SPMIX vs. WHGMX

Last updated Jun 4, 2026

SPMIX (Shelton Capital Management S&P Midcap Index Fund) and WHGMX (Westwood Quality SMidCap Fund) are both Mid Cap Blend Equities funds. Over the past 10 years, SPMIX returned 12.67%/yr vs 9.95%/yr for WHGMX. With a 0.96 correlation, they move nearly in lockstep. SPMIX charges 0.62%/yr vs 0.88%/yr for WHGMX.

Performance

SPMIX vs. WHGMX - 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 Westwood Quality SMidCap Fund (WHGMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPMIX having a 13.67% return and WHGMX slightly higher at 14.01%. Over the past 10 years, SPMIX has outperformed WHGMX with an annualized return of 12.67%, while WHGMX has yielded a comparatively lower 9.95% annualized return.

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%

WHGMX

• 1D: 1.53%
• 1M: 2.93%
• YTD: 14.01%
• 6M: 14.88%
• 1Y: 26.38%
• 3Y*: 16.40%
• 5Y*: 8.04%
• 10Y*: 9.95%

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

SPMIX vs. WHGMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMIX Shelton Capital Management S&P Midcap Index Fund	13.67%	6.72%	24.42%	15.96%	-13.18%	23.73%	12.97%	34.63%	-11.34%	15.74%
WHGMX Westwood Quality SMidCap Fund	14.01%	8.40%	10.41%	17.78%	-10.35%	21.39%	5.41%	29.42%	-11.70%	10.39%

Correlation

The correlation between SPMIX and WHGMX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Dec 20, 2005	0.96

The correlation between SPMIX and WHGMX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

Return for Risk

SPMIX vs. WHGMX — 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

WHGMX

WHGMX Risk / Return Rank: 44
WHGMX Sharpe Ratio Rank: 39
WHGMX Sortino Ratio Rank: 41
WHGMX Omega Ratio Rank: 35
WHGMX Calmar Ratio Rank: 58
WHGMX Martin Ratio Rank: 47

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. WHGMX - 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 Westwood Quality SMidCap Fund (WHGMX). 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	WHGMX	Difference
Sharpe ratio: Return per unit of total volatility	1.71	1.82	-0.11
Sortino ratio: Return per unit of downside risk	2.49	2.69	-0.20
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	2.96	2.91	+0.05
Martin ratio: Return relative to average drawdown	10.83	9.80	+1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPMIX vs. WHGMX - Sharpe Ratio Comparison

The current SPMIX Sharpe Ratio is 1.71, which is comparable to the WHGMX Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SPMIX and WHGMX, 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

	SPMIX	WHGMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	1.82	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.43	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.49	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.45	+0.01

Drawdowns

SPMIX vs. WHGMX - Drawdown Comparison

The maximum SPMIX drawdown since its inception was -55.44%, which is greater than WHGMX's maximum drawdown of -47.99%. Use the drawdown chart below to compare losses from any high point for SPMIX and WHGMX.

Drawdown Indicators

	SPMIX	WHGMX	Difference
Max Drawdown Largest peak-to-trough decline	-55.44%	-47.99%	-7.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-9.68%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-23.73%	-23.78%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-24.00%	-23.78%	-0.22%
Max Drawdown (10Y) Largest decline over 10 years	-41.91%	-42.26%	+0.35%
Current Drawdown Current decline from peak	0.00%	-1.22%	+1.22%
Average Drawdown Average peak-to-trough decline	-7.26%	-7.20%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.88%	-0.45%

Volatility

SPMIX vs. WHGMX - Volatility Comparison

The current volatility for Shelton Capital Management S&P Midcap Index Fund (SPMIX) is 4.42%, while Westwood Quality SMidCap Fund (WHGMX) has a volatility of 5.05%. This indicates that SPMIX experiences smaller price fluctuations and is considered to be less risky than WHGMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMIX	WHGMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	5.05%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	11.25%	11.54%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	15.50%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.12%	18.84%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.32%	20.30%	+1.02%

SPMIX vs. WHGMX - Expense Ratio Comparison

SPMIX has a 0.62% expense ratio, which is lower than WHGMX's 0.88% expense ratio.

Dividends

SPMIX vs. WHGMX - Dividend Comparison

SPMIX's dividend yield for the trailing twelve months is around 5.01%, more than WHGMX's 4.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
WHGMX Westwood Quality SMidCap Fund	4.56%	5.19%	1.21%	2.92%	1.52%	16.39%	2.83%	11.93%	19.09%	12.12%	1.40%	7.40%

Frequently Asked Questions

Can I hold both SPMIX and WHGMX in my portfolio?

With a correlation of 0.93, SPMIX and WHGMX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPMIX or WHGMX?

WHGMX has higher volatility (5.05%) compared to SPMIX (4.42%). In terms of maximum drawdown, SPMIX dropped -55.44% vs WHGMX's -47.99%.

Which has better risk-adjusted returns?

WHGMX currently has the higher Sharpe Ratio (1.82 vs 1.71), 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.