SGFFX vs. LKSMX

Last updated Jul 16, 2026

SGFFX (Sparrow Growth Fund) and LKSMX (LKCM Small-Mid Cap Equity Fund) are both Mid Cap Growth Equities funds. Over the past 10 years, SGFFX returned 15.69%/yr vs 11.07%/yr for LKSMX. A 0.80 correlation means they provide meaningful diversification when combined. SGFFX charges 1.81%/yr vs 1.00%/yr for LKSMX.

Performance

SGFFX vs. LKSMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sparrow Growth Fund (SGFFX) and LKCM Small-Mid Cap Equity Fund (LKSMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGFFX achieves a 2.69% return, which is significantly lower than LKSMX's 5.90% return. Over the past 10 years, SGFFX has outperformed LKSMX with an annualized return of 15.69%, while LKSMX has yielded a comparatively lower 11.07% annualized return.

SGFFX

• 1D: 0.62%
• 1M: -0.05%
• 6M: 3.61%
• YTD: 2.69%
• 1Y: 8.92%
• 3Y*: 18.21%
• 5Y*: 6.29%
• 10Y*: 15.69%

LKSMX

• 1D: 0.25%
• 1M: -0.00%
• 6M: -0.50%
• YTD: 5.90%
• 1Y: 11.00%
• 3Y*: 11.93%
• 5Y*: 5.98%
• 10Y*: 11.07%

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

SGFFX vs. LKSMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGFFX Sparrow Growth Fund	2.69%	14.31%	34.81%	17.02%	-23.36%	-11.00%	97.83%	27.24%	6.26%	31.24%
LKSMX LKCM Small-Mid Cap Equity Fund	5.90%	5.27%	15.64%	25.76%	-22.23%	15.44%	30.55%	31.02%	-8.91%	24.18%

Correlation

The correlation between SGFFX and LKSMX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 2, 2011	0.80

The correlation between SGFFX and LKSMX shifts across timeframes, from 0.64 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SGFFX vs. LKSMX — Risk / Return Rank

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

SGFFX

SGFFX Risk / Return Rank: 10
SGFFX Sharpe Ratio Rank: 11
SGFFX Sortino Ratio Rank: 11
SGFFX Omega Ratio Rank: 11
SGFFX Calmar Ratio Rank: 8
SGFFX Martin Ratio Rank: 10

LKSMX

LKSMX Risk / Return Rank: 10
LKSMX Sharpe Ratio Rank: 10
LKSMX Sortino Ratio Rank: 10
LKSMX Omega Ratio Rank: 9
LKSMX Calmar Ratio Rank: 11
LKSMX Martin Ratio Rank: 12

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.

SGFFX vs. LKSMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sparrow Growth Fund (SGFFX) and LKCM Small-Mid Cap Equity Fund (LKSMX). 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.

	SGFFX	LKSMX	Difference
Sharpe ratio: Return per unit of total volatility	0.63	0.55	+0.08
Sortino ratio: Return per unit of downside risk	0.96	0.91	+0.05
Omega ratio: Gain probability vs. loss probability	1.12	1.10	+0.01
Calmar ratio: Return relative to maximum drawdown	0.56	0.73	-0.17
Martin ratio: Return relative to average drawdown	1.82	2.32	-0.49

SGFFX vs. LKSMX - Sharpe Ratio Comparison

The current SGFFX Sharpe Ratio is 0.63, which is comparable to the LKSMX Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of SGFFX and LKSMX, 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

SGFFX vs. LKSMX - Drawdown Comparison

The maximum SGFFX drawdown since its inception was -62.10%, which is greater than LKSMX's maximum drawdown of -39.56%. Use the drawdown chart below to compare losses from any high point for SGFFX and LKSMX.

Drawdown Indicators

	SGFFX	LKSMX	Difference
Max Drawdown Largest peak-to-trough decline	-62.10%	-39.56%	-22.54%
Max Drawdown (1Y) Largest decline over 1 year	-15.33%	-13.08%	-2.25%
Max Drawdown (3Y) Largest decline over 3 years	-39.29%	-21.23%	-18.06%
Max Drawdown (5Y) Largest decline over 5 years	-40.24%	-27.51%	-12.73%
Max Drawdown (10Y) Largest decline over 10 years	-50.45%	-39.56%	-10.89%
Current Drawdown Current decline from peak	-16.59%	-2.20%	-14.39%
Average Drawdown Average peak-to-trough decline	-22.15%	-7.69%	-14.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	4.10%	+0.57%

Volatility

SGFFX vs. LKSMX - Volatility Comparison

Sparrow Growth Fund (SGFFX) and LKCM Small-Mid Cap Equity Fund (LKSMX) have volatilities of 4.39% and 4.33%, 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

	SGFFX	LKSMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	4.33%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	10.90%	13.41%	-2.51%
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	17.40%	-3.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.03%	19.87%	+7.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.00%	21.33%	+6.67%

SGFFX vs. LKSMX - Expense Ratio Comparison

SGFFX has a 1.81% expense ratio, which is higher than LKSMX's 1.00% expense ratio.

Dividends

SGFFX vs. LKSMX - Dividend Comparison

SGFFX has not paid dividends to shareholders, while LKSMX's dividend yield for the trailing twelve months is around 6.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LKSMX LKCM Small-Mid Cap Equity Fund	6.02%	6.38%	0.00%	0.00%	8.27%	17.23%	6.48%	14.23%	21.66%	12.01%	18.07%	7.12%
SGFFX Sparrow Growth Fund	0.00%	0.00%	0.00%	0.00%	18.67%	0.00%	0.67%	1.33%	5.84%	7.33%	0.00%	2.59%

Frequently Asked Questions

Can I hold both SGFFX and LKSMX in my portfolio?

SGFFX and LKSMX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGFFX or LKSMX?

SGFFX has higher volatility (4.39%) compared to LKSMX (4.33%). In terms of maximum drawdown, SGFFX dropped -62.10% vs LKSMX's -39.56%.

Which has better risk-adjusted returns?

SGFFX currently has the higher Sharpe Ratio (0.63 vs 0.55), 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.