UMBMX vs. IWR

Last updated Jun 3, 2026

UMBMX (Carillon Scout Mid Cap Fund) and IWR (iShares Russell Midcap ETF) are both funds - UMBMX is a Mid Cap Blend Equities fund managed by Carillon Family of Funds, while IWR is a Mid Cap Growth Equities fund tracking the Russell Midcap Index. Over the past 10 years, UMBMX returned 12.73%/yr vs 11.58%/yr for IWR. With a 0.95 correlation, they move nearly in lockstep. UMBMX charges 0.95%/yr vs 0.19%/yr for IWR.

Performance

UMBMX vs. IWR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Carillon Scout Mid Cap Fund (UMBMX) and iShares Russell Midcap ETF (IWR). 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 UMBMX having a 12.18% return and IWR slightly higher at 12.72%. Over the past 10 years, UMBMX has outperformed IWR with an annualized return of 12.73%, while IWR has yielded a comparatively lower 11.58% annualized return.

UMBMX

• 1D: -0.62%
• 1M: 0.44%
• YTD: 12.18%
• 6M: 12.91%
• 1Y: 25.67%
• 3Y*: 20.54%
• 5Y*: 8.79%
• 10Y*: 12.73%

IWR

• 1D: 0.70%
• 1M: 3.87%
• YTD: 12.72%
• 6M: 13.40%
• 1Y: 23.20%
• 3Y*: 17.35%
• 5Y*: 8.20%
• 10Y*: 11.58%

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

UMBMX vs. IWR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UMBMX Carillon Scout Mid Cap Fund	12.18%	15.46%	22.93%	12.73%	-17.31%	15.69%	27.28%	20.76%	-9.83%	24.04%
IWR iShares Russell Midcap ETF	12.72%	10.37%	15.21%	17.05%	-17.48%	22.44%	16.93%	30.23%	-9.10%	18.25%

Correlation

The correlation between UMBMX and IWR is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Nov 1, 2006	0.95

The correlation between UMBMX and IWR has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

UMBMX vs. IWR — Risk / Return Rank

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

UMBMX

UMBMX Risk / Return Rank: 44
UMBMX Sharpe Ratio Rank: 38
UMBMX Sortino Ratio Rank: 38
UMBMX Omega Ratio Rank: 36
UMBMX Calmar Ratio Rank: 53
UMBMX Martin Ratio Rank: 55

IWR

IWR Risk / Return Rank: 53
IWR Sharpe Ratio Rank: 50
IWR Sortino Ratio Rank: 51
IWR Omega Ratio Rank: 48
IWR Calmar Ratio Rank: 57
IWR Martin Ratio Rank: 61

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.

UMBMX vs. IWR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Carillon Scout Mid Cap Fund (UMBMX) and iShares Russell Midcap ETF (IWR). 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.

	UMBMX	IWR	Difference
Sharpe ratio Return per unit of total volatility	1.82	1.74	+0.08
Sortino ratio Return per unit of downside risk	2.61	2.50	+0.11
Omega ratio Gain probability vs. loss probability	1.32	1.30	+0.02
Calmar ratio Return relative to maximum drawdown	2.82	2.85	-0.03
Martin ratio Return relative to average drawdown	11.19	11.01	+0.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UMBMX vs. IWR - Sharpe Ratio Comparison

The current UMBMX Sharpe Ratio is 1.82, which is comparable to the IWR Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of UMBMX and IWR, 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

	UMBMX	IWR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	1.74	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.45	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.60	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.49	+0.08

Drawdowns

UMBMX vs. IWR - Drawdown Comparison

The maximum UMBMX drawdown since its inception was -49.91%, smaller than the maximum IWR drawdown of -58.78%. Use the drawdown chart below to compare losses from any high point for UMBMX and IWR.

Drawdown Indicators

	UMBMX	IWR	Difference
Max Drawdown Largest peak-to-trough decline	-49.91%	-58.78%	+8.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.19%	-8.17%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.41%	-21.09%	+1.68%
Max Drawdown (5Y) Largest decline over 5 years	-26.30%	-26.18%	-0.12%
Max Drawdown (10Y) Largest decline over 10 years	-36.91%	-40.59%	+3.68%
Current Drawdown Current decline from peak	-1.48%	0.00%	-1.48%
Average Drawdown Average peak-to-trough decline	-7.11%	-7.80%	+0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	2.11%	+0.21%

Volatility

UMBMX vs. IWR - Volatility Comparison

Carillon Scout Mid Cap Fund (UMBMX) has a higher volatility of 4.14% compared to iShares Russell Midcap ETF (IWR) at 3.25%. This indicates that UMBMX's price experiences larger fluctuations and is considered to be riskier than IWR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UMBMX	IWR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.14%	3.25%	+0.89%
Volatility (6M) Calculated over the trailing 6-month period	11.24%	9.86%	+1.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	13.38%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.72%	18.23%	-0.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.11%	19.37%	-0.26%

UMBMX vs. IWR - Expense Ratio Comparison

UMBMX has a 0.95% expense ratio, which is higher than IWR's 0.19% expense ratio.

Dividends

UMBMX vs. IWR - Dividend Comparison

UMBMX's dividend yield for the trailing twelve months is around 9.18%, more than IWR's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWR iShares Russell Midcap ETF	1.15%	1.29%	1.27%	1.43%	1.59%	1.04%	1.28%	1.43%	1.98%	1.52%	1.72%	1.59%
UMBMX Carillon Scout Mid Cap Fund	9.18%	10.29%	15.75%	0.17%	4.21%	11.54%	2.40%	0.74%	8.09%	8.38%	2.39%	8.74%

Frequently Asked Questions

Can I hold both UMBMX and IWR in my portfolio?

With a correlation of 0.96, UMBMX and IWR 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, UMBMX or IWR?

UMBMX has higher volatility (4.14%) compared to IWR (3.25%). In terms of maximum drawdown, UMBMX dropped -49.91% vs IWR's -58.78%.

Which has better risk-adjusted returns?

UMBMX currently has the higher Sharpe Ratio (1.82 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.