LGDX vs. SMDX

Last updated Jun 23, 2026

LGDX (Intech S&P Large Cap Diversified Alpha ETF) and SMDX (Intech S&P Small-Mid Cap Diversified Alpha ETF) are both exchange-traded funds - LGDX is a Large Cap Blend Equities fund actively managed by Intech, while SMDX is a Small Cap Blend Equities fund actively managed by Intech. Both are actively managed. Over the past year, LGDX returned 21.11% vs 31.76% for SMDX. A 0.75 correlation means they provide meaningful diversification when combined. LGDX charges 0.25%/yr vs 0.35%/yr for SMDX.

Performance

LGDX vs. SMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intech S&P Large Cap Diversified Alpha ETF (LGDX) and Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LGDX achieves a 7.92% return, which is significantly lower than SMDX's 16.47% return.

LGDX

• 1D: -0.70%
• 1M: -0.28%
• YTD: 7.92%
• 6M: 7.44%
• 1Y: 21.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMDX

• 1D: 0.42%
• 1M: 3.48%
• YTD: 16.47%
• 6M: 14.02%
• 1Y: 31.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LGDX vs. SMDX - Yearly Performance Comparison

	2026 (YTD)	2025
LGDX Intech S&P Large Cap Diversified Alpha ETF	7.92%	15.03%
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF	16.47%	14.46%

Correlation

The correlation between LGDX and SMDX is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Feb 28, 2025	0.75

The correlation between LGDX and SMDX has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.

Return for Risk

LGDX vs. SMDX — Risk / Return Rank

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

LGDX

LGDX Risk / Return Rank: 50
LGDX Sharpe Ratio Rank: 49
LGDX Sortino Ratio Rank: 47
LGDX Omega Ratio Rank: 46
LGDX Calmar Ratio Rank: 50
LGDX Martin Ratio Rank: 59

SMDX

SMDX Risk / Return Rank: 64
SMDX Sharpe Ratio Rank: 59
SMDX Sortino Ratio Rank: 62
SMDX Omega Ratio Rank: 56
SMDX Calmar Ratio Rank: 75
SMDX Martin Ratio Rank: 71

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.

LGDX vs. SMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intech S&P Large Cap Diversified Alpha ETF (LGDX) and Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX). 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.

	LGDX	SMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.92	-0.28
Sortino ratio: Return per unit of downside risk	2.26	2.80	-0.54
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.05
Calmar ratio: Return relative to maximum drawdown	2.37	3.69	-1.32
Martin ratio: Return relative to average drawdown	10.15	12.81	-2.65

LGDX vs. SMDX - Sharpe Ratio Comparison

The current LGDX Sharpe Ratio is 1.63, which is comparable to the SMDX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of LGDX and SMDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LGDX vs. SMDX - Drawdown Comparison

The maximum LGDX drawdown since its inception was -15.79%, which is greater than SMDX's maximum drawdown of -14.52%. Use the drawdown chart below to compare losses from any high point for LGDX and SMDX.

Drawdown Indicators

	LGDX	SMDX	Difference
Max Drawdown Largest peak-to-trough decline	-15.79%	-14.52%	-1.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-8.66%	-0.30%
Current Drawdown Current decline from peak	-2.28%	-0.13%	-2.15%
Average Drawdown Average peak-to-trough decline	-2.04%	-2.32%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.49%	-0.41%

Volatility

LGDX vs. SMDX - Volatility Comparison

Intech S&P Large Cap Diversified Alpha ETF (LGDX) has a higher volatility of 4.42% compared to Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) at 4.14%. This indicates that LGDX's price experiences larger fluctuations and is considered to be riskier than SMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LGDX	SMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	4.14%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	10.27%	11.77%	-1.50%
Volatility (1Y) Calculated over the trailing 1-year period	13.00%	16.69%	-3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.35%	21.01%	-2.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.35%	21.01%	-2.66%

LGDX vs. SMDX - Expense Ratio Comparison

LGDX has a 0.25% expense ratio, which is lower than SMDX's 0.35% expense ratio.

Dividends

LGDX vs. SMDX - Dividend Comparison

LGDX's dividend yield for the trailing twelve months is around 0.48%, less than SMDX's 0.52% yield.

Position	TTM	2025
LGDX Intech S&P Large Cap Diversified Alpha ETF	0.48%	0.52%
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF	0.52%	0.61%

Frequently Asked Questions

Can I hold both LGDX and SMDX in my portfolio?

LGDX and SMDX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LGDX or SMDX?

LGDX has higher volatility (4.42%) compared to SMDX (4.14%). In terms of maximum drawdown, LGDX dropped -15.79% vs SMDX's -14.52%.

Which ETF is better, LGDX or SMDX?

On 1-year performance, SMDX leads with 31.76% vs 21.11% for LGDX. On fees, LGDX is cheaper at 0.25% per year. On volatility, SMDX has been the lower-risk option at 4.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LGDX or SMDX?

Over the 1-year period, SMDX has performed better with a 31.76% return vs 21.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LGDX or SMDX?

LGDX is cheaper with a 0.25% expense ratio, compared with 0.35% for SMDX.

Which ETF pays a higher dividend yield, LGDX or SMDX?

SMDX has the higher dividend yield at 0.52%, compared with 0.48% for LGDX.

What is the main difference between LGDX and SMDX?

LGDX is categorized as Large Cap Blend Equities, while SMDX is Small Cap Blend Equities. Their fees differ too: 0.25% for LGDX and 0.35% for SMDX.

Which has better risk-adjusted returns?

SMDX currently has the higher Sharpe Ratio (1.92 vs 1.63), 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.