NMSCX vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Columbia Small Cap Index Fund (NMSCX) and S&P 500 Index (^GSPC).

NMSCX is managed by Columbia. It was launched on Oct 15, 1996.

Performance

NMSCX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Small Cap Index Fund (NMSCX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

NMSCX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMSCX Columbia Small Cap Index Fund	3.47%	5.98%	8.53%	15.78%	-16.25%	26.36%	11.20%	22.70%	-8.76%	11.77%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Returns By Period

In the year-to-date period, NMSCX achieves a 3.47% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, NMSCX has underperformed ^GSPC with an annualized return of 9.56%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

NMSCX

• 1D: 2.85%
• 1M: -4.69%
• YTD: 3.47%
• 6M: 5.10%
• 1Y: 20.24%
• 3Y*: 10.36%
• 5Y*: 3.99%
• 10Y*: 9.56%

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

NMSCX vs. ^GSPC — Risk / Return Rank

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

NMSCX

NMSCX Risk / Return Rank: 43
NMSCX Sharpe Ratio Rank: 38
NMSCX Sortino Ratio Rank: 41
NMSCX Omega Ratio Rank: 35
NMSCX Calmar Ratio Rank: 49
NMSCX Martin Ratio Rank: 51

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

NMSCX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Small Cap Index Fund (NMSCX) and S&P 500 Index (^GSPC). 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.

	NMSCX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.91	0.92	-0.01
Sortino ratio Return per unit of downside risk	1.41	1.41	0.00
Omega ratio Gain probability vs. loss probability	1.19	1.21	-0.03
Calmar ratio Return relative to maximum drawdown	1.42	1.41	+0.01
Martin ratio Return relative to average drawdown	5.74	6.61	-0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMSCX vs. ^GSPC - Sharpe Ratio Comparison

The current NMSCX Sharpe Ratio is 0.91, which is comparable to the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of NMSCX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NMSCX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	0.92	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	0.61	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.68	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.46	-0.03

Correlation

The correlation between NMSCX and ^GSPC is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

NMSCX vs. ^GSPC - Drawdown Comparison

The maximum NMSCX drawdown since its inception was -54.97%, roughly equal to the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for NMSCX and ^GSPC.

Drawdown Indicators

	NMSCX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-54.97%	-56.78%	+1.81%
Max Drawdown (1Y) Largest decline over 1 year	-14.82%	-12.14%	-2.68%
Max Drawdown (5Y) Largest decline over 5 years	-27.92%	-25.43%	-2.49%
Max Drawdown (10Y) Largest decline over 10 years	-44.31%	-33.92%	-10.39%
Current Drawdown Current decline from peak	-5.73%	-5.78%	+0.05%
Average Drawdown Average peak-to-trough decline	-8.66%	-10.75%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	2.60%	+1.07%

Volatility

NMSCX vs. ^GSPC - Volatility Comparison

Columbia Small Cap Index Fund (NMSCX) has a higher volatility of 6.32% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that NMSCX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMSCX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.32%	5.37%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	13.08%	9.55%	+3.53%
Volatility (1Y) Calculated over the trailing 1-year period	22.75%	18.33%	+4.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.59%	16.90%	+4.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.20%	18.05%	+5.15%