SSMAX vs. CSMDX

Last updated Jun 3, 2026

SSMAX (SEI Institutional Investments Trust Small/Mid Cap Equity Fund) and CSMDX (Copeland SMID Cap Dividend Growth Fund) are both Small Cap Blend Equities funds. Over the past 5 years, SSMAX returned 4.53%/yr vs 4.81%/yr for CSMDX. With a 0.96 correlation, they move nearly in lockstep. SSMAX charges 0.72%/yr vs 0.95%/yr for CSMDX.

Performance

SSMAX vs. CSMDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SEI Institutional Investments Trust Small/Mid Cap Equity Fund (SSMAX) and Copeland SMID Cap Dividend Growth Fund (CSMDX). 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 SSMAX having a 10.90% return and CSMDX slightly higher at 11.14%.

SSMAX

• 1D: -0.09%
• 1M: 0.66%
• YTD: 10.90%
• 6M: 11.36%
• 1Y: 19.98%
• 3Y*: 12.04%
• 5Y*: 4.53%
• 10Y*: 9.04%

CSMDX

• 1D: 0.06%
• 1M: 0.89%
• YTD: 11.14%
• 6M: 10.68%
• 1Y: 17.70%
• 3Y*: 8.32%
• 5Y*: 4.81%
• 10Y*: —

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

SSMAX vs. CSMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSMAX SEI Institutional Investments Trust Small/Mid Cap Equity Fund	10.90%	3.70%	11.72%	12.41%	-17.84%	25.88%	12.25%	25.52%	-11.36%	8.50%
CSMDX Copeland SMID Cap Dividend Growth Fund	11.14%	2.72%	2.24%	18.89%	-14.89%	22.60%	8.29%	29.90%	-5.20%	10.44%

Correlation

The correlation between SSMAX and CSMDX is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (All Time) Calculated using the full available price history since Feb 28, 2017	0.96

The correlation between SSMAX and CSMDX has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

SSMAX vs. CSMDX — Risk / Return Rank

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

SSMAX

SSMAX Risk / Return Rank: 26
SSMAX Sharpe Ratio Rank: 21
SSMAX Sortino Ratio Rank: 22
SSMAX Omega Ratio Rank: 20
SSMAX Calmar Ratio Rank: 35
SSMAX Martin Ratio Rank: 33

CSMDX

CSMDX Risk / Return Rank: 19
CSMDX Sharpe Ratio Rank: 17
CSMDX Sortino Ratio Rank: 19
CSMDX Omega Ratio Rank: 16
CSMDX Calmar Ratio Rank: 23
CSMDX Martin Ratio Rank: 21

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.

SSMAX vs. CSMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SEI Institutional Investments Trust Small/Mid Cap Equity Fund (SSMAX) and Copeland SMID Cap Dividend Growth Fund (CSMDX). 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.

	SSMAX	CSMDX	Difference
Sharpe ratio Return per unit of total volatility	1.32	1.20	+0.12
Sortino ratio Return per unit of downside risk	1.99	1.87	+0.12
Omega ratio Gain probability vs. loss probability	1.24	1.21	+0.02
Calmar ratio Return relative to maximum drawdown	2.25	1.82	+0.43
Martin ratio Return relative to average drawdown	7.53	5.59	+1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSMAX vs. CSMDX - Sharpe Ratio Comparison

The current SSMAX Sharpe Ratio is 1.32, which is comparable to the CSMDX Sharpe Ratio of 1.20. The chart below compares the historical Sharpe Ratios of SSMAX and CSMDX, 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

	SSMAX	CSMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.20	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.27	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.45	-0.10

Drawdowns

SSMAX vs. CSMDX - Drawdown Comparison

The maximum SSMAX drawdown since its inception was -58.31%, which is greater than CSMDX's maximum drawdown of -37.28%. Use the drawdown chart below to compare losses from any high point for SSMAX and CSMDX.

Drawdown Indicators

	SSMAX	CSMDX	Difference
Max Drawdown Largest peak-to-trough decline	-58.31%	-37.28%	-21.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.78%	-9.20%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-24.61%	-24.60%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-26.45%	-24.60%	-1.85%
Max Drawdown (10Y) Largest decline over 10 years	-41.23%	—	—
Current Drawdown Current decline from peak	-1.29%	-1.05%	-0.24%
Average Drawdown Average peak-to-trough decline	-9.77%	-5.78%	-3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	3.00%	-0.38%

Volatility

SSMAX vs. CSMDX - Volatility Comparison

SEI Institutional Investments Trust Small/Mid Cap Equity Fund (SSMAX) has a higher volatility of 4.11% compared to Copeland SMID Cap Dividend Growth Fund (CSMDX) at 3.67%. This indicates that SSMAX's price experiences larger fluctuations and is considered to be riskier than CSMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSMAX	CSMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	3.67%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	10.23%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	15.24%	14.48%	+0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.20%	18.16%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	19.17%	+1.58%

SSMAX vs. CSMDX - Expense Ratio Comparison

SSMAX has a 0.72% expense ratio, which is lower than CSMDX's 0.95% expense ratio.

Dividends

SSMAX vs. CSMDX - Dividend Comparison

SSMAX's dividend yield for the trailing twelve months is around 6.97%, more than CSMDX's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSMDX Copeland SMID Cap Dividend Growth Fund	2.83%	3.14%	1.33%	0.81%	4.07%	6.67%	0.38%	2.61%	4.40%	0.13%	0.00%	0.00%
SSMAX SEI Institutional Investments Trust Small/Mid Cap Equity Fund	6.97%	7.73%	7.95%	1.02%	7.76%	29.28%	3.90%	6.69%	25.14%	12.23%	4.94%	17.42%

Frequently Asked Questions

Can I hold both SSMAX and CSMDX in my portfolio?

With a correlation of 0.94, SSMAX and CSMDX 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, SSMAX or CSMDX?

SSMAX has higher volatility (4.11%) compared to CSMDX (3.67%). In terms of maximum drawdown, SSMAX dropped -58.31% vs CSMDX's -37.28%.

Which has better risk-adjusted returns?

SSMAX currently has the higher Sharpe Ratio (1.32 vs 1.20), 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.