VSPMX vs. CIPMX

Last updated Jun 5, 2026

VSPMX (Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares) and CIPMX (Champlain Mid Cap Fund) are both mutual funds - VSPMX is a Mid Cap Blend Equities fund managed by Vanguard, while CIPMX is a Mid Cap Growth Equities fund managed by Champlain Funds. Over the past 10 years, VSPMX returned 11.21%/yr vs 9.63%/yr for CIPMX. Their correlation of 0.88 suggests significant overlap in exposure. VSPMX charges 0.08%/yr vs 1.09%/yr for CIPMX.

Performance

VSPMX vs. CIPMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Champlain Mid Cap Fund (CIPMX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VSPMX achieves a 14.08% return, which is significantly higher than CIPMX's -0.97% return. Over the past 10 years, VSPMX has outperformed CIPMX with an annualized return of 11.21%, while CIPMX has yielded a comparatively lower 9.63% annualized return.

VSPMX

• 1D: -0.09%
• 1M: 2.50%
• YTD: 14.08%
• 6M: 13.80%
• 1Y: 25.73%
• 3Y*: 15.97%
• 5Y*: 8.09%
• 10Y*: 11.21%

CIPMX

• 1D: -1.17%
• 1M: 5.53%
• YTD: -0.97%
• 6M: -1.35%
• 1Y: -1.06%
• 3Y*: 7.70%
• 5Y*: 1.94%
• 10Y*: 9.63%

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

VSPMX vs. CIPMX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares	14.08%	7.11%	12.83%	17.42%	-13.12%	24.66%	13.53%	26.12%	-11.14%	16.18%
CIPMX Champlain Mid Cap Fund	-0.97%	1.44%	13.94%	15.40%	-26.53%	24.48%	29.03%	26.27%	3.41%	13.62%

Correlation

The correlation between VSPMX and CIPMX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 4, 2012	0.88

The correlation between VSPMX and CIPMX shifts across timeframes, from 0.78 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VSPMX vs. CIPMX — Risk / Return Rank

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

VSPMX

VSPMX Risk / Return Rank: 42
VSPMX Sharpe Ratio Rank: 34
VSPMX Sortino Ratio Rank: 34
VSPMX Omega Ratio Rank: 32
VSPMX Calmar Ratio Rank: 58
VSPMX Martin Ratio Rank: 52

CIPMX

CIPMX Risk / Return Rank: 2
CIPMX Sharpe Ratio Rank: 3
CIPMX Sortino Ratio Rank: 2
CIPMX Omega Ratio Rank: 2
CIPMX Calmar Ratio Rank: 2
CIPMX 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.

VSPMX vs. CIPMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Champlain Mid Cap Fund (CIPMX). 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.

	VSPMX	CIPMX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	-0.06	+1.72
Sortino ratio: Return per unit of downside risk	2.43	0.02	+2.40
Omega ratio: Gain probability vs. loss probability	1.29	1.00	+0.29
Calmar ratio: Return relative to maximum drawdown	2.90	-0.06	+2.96
Martin ratio: Return relative to average drawdown	10.60	-0.15	+10.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSPMX vs. CIPMX - Sharpe Ratio Comparison

The current VSPMX Sharpe Ratio is 1.66, which is higher than the CIPMX Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of VSPMX and CIPMX, 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

	VSPMX	CIPMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	-0.06	+1.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.10	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.51	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.49	+0.14

Drawdowns

VSPMX vs. CIPMX - Drawdown Comparison

The maximum VSPMX drawdown since its inception was -42.04%, smaller than the maximum CIPMX drawdown of -45.33%. Use the drawdown chart below to compare losses from any high point for VSPMX and CIPMX.

Drawdown Indicators

	VSPMX	CIPMX	Difference
Max Drawdown Largest peak-to-trough decline	-42.04%	-45.33%	+3.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-14.68%	+5.86%
Max Drawdown (3Y) Largest decline over 3 years	-24.27%	-20.11%	-4.16%
Max Drawdown (5Y) Largest decline over 5 years	-24.27%	-33.20%	+8.93%
Max Drawdown (10Y) Largest decline over 10 years	-42.04%	-33.84%	-8.20%
Current Drawdown Current decline from peak	-0.09%	-4.99%	+4.90%
Average Drawdown Average peak-to-trough decline	-5.09%	-7.96%	+2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	5.68%	-3.27%

Volatility

VSPMX vs. CIPMX - Volatility Comparison

Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares (VSPMX) and Champlain Mid Cap Fund (CIPMX) have volatilities of 4.37% and 4.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSPMX	CIPMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	4.24%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	11.04%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	15.44%	14.81%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	19.05%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.01%	18.87%	+2.14%

VSPMX vs. CIPMX - Expense Ratio Comparison

VSPMX has a 0.08% expense ratio, which is lower than CIPMX's 1.09% expense ratio.

Dividends

VSPMX vs. CIPMX - Dividend Comparison

VSPMX's dividend yield for the trailing twelve months is around 1.22%, less than CIPMX's 18.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CIPMX Champlain Mid Cap Fund	18.35%	18.17%	15.31%	0.30%	1.44%	10.24%	4.62%	4.06%	6.70%	0.00%	4.28%	8.32%
VSPMX Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares	1.22%	1.07%	1.32%	1.26%	1.59%	1.15%	1.24%	1.49%	1.64%	1.27%	1.54%	1.52%

Frequently Asked Questions

Can I hold both VSPMX and CIPMX in my portfolio?

VSPMX and CIPMX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VSPMX or CIPMX?

VSPMX has higher volatility (4.37%) compared to CIPMX (4.24%). In terms of maximum drawdown, VSPMX dropped -42.04% vs CIPMX's -45.33%.

Which has better risk-adjusted returns?

VSPMX currently has the higher Sharpe Ratio (1.66 vs -0.06), 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.