WHGMX vs. SPMIX

Last updated Jun 4, 2026

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

Performance

WHGMX vs. SPMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Westwood Quality SMidCap Fund (WHGMX) and Shelton Capital Management S&P Midcap Index Fund (SPMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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

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%

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%

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

WHGMX vs. SPMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

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

Return for Risk

WHGMX vs. SPMIX — Risk / Return Rank

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

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

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

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.

WHGMX vs. SPMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Westwood Quality SMidCap Fund (WHGMX) and Shelton Capital Management S&P Midcap Index Fund (SPMIX). 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.

	WHGMX	SPMIX	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.71	+0.11
Sortino ratio: Return per unit of downside risk	2.69	2.49	+0.20
Omega ratio: Gain probability vs. loss probability	1.32	1.30	+0.01
Calmar ratio: Return relative to maximum drawdown	2.91	2.96	-0.05
Martin ratio: Return relative to average drawdown	9.80	10.83	-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.

WHGMX vs. SPMIX - Sharpe Ratio Comparison

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

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

Drawdowns

WHGMX vs. SPMIX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

WHGMX vs. SPMIX - Volatility Comparison

Westwood Quality SMidCap Fund (WHGMX) has a higher volatility of 5.05% compared to Shelton Capital Management S&P Midcap Index Fund (SPMIX) at 4.42%. This indicates that WHGMX's price experiences larger fluctuations and is considered to be riskier than SPMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

WHGMX vs. SPMIX - Expense Ratio Comparison

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

Dividends

WHGMX vs. SPMIX - Dividend Comparison

WHGMX's dividend yield for the trailing twelve months is around 4.56%, less than SPMIX's 5.01% 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 WHGMX and SPMIX in my portfolio?

With a correlation of 0.93, WHGMX and SPMIX 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, WHGMX or SPMIX?

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

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.