MDY vs. CIPMX

Last updated Jul 17, 2026

MDY (SPDR S&P MidCap 400 ETF) and CIPMX (Champlain Mid Cap Fund) are both funds - MDY is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while CIPMX is a Mid Cap Growth Equities fund managed by Champlain Funds. Over the past 10 years, MDY returned 10.84%/yr vs 9.76%/yr for CIPMX. Their correlation of 0.89 suggests significant overlap in exposure. MDY charges 0.23%/yr vs 1.09%/yr for CIPMX.

Performance

MDY vs. CIPMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P MidCap 400 ETF (MDY) and Champlain Mid Cap Fund (CIPMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDY achieves a 15.44% return, which is significantly higher than CIPMX's 2.09% return. Over the past 10 years, MDY has outperformed CIPMX with an annualized return of 10.84%, while CIPMX has yielded a comparatively lower 9.76% annualized return.

MDY

• 1D: 0.51%
• 1M: 0.06%
• 6M: 8.51%
• YTD: 15.44%
• 1Y: 22.15%
• 3Y*: 13.52%
• 5Y*: 9.10%
• 10Y*: 10.84%

CIPMX

• 1D: -0.59%
• 1M: 4.26%
• 6M: -1.86%
• YTD: 2.09%
• 1Y: 1.86%
• 3Y*: 7.12%
• 5Y*: 1.81%
• 10Y*: 9.76%

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

MDY vs. CIPMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDY SPDR S&P MidCap 400 ETF	15.44%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%
CIPMX Champlain Mid Cap Fund	2.09%	1.44%	13.94%	15.40%	-26.53%	24.48%	29.03%	26.27%	3.41%	13.62%

Correlation

The correlation between MDY and CIPMX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jul 1, 2008	0.89

The correlation between MDY and CIPMX shifts across timeframes, from 0.76 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MDY vs. CIPMX — Risk / Return Rank

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

MDY

MDY Risk / Return Rank: 56
MDY Sharpe Ratio Rank: 50
MDY Sortino Ratio Rank: 54
MDY Omega Ratio Rank: 48
MDY Calmar Ratio Rank: 62
MDY Martin Ratio Rank: 64

CIPMX

CIPMX Risk / Return Rank: 4
CIPMX Sharpe Ratio Rank: 4
CIPMX Sortino Ratio Rank: 4
CIPMX Omega Ratio Rank: 4
CIPMX Calmar Ratio Rank: 4
CIPMX Martin Ratio Rank: 4

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.

MDY vs. CIPMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) and Champlain Mid Cap Fund (CIPMX). 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.

	MDY	CIPMX	Difference
Sharpe ratio: Return per unit of total volatility	1.42	0.17	+1.25
Sortino ratio: Return per unit of downside risk	2.12	0.34	+1.78
Omega ratio: Gain probability vs. loss probability	1.25	1.04	+0.21
Calmar ratio: Return relative to maximum drawdown	2.52	0.17	+2.35
Martin ratio: Return relative to average drawdown	9.09	0.43	+8.66

MDY vs. CIPMX - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 1.42, which is higher than the CIPMX Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of MDY and CIPMX, 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

MDY vs. CIPMX - Drawdown Comparison

The maximum MDY drawdown since its inception was -55.33%, which is greater than CIPMX's maximum drawdown of -45.33%. Use the drawdown chart below to compare losses from any high point for MDY and CIPMX.

Drawdown Indicators

	MDY	CIPMX	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-45.33%	-10.00%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-14.68%	+5.86%
Max Drawdown (3Y) Largest decline over 3 years	-24.03%	-20.11%	-3.92%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-33.20%	+9.17%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	-33.84%	-8.38%
Current Drawdown Current decline from peak	-1.47%	-2.06%	+0.59%
Average Drawdown Average peak-to-trough decline	-7.01%	-7.94%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	5.87%	-3.43%

Volatility

MDY vs. CIPMX - Volatility Comparison

The current volatility for SPDR S&P MidCap 400 ETF (MDY) is 3.54%, while Champlain Mid Cap Fund (CIPMX) has a volatility of 3.94%. This indicates that MDY experiences smaller price fluctuations and is considered to be less risky than CIPMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDY	CIPMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	3.94%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	11.65%	11.54%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.68%	15.13%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.75%	19.12%	+0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.13%	18.80%	+2.33%

MDY vs. CIPMX - Expense Ratio Comparison

MDY has a 0.23% expense ratio, which is lower than CIPMX's 1.09% expense ratio.

Dividends

MDY vs. CIPMX - Dividend Comparison

MDY's dividend yield for the trailing twelve months is around 1.01%, less than CIPMX's 17.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIPMX Champlain Mid Cap Fund	17.80%	18.17%	15.31%	0.30%	1.44%	10.24%	4.62%	4.06%	6.70%	0.00%	4.28%	8.32%
MDY SPDR S&P MidCap 400 ETF	1.01%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%

Frequently Asked Questions

Can I hold both MDY and CIPMX in my portfolio?

MDY and CIPMX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDY or CIPMX?

CIPMX has higher volatility (3.94%) compared to MDY (3.54%). In terms of maximum drawdown, MDY dropped -55.33% vs CIPMX's -45.33%.

Which has better risk-adjusted returns?

MDY currently has the higher Sharpe Ratio (1.42 vs 0.17), 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.