MXMDX vs. MXLSX

Last updated Jun 5, 2026

MXMDX (Great-West S&P Mid Cap 400 Index Fund) and MXLSX (Great-West Small Cap Value Fund) are both mutual funds - MXMDX is a Mid Cap Blend Equities fund managed by Great-West, while MXLSX is a Small Cap Value Equities fund managed by Great-West. Over the past 10 years, MXMDX returned 10.09%/yr vs 8.98%/yr for MXLSX. With a 0.95 correlation, they move nearly in lockstep. MXMDX charges 0.55%/yr vs 1.09%/yr for MXLSX.

Performance

MXMDX vs. MXLSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Great-West S&P Mid Cap 400 Index Fund (MXMDX) and Great-West Small Cap Value Fund (MXLSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MXMDX having a 13.81% return and MXLSX slightly higher at 13.94%. Over the past 10 years, MXMDX has outperformed MXLSX with an annualized return of 10.09%, while MXLSX has yielded a comparatively lower 8.98% annualized return.

MXMDX

• 1D: -0.12%
• 1M: 2.43%
• YTD: 13.81%
• 6M: 13.44%
• 1Y: 25.06%
• 3Y*: 15.45%
• 5Y*: 7.58%
• 10Y*: 10.09%

MXLSX

• 1D: -0.90%
• 1M: -0.57%
• YTD: 13.94%
• 6M: 13.57%
• 1Y: 26.13%
• 3Y*: 13.62%
• 5Y*: 6.71%
• 10Y*: 8.98%

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

MXMDX vs. MXLSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXMDX Great-West S&P Mid Cap 400 Index Fund	13.81%	6.90%	13.23%	15.75%	-13.60%	24.25%	12.84%	25.48%	-12.02%	15.01%
MXLSX Great-West Small Cap Value Fund	13.94%	4.08%	8.20%	17.81%	-10.07%	31.12%	2.84%	24.67%	-16.64%	8.44%

Correlation

The correlation between MXMDX and MXLSX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 21, 2011	0.95

The correlation between MXMDX and MXLSX has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

MXMDX vs. MXLSX — Risk / Return Rank

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

MXMDX

MXMDX Risk / Return Rank: 44
MXMDX Sharpe Ratio Rank: 36
MXMDX Sortino Ratio Rank: 36
MXMDX Omega Ratio Rank: 34
MXMDX Calmar Ratio Rank: 59
MXMDX Martin Ratio Rank: 52

MXLSX

MXLSX Risk / Return Rank: 39
MXLSX Sharpe Ratio Rank: 34
MXLSX Sortino Ratio Rank: 36
MXLSX Omega Ratio Rank: 32
MXLSX Calmar Ratio Rank: 52
MXLSX Martin Ratio Rank: 40

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.

MXMDX vs. MXLSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Great-West S&P Mid Cap 400 Index Fund (MXMDX) and Great-West Small Cap Value Fund (MXLSX). 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.

	MXMDX	MXLSX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.63	+0.07
Sortino ratio: Return per unit of downside risk	2.49	2.43	+0.06
Omega ratio: Gain probability vs. loss probability	1.30	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	2.94	2.72	+0.22
Martin ratio: Return relative to average drawdown	10.52	8.54	+1.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MXMDX vs. MXLSX - Sharpe Ratio Comparison

The current MXMDX Sharpe Ratio is 1.71, which is comparable to the MXLSX Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of MXMDX and MXLSX, 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

	MXMDX	MXLSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	1.63	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.33	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.41	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.27	+0.18

Drawdowns

MXMDX vs. MXLSX - Drawdown Comparison

The maximum MXMDX drawdown since its inception was -41.80%, smaller than the maximum MXLSX drawdown of -60.41%. Use the drawdown chart below to compare losses from any high point for MXMDX and MXLSX.

Drawdown Indicators

	MXMDX	MXLSX	Difference
Max Drawdown Largest peak-to-trough decline	-41.80%	-60.41%	+18.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.87%	-9.84%	+0.97%
Max Drawdown (3Y) Largest decline over 3 years	-24.15%	-26.04%	+1.89%
Max Drawdown (5Y) Largest decline over 5 years	-24.15%	-26.04%	+1.89%
Max Drawdown (10Y) Largest decline over 10 years	-41.80%	-43.52%	+1.72%
Current Drawdown Current decline from peak	-0.12%	-1.28%	+1.16%
Average Drawdown Average peak-to-trough decline	-5.95%	-12.14%	+6.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	3.12%	-0.65%

Volatility

MXMDX vs. MXLSX - Volatility Comparison

Great-West S&P Mid Cap 400 Index Fund (MXMDX) and Great-West Small Cap Value Fund (MXLSX) have volatilities of 4.37% and 4.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MXMDX	MXLSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	4.24%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	11.38%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	15.28%	16.45%	-1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.99%	20.83%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.22%	22.30%	-1.08%

MXMDX vs. MXLSX - Expense Ratio Comparison

MXMDX has a 0.55% expense ratio, which is lower than MXLSX's 1.09% expense ratio.

Dividends

MXMDX vs. MXLSX - Dividend Comparison

MXMDX's dividend yield for the trailing twelve months is around 5.85%, more than MXLSX's 0.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MXLSX Great-West Small Cap Value Fund	0.42%	0.48%	1.07%	2.24%	2.93%	6.23%	0.23%	0.47%	2.92%	5.29%
MXMDX Great-West S&P Mid Cap 400 Index Fund	5.85%	6.66%	3.04%	4.76%	4.35%	5.24%	5.74%	3.74%	8.13%	4.51%

Frequently Asked Questions

Can I hold both MXMDX and MXLSX in my portfolio?

With a correlation of 0.92, MXMDX and MXLSX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MXMDX or MXLSX?

MXMDX has higher volatility (4.37%) compared to MXLSX (4.24%). In terms of maximum drawdown, MXMDX dropped -41.80% vs MXLSX's -60.41%.

Which has better risk-adjusted returns?

MXMDX currently has the higher Sharpe Ratio (1.71 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.