IPMIX vs. NMPAX

Last updated Jun 4, 2026

IPMIX (Voya Index Plus MidCap Portfolio) and NMPAX (Columbia Mid Cap Index Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, IPMIX returned 10.51%/yr vs 10.61%/yr for NMPAX. With a 0.98 correlation, they move nearly in lockstep. IPMIX charges 0.60%/yr vs 0.20%/yr for NMPAX.

Performance

IPMIX vs. NMPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Voya Index Plus MidCap Portfolio (IPMIX) and Columbia Mid Cap Index Fund (NMPAX). 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 IPMIX having a 14.23% return and NMPAX slightly lower at 14.09%. Both investments have delivered pretty close results over the past 10 years, with IPMIX having a 10.51% annualized return and NMPAX not far ahead at 10.61%.

IPMIX

• 1D: 1.02%
• 1M: 4.20%
• YTD: 14.23%
• 6M: 14.50%
• 1Y: 25.41%
• 3Y*: 17.22%
• 5Y*: 8.79%
• 10Y*: 10.51%

NMPAX

• 1D: 0.87%
• 1M: 3.92%
• YTD: 14.09%
• 6M: 14.29%
• 1Y: 25.37%
• 3Y*: 15.95%
• 5Y*: 8.16%
• 10Y*: 10.61%

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

IPMIX vs. NMPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPMIX Voya Index Plus MidCap Portfolio	14.23%	8.27%	15.17%	17.49%	-14.10%	27.70%	8.18%	26.62%	-14.34%	13.66%
NMPAX Columbia Mid Cap Index Fund	14.09%	7.23%	13.67%	16.32%	-13.27%	24.66%	8.71%	25.99%	-11.44%	15.84%

Correlation

The correlation between IPMIX and NMPAX is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 3, 2000	0.98

The correlation between IPMIX and NMPAX shifts across timeframes, from 0.82 (1 year) to 0.98 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IPMIX vs. NMPAX — Risk / Return Rank

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

IPMIX

IPMIX Risk / Return Rank: 33
IPMIX Sharpe Ratio Rank: 26
IPMIX Sortino Ratio Rank: 24
IPMIX Omega Ratio Rank: 36
IPMIX Calmar Ratio Rank: 40
IPMIX Martin Ratio Rank: 40

NMPAX

NMPAX Risk / Return Rank: 45
NMPAX Sharpe Ratio Rank: 36
NMPAX Sortino Ratio Rank: 36
NMPAX Omega Ratio Rank: 34
NMPAX Calmar Ratio Rank: 63
NMPAX Martin Ratio Rank: 56

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.

IPMIX vs. NMPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Voya Index Plus MidCap Portfolio (IPMIX) and Columbia Mid Cap Index Fund (NMPAX). 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.

	IPMIX	NMPAX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.74	-0.27
Sortino ratio: Return per unit of downside risk	2.05	2.53	-0.48
Omega ratio: Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio: Return relative to maximum drawdown	2.39	3.06	-0.67
Martin ratio: Return relative to average drawdown	8.63	11.17	-2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IPMIX vs. NMPAX - Sharpe Ratio Comparison

The current IPMIX Sharpe Ratio is 1.47, which is comparable to the NMPAX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of IPMIX and NMPAX, 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

	IPMIX	NMPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	1.74	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.42	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.50	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.44	-0.04

Drawdowns

IPMIX vs. NMPAX - Drawdown Comparison

The maximum IPMIX drawdown since its inception was -54.71%, roughly equal to the maximum NMPAX drawdown of -54.31%. Use the drawdown chart below to compare losses from any high point for IPMIX and NMPAX.

Drawdown Indicators

	IPMIX	NMPAX	Difference
Max Drawdown Largest peak-to-trough decline	-54.71%	-54.31%	-0.40%
Max Drawdown (1Y) Largest decline over 1 year	-12.67%	-8.84%	-3.83%
Max Drawdown (3Y) Largest decline over 3 years	-23.97%	-24.03%	+0.06%
Max Drawdown (5Y) Largest decline over 5 years	-24.28%	-24.03%	-0.25%
Max Drawdown (10Y) Largest decline over 10 years	-43.76%	-42.09%	-1.67%
Current Drawdown Current decline from peak	-7.47%	0.00%	-7.47%
Average Drawdown Average peak-to-trough decline	-10.15%	-7.73%	-2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.36%	2.41%	+0.95%

Volatility

IPMIX vs. NMPAX - Volatility Comparison

Voya Index Plus MidCap Portfolio (IPMIX) has a higher volatility of 14.24% compared to Columbia Mid Cap Index Fund (NMPAX) at 4.45%. This indicates that IPMIX's price experiences larger fluctuations and is considered to be riskier than NMPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPMIX	NMPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.24%	4.45%	+9.79%
Volatility (6M) Calculated over the trailing 6-month period	17.36%	11.37%	+5.99%
Volatility (1Y) Calculated over the trailing 1-year period	20.56%	15.51%	+5.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.29%	19.71%	+1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.08%	21.12%	+0.96%

IPMIX vs. NMPAX - Expense Ratio Comparison

IPMIX has a 0.60% expense ratio, which is higher than NMPAX's 0.20% expense ratio.

Dividends

IPMIX vs. NMPAX - Dividend Comparison

IPMIX's dividend yield for the trailing twelve months is around 6.61%, less than NMPAX's 8.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPMIX Voya Index Plus MidCap Portfolio	6.61%	7.59%	4.15%	4.66%	29.03%	1.13%	1.20%	10.96%	16.62%	7.62%	10.43%	17.41%
NMPAX Columbia Mid Cap Index Fund	8.18%	9.34%	11.35%	7.97%	11.65%	18.03%	5.96%	5.70%	10.06%	7.66%	7.97%	10.12%

Frequently Asked Questions

Can I hold both IPMIX and NMPAX in my portfolio?

IPMIX and NMPAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPMIX or NMPAX?

IPMIX has higher volatility (14.24%) compared to NMPAX (4.45%). In terms of maximum drawdown, IPMIX dropped -54.71% vs NMPAX's -54.31%.

Which has better risk-adjusted returns?

NMPAX currently has the higher Sharpe Ratio (1.74 vs 1.47), 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.