DODGX vs. SMMD

Last updated Jun 4, 2026

DODGX (Dodge & Cox Stock Fund Class I) and SMMD (iShares Russell 2500 ETF) are both funds - DODGX is a Large Cap Value Equities fund managed by Dodge & Cox, while SMMD is a Small Cap Growth Equities fund tracking the Russell 2500 Index. Over the past 5 years, DODGX returned 8.51%/yr vs 7.64%/yr for SMMD. Their correlation of 0.82 suggests significant overlap in exposure. DODGX charges 0.51%/yr vs 0.15%/yr for SMMD.

Performance

DODGX vs. SMMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dodge & Cox Stock Fund Class I (DODGX) and iShares Russell 2500 ETF (SMMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DODGX achieves a 2.93% return, which is significantly lower than SMMD's 18.37% return.

DODGX

• 1D: -0.65%
• 1M: 0.12%
• YTD: 2.93%
• 6M: 5.08%
• 1Y: 12.51%
• 3Y*: 15.02%
• 5Y*: 8.51%
• 10Y*: 12.67%

SMMD

• 1D: -0.63%
• 1M: 4.41%
• YTD: 18.37%
• 6M: 18.20%
• 1Y: 36.03%
• 3Y*: 18.53%
• 5Y*: 7.64%
• 10Y*: —

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

DODGX vs. SMMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DODGX Dodge & Cox Stock Fund Class I	2.93%	13.66%	14.36%	17.49%	-7.25%	31.72%	7.10%	24.30%	-7.15%	10.60%
SMMD iShares Russell 2500 ETF	18.37%	11.72%	11.87%	17.71%	-18.53%	18.30%	19.98%	28.01%	-10.58%	10.82%

Correlation

The correlation between DODGX and SMMD is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jul 10, 2017	0.82

The correlation between DODGX and SMMD shifts across timeframes, from 0.75 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

DODGX vs. SMMD — Risk / Return Rank

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

DODGX

DODGX Risk / Return Rank: 19
DODGX Sharpe Ratio Rank: 17
DODGX Sortino Ratio Rank: 16
DODGX Omega Ratio Rank: 16
DODGX Calmar Ratio Rank: 21
DODGX Martin Ratio Rank: 24

SMMD

SMMD Risk / Return Rank: 66
SMMD Sharpe Ratio Rank: 61
SMMD Sortino Ratio Rank: 63
SMMD Omega Ratio Rank: 58
SMMD Calmar Ratio Rank: 74
SMMD 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.

DODGX vs. SMMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dodge & Cox Stock Fund Class I (DODGX) and iShares Russell 2500 ETF (SMMD). 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.

	DODGX	SMMD	Difference
Sharpe ratio: Return per unit of total volatility	1.17	2.11	-0.94
Sortino ratio: Return per unit of downside risk	1.68	2.96	-1.27
Omega ratio: Gain probability vs. loss probability	1.21	1.36	-0.15
Calmar ratio: Return relative to maximum drawdown	1.72	3.75	-2.03
Martin ratio: Return relative to average drawdown	6.06	14.29	-8.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DODGX vs. SMMD - Sharpe Ratio Comparison

The current DODGX Sharpe Ratio is 1.17, which is lower than the SMMD Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of DODGX and SMMD, 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

	DODGX	SMMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.17	2.11	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.37	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.50	+0.13

Drawdowns

DODGX vs. SMMD - Drawdown Comparison

The maximum DODGX drawdown since its inception was -63.24%, which is greater than SMMD's maximum drawdown of -41.06%. Use the drawdown chart below to compare losses from any high point for DODGX and SMMD.

Drawdown Indicators

	DODGX	SMMD	Difference
Max Drawdown Largest peak-to-trough decline	-63.24%	-41.06%	-22.18%
Max Drawdown (1Y) Largest decline over 1 year	-7.48%	-9.66%	+2.18%
Max Drawdown (3Y) Largest decline over 3 years	-14.89%	-25.50%	+10.61%
Max Drawdown (5Y) Largest decline over 5 years	-21.85%	-28.26%	+6.41%
Max Drawdown (10Y) Largest decline over 10 years	-40.41%	—	—
Current Drawdown Current decline from peak	-1.52%	-0.63%	-0.89%
Average Drawdown Average peak-to-trough decline	-7.51%	-8.37%	+0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	2.53%	-0.41%

Volatility

DODGX vs. SMMD - Volatility Comparison

The current volatility for Dodge & Cox Stock Fund Class I (DODGX) is 2.34%, while iShares Russell 2500 ETF (SMMD) has a volatility of 5.17%. This indicates that DODGX experiences smaller price fluctuations and is considered to be less risky than SMMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DODGX	SMMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	5.17%	-2.83%
Volatility (6M) Calculated over the trailing 6-month period	8.02%	12.58%	-4.56%
Volatility (1Y) Calculated over the trailing 1-year period	11.05%	17.20%	-6.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	20.82%	-4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	22.37%	-3.15%

DODGX vs. SMMD - Expense Ratio Comparison

DODGX has a 0.51% expense ratio, which is higher than SMMD's 0.15% expense ratio.

Dividends

DODGX vs. SMMD - Dividend Comparison

DODGX's dividend yield for the trailing twelve months is around 9.45%, more than SMMD's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODGX Dodge & Cox Stock Fund Class I	9.45%	9.86%	8.20%	3.76%	5.47%	3.22%	6.74%	10.23%	9.69%	6.78%	6.26%	5.36%
SMMD iShares Russell 2500 ETF	1.05%	1.28%	1.27%	1.44%	1.79%	1.12%	1.31%	1.50%	2.45%	0.68%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DODGX and SMMD in my portfolio?

DODGX and SMMD have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DODGX or SMMD?

SMMD has higher volatility (5.17%) compared to DODGX (2.34%). In terms of maximum drawdown, DODGX dropped -63.24% vs SMMD's -41.06%.

Which has better risk-adjusted returns?

SMMD currently has the higher Sharpe Ratio (2.11 vs 1.17), 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.