CZMSX vs. VFAIX
CZMSX (Multi-Manager Small Cap Equity Strategies Fund) and VFAIX (Vanguard Financials Index Fund Admiral Shares) are both mutual funds - CZMSX is a Small Cap Blend Equities fund managed by BlackRock, while VFAIX is a Financials Equities fund tracking the MSCI US Investable Market Financials 25/50 Index. Over the past 5 years, CZMSX returned 4.55%/yr vs 11.51%/yr for VFAIX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. CZMSX charges 0.99%/yr vs 0.09%/yr for VFAIX.
Performance
CZMSX vs. VFAIX - Performance Comparison
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Returns By Period
In the year-to-date period, CZMSX achieves a 17.36% return, which is significantly higher than VFAIX's 5.34% return.
CZMSX
- 1D
- -0.17%
- 1M
- -1.21%
- 6M
- 10.71%
- YTD
- 17.36%
- 1Y
- 26.83%
- 3Y*
- 9.75%
- 5Y*
- 4.55%
- 10Y*
- —
- ALL TIME*
- 8.88%
VFAIX
- 1D
- -0.11%
- 1M
- 2.23%
- 6M
- 6.28%
- YTD
- 5.34%
- 1Y
- 13.08%
- 3Y*
- 19.65%
- 5Y*
- 11.51%
- 10Y*
- 13.51%
- ALL TIME*
- 6.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
CZMSX vs. VFAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CZMSX Multi-Manager Small Cap Equity Strategies Fund | 17.36% | 1.55% | 8.55% | 15.65% | -20.05% | 19.40% | 20.47% | 27.16% | -10.77% | 14.84% |
VFAIX Vanguard Financials Index Fund Admiral Shares | 5.34% | 14.90% | 30.46% | 14.07% | -12.26% | 36.27% | -2.15% | 31.63% | -13.47% | 19.77% |
Correlation
The correlation between CZMSX and VFAIX is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.75 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.80 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2017 | 0.79 |
The correlation between CZMSX and VFAIX shifts across timeframes, from 0.63 (1 year) to 0.80 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CZMSX vs. VFAIX — Risk / Return Rank
CZMSX
VFAIX
CZMSX vs. VFAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Multi-Manager Small Cap Equity Strategies Fund (CZMSX) and Vanguard Financials Index Fund Admiral Shares (VFAIX). 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 | VFAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.14 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 0.75 | +1.73 |
| Martin ratioReturn relative to average drawdown | 8.35 | 1.94 | +6.41 |
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Drawdowns
CZMSX vs. VFAIX - Drawdown Comparison
The maximum CZMSX drawdown since its inception was -40.96%, smaller than the maximum VFAIX drawdown of -78.64%. Use the drawdown chart below to compare losses from any high point for CZMSX and VFAIX.
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Drawdown Indicators
| CZMSX | VFAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.96% | -78.64% | +37.68% |
Max Drawdown (1Y)Largest decline over 1 year | -10.00% | -14.72% | +4.72% |
Max Drawdown (3Y)Largest decline over 3 years | -27.73% | -17.31% | -10.42% |
Max Drawdown (5Y)Largest decline over 5 years | -37.16% | -25.71% | -11.45% |
Max Drawdown (10Y)Largest decline over 10 years | — | -44.37% | — |
Current DrawdownCurrent decline from peak | -2.18% | -1.19% | -0.99% |
Average DrawdownAverage peak-to-trough decline | -13.44% | -18.49% | +5.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.96% | 5.66% | -2.70% |
Volatility
CZMSX vs. VFAIX - Volatility Comparison
The current volatility for Multi-Manager Small Cap Equity Strategies Fund (CZMSX) is 3.65%, while Vanguard Financials Index Fund Admiral Shares (VFAIX) has a volatility of 4.07%. This indicates that CZMSX experiences smaller price fluctuations and is considered to be less risky than VFAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CZMSX | VFAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.65% | 4.07% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 12.45% | 11.21% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.76% | 15.04% | +2.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.82% | 19.16% | +4.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.01% | 22.54% | +1.47% |
CZMSX vs. VFAIX - Expense Ratio Comparison
CZMSX has a 0.99% expense ratio, which is higher than VFAIX's 0.09% expense ratio.
Dividends
CZMSX vs. VFAIX - Dividend Comparison
CZMSX's dividend yield for the trailing twelve months is around 7.54%, more than VFAIX's 1.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CZMSX Multi-Manager Small Cap Equity Strategies Fund | 7.54% | 8.85% | 3.05% | 2.04% | 10.31% | 17.14% | 0.31% | 5.75% | 7.94% | 7.88% | 0.00% | 0.00% |
VFAIX Vanguard Financials Index Fund Admiral Shares | 1.67% | 1.56% | 1.75% | 2.08% | 2.31% | 2.62% | 2.21% | 2.17% | 2.30% | 1.54% | 1.64% | 2.00% |
Frequently Asked Questions
CZMSX and VFAIX 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.
VFAIX has higher volatility (4.07%) compared to CZMSX (3.65%). In terms of maximum drawdown, CZMSX dropped -40.96% vs VFAIX's -78.64%.
CZMSX currently has the higher Sharpe Ratio (1.40 vs 0.73), 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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