk	1.87	2.88	-1.01
Omega ratio Gain probability vs. loss probability	1.21	1.34	-0.13
Calmar ratio Return relative to maximum drawdown	1.82	3.96	-2.14
Martin ratio Return relative to average drawdown	5.59	13.21	-7.62
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. IJR - Sharpe Ratio Comparison

The current CSMDX Sharpe Ratio is 1.20, which is lower than the IJR Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of CSMDX and IJR, 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	IJR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	2.00	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.28	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.44	+0.01

Drawdowns

CSMDX vs. IJR - Drawdown Comparison

The maximum CSMDX drawdown since its inception was -37.28%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for CSMDX and IJR.

Drawdown Indicators

	CSMDX	IJR	Difference
Max Drawdown Largest peak-to-trough decline	-37.28%	-58.15%	+20.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.20%	-8.68%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	-24.60%	-28.02%	+3.42%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-28.02%	+3.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.36%	—
Current Drawdown Current decline from peak	-1.05%	-0.02%	-1.03%
Average Drawdown Average peak-to-trough decline	-5.78%	-9.28%	+3.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.60%	+0.40%

Volatility

CSMDX vs. IJR - Volatility Comparison

The current volatility for Copeland SMID Cap Dividend Growth Fund (CSMDX) is 3.67%, while iShares Core S&P Small-Cap ETF (IJR) has a volatility of 4.46%. This indicates that CSMDX experiences smaller price fluctuations and is considered to be less risky than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSMDX	IJR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.67%	4.46%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	10.23%	11.63%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	14.48%	17.51%	-3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.16%	21.40%	-3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.17%	22.91%	-3.74%

CSMDX vs. IJR - Expense Ratio Comparison

CSMDX has a 0.95% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

CSMDX vs. IJR - Dividend Comparison

CSMDX's dividend yield for the trailing twelve months is around 2.83%, more than IJR's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSMDX Copeland SMID Cap Dividend Growth Fund	2.83%	3.14%	1.33%	0.81%	4.07%	6.67%	0.38%	2.61%	4.40%	0.13%	0.00%	0.00%
IJR iShares Core S&P Small-Cap ETF	1.14%	1.44%	2.05%	1.31%	1.41%	1.53%	1.11%	1.44%	1.58%	1.20%	1.22%	1.48%

Frequently Asked Questions

Can I hold both CSMDX and IJR in my portfolio?

With a correlation of 0.92, CSMDX and IJR 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, CSMDX or IJR?

IJR has higher volatility (4.46%) compared to CSMDX (3.67%). In terms of maximum drawdown, CSMDX dropped -37.28% vs IJR's -58.15%.

Which has better risk-adjusted returns?

IJR currently has the higher Sharpe Ratio (2.00 vs 1.20), 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.