CZMSX vs. IJR
CZMSX (Multi-Manager Small Cap Equity Strategies Fund) and IJR (iShares Core S&P Small-Cap ETF) are both Small Cap Blend Equities funds. Over the past 5 years, CZMSX returned 4.20%/yr vs 6.29%/yr for IJR. With a 0.97 correlation, they move nearly in lockstep. CZMSX charges 0.99%/yr vs 0.06%/yr for IJR.
Performance
CZMSX vs. IJR - Performance Comparison
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Returns By Period
In the year-to-date period, CZMSX achieves a 16.84% return, which is significantly lower than IJR's 19.34% return.
CZMSX
- 1D
- 0.56%
- 1M
- 4.43%
- YTD
- 16.84%
- 6M
- 14.52%
- 1Y
- 26.76%
- 3Y*
- 12.77%
- 5Y*
- 4.20%
- 10Y*
- —
IJR
- 1D
- -0.34%
- 1M
- 4.22%
- YTD
- 19.34%
- 6M
- 16.86%
- 1Y
- 34.47%
- 3Y*
- 16.15%
- 5Y*
- 6.29%
- 10Y*
- 11.30%
CZMSX vs. IJR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CZMSX Multi-Manager Small Cap Equity Strategies Fund | 16.84% | 1.55% | 8.55% | 15.65% | -20.05% | 19.40% | 20.47% | 27.16% | -10.77% | 14.84% |
IJR iShares Core S&P Small-Cap ETF | 19.34% | 5.89% | 8.63% | 16.06% | -16.20% | 26.58% | 11.28% | 22.82% | -8.51% | 13.81% |
Correlation
The correlation between CZMSX and IJR is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.97 |
The correlation between CZMSX and IJR has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
CZMSX vs. IJR — Risk / Return Rank
CZMSX
IJR
CZMSX vs. IJR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Multi-Manager Small Cap Equity Strategies Fund (CZMSX) 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.
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.
| CZMSX | IJR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.34 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 3.99 | -1.13 |
| Martin ratioReturn relative to average drawdown | 9.43 | 13.39 | -3.96 |
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Drawdowns
CZMSX vs. IJR - Drawdown Comparison
The maximum CZMSX drawdown since its inception was -40.96%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for CZMSX and IJR.
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Drawdown Indicators
| CZMSX | IJR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.96% | -58.15% | +17.19% |
Max Drawdown (1Y)Largest decline over 1 year | -10.00% | -8.68% | -1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -27.73% | -28.02% | +0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -37.16% | -28.02% | -9.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.36% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.43% | +0.43% |
Average DrawdownAverage peak-to-trough decline | -13.58% | -9.26% | -4.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.02% | 2.58% | +0.44% |
Volatility
CZMSX vs. IJR - Volatility Comparison
Multi-Manager Small Cap Equity Strategies Fund (CZMSX) and iShares Core S&P Small-Cap ETF (IJR) have volatilities of 5.12% and 4.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CZMSX | IJR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.12% | 4.96% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 12.75% | 12.06% | +0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.15% | 17.73% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.92% | 21.40% | +2.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.12% | 22.90% | +1.22% |
CZMSX vs. IJR - Expense Ratio Comparison
CZMSX has a 0.99% expense ratio, which is higher than IJR's 0.06% expense ratio.
Dividends
CZMSX vs. IJR - Dividend Comparison
CZMSX's dividend yield for the trailing twelve months is around 7.57%, more than IJR's 1.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CZMSX Multi-Manager Small Cap Equity Strategies Fund | 7.57% | 8.85% | 3.05% | 2.04% | 10.31% | 17.14% | 0.31% | 5.75% | 7.94% | 7.88% | 0.00% | 0.00% |
IJR iShares Core S&P Small-Cap ETF | 1.15% | 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
With a correlation of 0.97, CZMSX 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.
CZMSX has higher volatility (5.12%) compared to IJR (4.96%). In terms of maximum drawdown, CZMSX dropped -40.96% vs IJR's -58.15%.
IJR currently has the higher Sharpe Ratio (1.96 vs 1.58), 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.
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