SPMIX vs. JNVSX

Last updated Jun 26, 2026

SPMIX (Shelton Capital Management S&P Midcap Index Fund) and JNVSX (Jensen Quality Value Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, SPMIX returned 13.13%/yr vs 11.17%/yr for JNVSX. Their correlation of 0.89 suggests significant overlap in exposure. SPMIX charges 0.62%/yr vs 1.05%/yr for JNVSX.

Performance

SPMIX vs. JNVSX - 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 Jensen Quality Value Fund (JNVSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMIX achieves a 14.88% return, which is significantly higher than JNVSX's -1.11% return. Over the past 10 years, SPMIX has outperformed JNVSX with an annualized return of 13.13%, while JNVSX has yielded a comparatively lower 11.17% annualized return.

SPMIX

• 1D: 0.61%
• 1M: 1.79%
• YTD: 14.88%
• 6M: 12.60%
• 1Y: 25.01%
• 3Y*: 19.32%
• 5Y*: 9.91%
• 10Y*: 13.13%

JNVSX

• 1D: 1.50%
• 1M: -0.32%
• YTD: -1.11%
• 6M: -2.18%
• 1Y: -2.31%
• 3Y*: 4.99%
• 5Y*: 8.08%
• 10Y*: 11.17%

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

SPMIX vs. JNVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMIX Shelton Capital Management S&P Midcap Index Fund	14.88%	6.72%	24.42%	15.96%	-13.18%	23.73%	12.97%	34.63%	-11.34%	15.74%
JNVSX Jensen Quality Value Fund	-1.11%	-2.58%	9.40%	18.58%	-15.83%	60.71%	14.79%	27.58%	-9.03%	15.08%

Correlation

The correlation between SPMIX and JNVSX is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Mar 31, 2010	0.89

Over the past year, the correlation between SPMIX and JNVSX has dropped to 0.68 - well below their long-term average of 0.89, suggesting their price drivers have been diverging.

Return for Risk

SPMIX vs. JNVSX — Risk / Return Rank

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

SPMIX

SPMIX Risk / Return Rank: 50
SPMIX Sharpe Ratio Rank: 41
SPMIX Sortino Ratio Rank: 43
SPMIX Omega Ratio Rank: 38
SPMIX Calmar Ratio Rank: 68
SPMIX Martin Ratio Rank: 59

JNVSX

JNVSX Risk / Return Rank: 2
JNVSX Sharpe Ratio Rank: 2
JNVSX Sortino Ratio Rank: 2
JNVSX Omega Ratio Rank: 2
JNVSX Calmar Ratio Rank: 2
JNVSX Martin Ratio Rank: 2

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. JNVSX - 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 Jensen Quality Value Fund (JNVSX). 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.

	SPMIX	JNVSX	Difference
Sharpe ratio: Return per unit of total volatility	1.54	-0.25	+1.79
Sortino ratio: Return per unit of downside risk	2.26	-0.28	+2.54
Omega ratio: Gain probability vs. loss probability	1.27	0.97	+0.30
Calmar ratio: Return relative to maximum drawdown	2.71	-0.31	+3.03
Martin ratio: Return relative to average drawdown	9.90	-0.59	+10.49

SPMIX vs. JNVSX - Sharpe Ratio Comparison

The current SPMIX Sharpe Ratio is 1.54, which is higher than the JNVSX Sharpe Ratio of -0.25. The chart below compares the historical Sharpe Ratios of SPMIX and JNVSX, 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

SPMIX vs. JNVSX - Drawdown Comparison

The maximum SPMIX drawdown since its inception was -55.44%, which is greater than JNVSX's maximum drawdown of -34.52%. Use the drawdown chart below to compare losses from any high point for SPMIX and JNVSX.

Drawdown Indicators

	SPMIX	JNVSX	Difference
Max Drawdown Largest peak-to-trough decline	-55.44%	-34.52%	-20.92%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-10.42%	+1.53%
Max Drawdown (3Y) Largest decline over 3 years	-23.73%	-17.43%	-6.30%
Max Drawdown (5Y) Largest decline over 5 years	-24.00%	-24.56%	+0.56%
Max Drawdown (10Y) Largest decline over 10 years	-41.91%	-34.52%	-7.39%
Current Drawdown Current decline from peak	-0.40%	-9.54%	+9.14%
Average Drawdown Average peak-to-trough decline	-7.25%	-5.19%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	5.56%	-3.13%

Volatility

SPMIX vs. JNVSX - Volatility Comparison

Shelton Capital Management S&P Midcap Index Fund (SPMIX) has a higher volatility of 4.69% compared to Jensen Quality Value Fund (JNVSX) at 3.47%. This indicates that SPMIX's price experiences larger fluctuations and is considered to be riskier than JNVSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMIX	JNVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	3.47%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	11.65%	9.53%	+2.12%
Volatility (1Y) Calculated over the trailing 1-year period	15.72%	12.85%	+2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.14%	20.48%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.30%	19.23%	+2.07%

SPMIX vs. JNVSX - Expense Ratio Comparison

SPMIX has a 0.62% expense ratio, which is lower than JNVSX's 1.05% expense ratio.

Dividends

SPMIX vs. JNVSX - Dividend Comparison

SPMIX's dividend yield for the trailing twelve months is around 4.96%, less than JNVSX's 11.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JNVSX Jensen Quality Value Fund	11.38%	11.31%	6.15%	0.56%	2.69%	22.40%	1.27%	5.13%	6.15%	4.14%	1.34%	17.62%
SPMIX Shelton Capital Management S&P Midcap Index Fund	4.96%	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 JNVSX in my portfolio?

SPMIX and JNVSX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPMIX or JNVSX?

SPMIX has higher volatility (4.69%) compared to JNVSX (3.47%). In terms of maximum drawdown, SPMIX dropped -55.44% vs JNVSX's -34.52%.

Which has better risk-adjusted returns?

SPMIX currently has the higher Sharpe Ratio (1.54 vs -0.25), 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.