CSMDX vs. SIVIX

Last updated Jun 23, 2026

CSMDX (Copeland SMID Cap Dividend Growth Fund) and SIVIX (State Street Institutional Small-Cap Equity Fund) are both Small Cap Blend Equities funds. Over the past 5 years, CSMDX returned 5.64%/yr vs 5.56%/yr for SIVIX. Their correlation of 0.94 suggests significant overlap in exposure. CSMDX charges 0.95%/yr vs 0.75%/yr for SIVIX.

Performance

CSMDX vs. SIVIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Copeland SMID Cap Dividend Growth Fund (CSMDX) and State Street Institutional Small-Cap Equity Fund (SIVIX). 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 CSMDX having a 12.52% return and SIVIX slightly lower at 12.16%.

CSMDX

• 1D: 1.36%
• 1M: 1.48%
• YTD: 12.52%
• 6M: 10.28%
• 1Y: 17.42%
• 3Y*: 7.83%
• 5Y*: 5.64%
• 10Y*: —

SIVIX

• 1D: 1.91%
• 1M: 3.84%
• YTD: 12.16%
• 6M: 9.63%
• 1Y: 19.27%
• 3Y*: 10.31%
• 5Y*: 5.56%
• 10Y*: 9.82%

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

CSMDX vs. SIVIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CSMDX Copeland SMID Cap Dividend Growth Fund	12.52%	2.72%	2.24%	18.89%	-14.89%	22.60%	8.29%	29.90%	-5.20%	10.44%
SIVIX State Street Institutional Small-Cap Equity Fund	12.16%	0.64%	10.83%	14.23%	-14.99%	21.48%	15.19%	26.69%	-10.13%	9.50%

Correlation

The correlation between CSMDX and SIVIX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Feb 27, 2017	0.94

The correlation between CSMDX and SIVIX has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

CSMDX vs. SIVIX — 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: 18
CSMDX Calmar Ratio Rank: 28
CSMDX Martin Ratio Rank: 26

SIVIX

SIVIX Risk / Return Rank: 21
SIVIX Sharpe Ratio Rank: 18
SIVIX Sortino Ratio Rank: 20
SIVIX Omega Ratio Rank: 17
SIVIX Calmar Ratio Rank: 25
SIVIX Martin Ratio Rank: 25

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. SIVIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copeland SMID Cap Dividend Growth Fund (CSMDX) and State Street Institutional Small-Cap Equity Fund (SIVIX). 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.

	CSMDX	SIVIX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.12	+0.06
Sortino ratio: Return per unit of downside risk	1.83	1.73	+0.10
Omega ratio: Gain probability vs. loss probability	1.21	1.20	+0.01
Calmar ratio: Return relative to maximum drawdown	1.88	1.75	+0.12
Martin ratio: Return relative to average drawdown	5.74	5.54	+0.20

CSMDX vs. SIVIX - Sharpe Ratio Comparison

The current CSMDX Sharpe Ratio is 1.18, which is comparable to the SIVIX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of CSMDX and SIVIX, 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

CSMDX vs. SIVIX - Drawdown Comparison

The maximum CSMDX drawdown since its inception was -37.28%, smaller than the maximum SIVIX drawdown of -56.52%. Use the drawdown chart below to compare losses from any high point for CSMDX and SIVIX.

Drawdown Indicators

	CSMDX	SIVIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.28%	-56.52%	+19.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.20%	-10.92%	+1.72%
Max Drawdown (3Y) Largest decline over 3 years	-24.60%	-25.67%	+1.07%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-26.51%	+1.91%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.92%	—
Current Drawdown Current decline from peak	-0.23%	0.00%	-0.23%
Average Drawdown Average peak-to-trough decline	-5.75%	-8.81%	+3.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	3.45%	-0.45%

Volatility

CSMDX vs. SIVIX - Volatility Comparison

The current volatility for Copeland SMID Cap Dividend Growth Fund (CSMDX) is 4.29%, while State Street Institutional Small-Cap Equity Fund (SIVIX) has a volatility of 4.92%. This indicates that CSMDX experiences smaller price fluctuations and is considered to be less risky than SIVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSMDX	SIVIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	4.92%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	11.97%	-1.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.66%	17.13%	-2.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.20%	20.33%	-2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.15%	21.13%	-1.98%

CSMDX vs. SIVIX - Expense Ratio Comparison

CSMDX has a 0.95% expense ratio, which is higher than SIVIX's 0.75% expense ratio.

Dividends

CSMDX vs. SIVIX - Dividend Comparison

CSMDX's dividend yield for the trailing twelve months is around 2.79%, less than SIVIX's 15.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSMDX Copeland SMID Cap Dividend Growth Fund	2.79%	3.14%	1.33%	0.81%	4.07%	6.67%	0.38%	2.61%	4.40%	0.13%	0.00%	0.00%
SIVIX State Street Institutional Small-Cap Equity Fund	15.68%	17.59%	10.99%	7.77%	4.87%	16.56%	3.16%	6.27%	19.92%	9.35%	3.38%	13.07%

Frequently Asked Questions

Can I hold both CSMDX and SIVIX in my portfolio?

With a correlation of 0.94, CSMDX and SIVIX 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 SIVIX?

SIVIX has higher volatility (4.92%) compared to CSMDX (4.29%). In terms of maximum drawdown, CSMDX dropped -37.28% vs SIVIX's -56.52%.

Which has better risk-adjusted returns?

CSMDX currently has the higher Sharpe Ratio (1.18 vs 1.12), 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.