CZMSX vs. NASDX

Last updated Jun 4, 2026

CZMSX (Multi-Manager Small Cap Equity Strategies Fund) and NASDX (Shelton Capital Management Nasdaq-100 Index Fund Direct Shares) are both mutual funds - CZMSX is a Small Cap Blend Equities fund managed by BlackRock, while NASDX is a Large Cap Growth Equities fund tracking the NASDAQ-100 Index. Over the past 5 years, CZMSX returned 3.72%/yr vs 20.44%/yr for NASDX. A 0.68 correlation means they provide meaningful diversification when combined. CZMSX charges 0.99%/yr vs 0.63%/yr for NASDX.

Performance

CZMSX vs. NASDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Multi-Manager Small Cap Equity Strategies Fund (CZMSX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CZMSX achieves a 13.97% return, which is significantly lower than NASDX's 21.38% return.

CZMSX

• 1D: 0.52%
• 1M: 3.80%
• YTD: 13.97%
• 6M: 12.71%
• 1Y: 24.05%
• 3Y*: 11.81%
• 5Y*: 3.72%
• 10Y*: —

NASDX

• 1D: 0.47%
• 1M: 10.94%
• YTD: 21.38%
• 6M: 19.90%
• 1Y: 42.08%
• 3Y*: 32.65%
• 5Y*: 20.44%
• 10Y*: 22.58%

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

CZMSX vs. NASDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CZMSX Multi-Manager Small Cap Equity Strategies Fund	13.97%	1.55%	8.55%	15.65%	-20.05%	19.40%	20.47%	27.16%	-10.77%	14.84%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	21.38%	21.00%	36.91%	54.69%	-32.57%	27.32%	48.59%	38.22%	-1.21%	24.08%

Correlation

The correlation between CZMSX and NASDX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Feb 2, 2017	0.68

The correlation between CZMSX and NASDX has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.

Return for Risk

CZMSX vs. NASDX — Risk / Return Rank

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

CZMSX

CZMSX Risk / Return Rank: 33
CZMSX Sharpe Ratio Rank: 27
CZMSX Sortino Ratio Rank: 28
CZMSX Omega Ratio Rank: 24
CZMSX Calmar Ratio Rank: 47
CZMSX Martin Ratio Rank: 40

NASDX

NASDX Risk / Return Rank: 75
NASDX Sharpe Ratio Rank: 84
NASDX Sortino Ratio Rank: 71
NASDX Omega Ratio Rank: 67
NASDX Calmar Ratio Rank: 80
NASDX Martin Ratio Rank: 75

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.

CZMSX vs. NASDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Multi-Manager Small Cap Equity Strategies Fund (CZMSX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX). 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.

	CZMSX	NASDX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.70	-1.22
Sortino ratio: Return per unit of downside risk	2.21	3.51	-1.30
Omega ratio: Gain probability vs. loss probability	1.26	1.46	-0.20
Calmar ratio: Return relative to maximum drawdown	2.63	3.65	-1.01
Martin ratio: Return relative to average drawdown	8.65	14.16	-5.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CZMSX vs. NASDX - Sharpe Ratio Comparison

The current CZMSX Sharpe Ratio is 1.48, which is lower than the NASDX Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of CZMSX and NASDX, 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

	CZMSX	NASDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	2.70	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.89	-0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.33	+0.03

Drawdowns

CZMSX vs. NASDX - Drawdown Comparison

The maximum CZMSX drawdown since its inception was -40.96%, smaller than the maximum NASDX drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for CZMSX and NASDX.

Drawdown Indicators

	CZMSX	NASDX	Difference
Max Drawdown Largest peak-to-trough decline	-40.96%	-83.16%	+42.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.00%	-11.90%	+1.90%
Max Drawdown (3Y) Largest decline over 3 years	-27.73%	-22.71%	-5.02%
Max Drawdown (5Y) Largest decline over 5 years	-37.16%	-35.33%	-1.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.33%	—
Current Drawdown Current decline from peak	-1.55%	0.00%	-1.55%
Average Drawdown Average peak-to-trough decline	-13.65%	-34.37%	+20.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	3.06%	-0.03%

Volatility

CZMSX vs. NASDX - Volatility Comparison

Multi-Manager Small Cap Equity Strategies Fund (CZMSX) and Shelton Capital Management Nasdaq-100 Index Fund Direct Shares (NASDX) have volatilities of 4.67% and 4.51%, 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.

Volatility by Period

	CZMSX	NASDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	4.51%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	12.19%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	17.79%	16.10%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.88%	23.06%	+0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.14%	22.68%	+1.46%

CZMSX vs. NASDX - Expense Ratio Comparison

CZMSX has a 0.99% expense ratio, which is higher than NASDX's 0.63% expense ratio.

Dividends

CZMSX vs. NASDX - Dividend Comparison

CZMSX's dividend yield for the trailing twelve months is around 7.76%, more than NASDX's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CZMSX Multi-Manager Small Cap Equity Strategies Fund	7.76%	8.85%	3.05%	2.04%	10.31%	17.14%	0.31%	5.75%	7.94%	7.88%	0.00%	0.00%
NASDX Shelton Capital Management Nasdaq-100 Index Fund Direct Shares	2.98%	3.76%	16.95%	7.61%	3.75%	2.59%	1.28%	7.09%	2.47%	1.65%	0.75%	0.85%

Frequently Asked Questions

Can I hold both CZMSX and NASDX in my portfolio?

CZMSX and NASDX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CZMSX or NASDX?

CZMSX has higher volatility (4.67%) compared to NASDX (4.51%). In terms of maximum drawdown, CZMSX dropped -40.96% vs NASDX's -83.16%.

Which has better risk-adjusted returns?

NASDX currently has the higher Sharpe Ratio (2.70 vs 1.48), 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.