SMVTX vs. CAAPX

Last updated Jun 5, 2026

SMVTX (Virtus Ceredex Mid-Cap Value Equity Fund) and CAAPX (Ariel Appreciation Fund) are both Mid Cap Value Equities funds. Over the past 10 years, SMVTX returned 12.25%/yr vs 8.47%/yr for CAAPX. Their correlation of 0.91 suggests significant overlap in exposure. SMVTX charges 0.99%/yr vs 1.12%/yr for CAAPX.

Performance

SMVTX vs. CAAPX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Ceredex Mid-Cap Value Equity Fund (SMVTX) and Ariel Appreciation Fund (CAAPX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMVTX achieves a 21.96% return, which is significantly higher than CAAPX's 9.23% return. Over the past 10 years, SMVTX has outperformed CAAPX with an annualized return of 12.25%, while CAAPX has yielded a comparatively lower 8.47% annualized return.

SMVTX

• 1D: 0.34%
• 1M: 2.08%
• YTD: 21.96%
• 6M: 20.54%
• 1Y: 44.60%
• 3Y*: 24.07%
• 5Y*: 11.91%
• 10Y*: 12.25%

CAAPX

• 1D: -0.59%
• 1M: 1.20%
• YTD: 9.23%
• 6M: 11.22%
• 1Y: 31.34%
• 3Y*: 11.76%
• 5Y*: 4.60%
• 10Y*: 8.47%

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

SMVTX vs. CAAPX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMVTX Virtus Ceredex Mid-Cap Value Equity Fund	21.96%	17.58%	18.93%	10.94%	-13.89%	29.15%	-1.19%	33.14%	-8.01%	11.69%
CAAPX Ariel Appreciation Fund	9.23%	11.04%	6.07%	10.58%	-12.27%	25.72%	7.42%	24.58%	-13.93%	15.24%

Correlation

The correlation between SMVTX and CAAPX is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jan 3, 2002	0.91

The correlation between SMVTX and CAAPX shifts across timeframes, from 0.77 (1 year) to 0.91 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMVTX vs. CAAPX — Risk / Return Rank

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

SMVTX

SMVTX Risk / Return Rank: 88
SMVTX Sharpe Ratio Rank: 89
SMVTX Sortino Ratio Rank: 83
SMVTX Omega Ratio Rank: 77
SMVTX Calmar Ratio Rank: 96
SMVTX Martin Ratio Rank: 95

CAAPX

CAAPX Risk / Return Rank: 39
CAAPX Sharpe Ratio Rank: 37
CAAPX Sortino Ratio Rank: 38
CAAPX Omega Ratio Rank: 34
CAAPX Calmar Ratio Rank: 50
CAAPX Martin Ratio Rank: 38

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.

SMVTX vs. CAAPX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Ceredex Mid-Cap Value Equity Fund (SMVTX) and Ariel Appreciation Fund (CAAPX). 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.

	SMVTX	CAAPX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	1.74	+1.18
Sortino ratio: Return per unit of downside risk	3.97	2.53	+1.44
Omega ratio: Gain probability vs. loss probability	1.50	1.30	+0.20
Calmar ratio: Return relative to maximum drawdown	6.22	2.68	+3.54
Martin ratio: Return relative to average drawdown	22.89	8.25	+14.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMVTX vs. CAAPX - Sharpe Ratio Comparison

The current SMVTX Sharpe Ratio is 2.92, which is higher than the CAAPX Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of SMVTX and CAAPX, 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

	SMVTX	CAAPX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	1.74	+1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.21	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.38	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.51	-0.02

Drawdowns

SMVTX vs. CAAPX - Drawdown Comparison

The maximum SMVTX drawdown since its inception was -54.72%, smaller than the maximum CAAPX drawdown of -61.92%. Use the drawdown chart below to compare losses from any high point for SMVTX and CAAPX.

Drawdown Indicators

	SMVTX	CAAPX	Difference
Max Drawdown Largest peak-to-trough decline	-54.72%	-61.92%	+7.20%
Max Drawdown (1Y) Largest decline over 1 year	-7.17%	-11.70%	+4.53%
Max Drawdown (3Y) Largest decline over 3 years	-24.75%	-27.29%	+2.54%
Max Drawdown (5Y) Largest decline over 5 years	-25.44%	-33.40%	+7.96%
Max Drawdown (10Y) Largest decline over 10 years	-45.45%	-42.58%	-2.87%
Current Drawdown Current decline from peak	0.00%	-1.57%	+1.57%
Average Drawdown Average peak-to-trough decline	-8.23%	-8.06%	-0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	3.80%	-1.86%

Volatility

SMVTX vs. CAAPX - Volatility Comparison

Virtus Ceredex Mid-Cap Value Equity Fund (SMVTX) has a higher volatility of 5.06% compared to Ariel Appreciation Fund (CAAPX) at 3.95%. This indicates that SMVTX's price experiences larger fluctuations and is considered to be riskier than CAAPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMVTX	CAAPX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.06%	3.95%	+1.11%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	12.74%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	15.30%	18.09%	-2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.45%	22.26%	-1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.64%	22.17%	-1.53%

SMVTX vs. CAAPX - Expense Ratio Comparison

SMVTX has a 0.99% expense ratio, which is lower than CAAPX's 1.12% expense ratio.

Dividends

SMVTX vs. CAAPX - Dividend Comparison

SMVTX's dividend yield for the trailing twelve months is around 13.48%, more than CAAPX's 11.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAAPX Ariel Appreciation Fund	11.78%	12.86%	6.11%	6.31%	10.51%	14.21%	9.85%	7.58%	7.37%	12.53%	7.88%	12.05%
SMVTX Virtus Ceredex Mid-Cap Value Equity Fund	13.48%	16.44%	15.96%	1.16%	6.75%	18.53%	2.52%	5.82%	14.47%	20.86%	3.61%	7.05%

Frequently Asked Questions

Can I hold both SMVTX and CAAPX in my portfolio?

SMVTX and CAAPX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMVTX or CAAPX?

SMVTX has higher volatility (5.06%) compared to CAAPX (3.95%). In terms of maximum drawdown, SMVTX dropped -54.72% vs CAAPX's -61.92%.

Which has better risk-adjusted returns?

SMVTX currently has the higher Sharpe Ratio (2.92 vs 1.74), 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.