SPMIX vs. ATGAX

Last updated Jun 4, 2026

SPMIX (Shelton Capital Management S&P Midcap Index Fund) and ATGAX (Aquila Opportunity Growth Fund) are both Mid Cap Blend Equities funds. A 0.50 correlation means they provide meaningful diversification when combined. SPMIX charges 0.62%/yr vs 1.50%/yr for ATGAX.

Performance

SPMIX vs. ATGAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Shelton Capital Management S&P Midcap Index Fund (SPMIX) and Aquila Opportunity Growth Fund (ATGAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPMIX

• 1D: 0.86%
• 1M: 3.84%
• YTD: 13.67%
• 6M: 13.88%
• 1Y: 24.70%
• 3Y*: 19.12%
• 5Y*: 9.76%
• 10Y*: 12.67%

ATGAX

• 1D: 1.15%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPMIX vs. ATGAX - Yearly Performance Comparison

	2026 (YTD)
SPMIX Shelton Capital Management S&P Midcap Index Fund	0.97%
ATGAX Aquila Opportunity Growth Fund	2.03%

Correlation

The correlation between SPMIX and ATGAX is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.50

Return for Risk

SPMIX vs. ATGAX — Risk / Return Rank

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

SPMIX

SPMIX Risk / Return Rank: 43
SPMIX Sharpe Ratio Rank: 35
SPMIX Sortino Ratio Rank: 36
SPMIX Omega Ratio Rank: 33
SPMIX Calmar Ratio Rank: 59
SPMIX Martin Ratio Rank: 53

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.

SPMIX vs. ATGAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Shelton Capital Management S&P Midcap Index Fund (SPMIX) and Aquila Opportunity Growth Fund (ATGAX). 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.

	SPMIX	ATGAX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	—	—
Sortino ratio: Return per unit of downside risk	2.49	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.96	—	—
Martin ratio: Return relative to average drawdown	10.83	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPMIX	ATGAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	58.33	-57.86

Drawdowns

SPMIX vs. ATGAX - Drawdown Comparison

The maximum SPMIX drawdown since its inception was -55.44%, which is greater than ATGAX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for SPMIX and ATGAX.

Drawdown Indicators

	SPMIX	ATGAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.44%	0.00%	-55.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.73%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.91%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.26%	0.00%	-7.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	—	—

Volatility

Volatility by Period

	SPMIX	ATGAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	9.26%	+6.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.12%	9.26%	+10.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.32%	9.26%	+12.06%

SPMIX vs. ATGAX - Expense Ratio Comparison

SPMIX has a 0.62% expense ratio, which is lower than ATGAX's 1.50% expense ratio.

Dividends

SPMIX vs. ATGAX - Dividend Comparison

SPMIX's dividend yield for the trailing twelve months is around 5.01%, while ATGAX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATGAX Aquila Opportunity Growth Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMIX Shelton Capital Management S&P Midcap Index Fund	5.01%	5.55%	20.56%	6.35%	9.15%	9.87%	8.65%	13.64%	13.74%	6.83%	16.77%	19.89%

Frequently Asked Questions

Can I hold both SPMIX and ATGAX in my portfolio?

SPMIX and ATGAX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.