CSD vs. SPMD
CSD (Invesco S&P Spin-Off ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - CSD tracks the S&P U.S. Spin-Off Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, CSD returned 14.07%/yr vs 11.51%/yr for SPMD. Their correlation of 0.83 suggests significant overlap in exposure. CSD charges 0.65%/yr vs 0.05%/yr for SPMD.
Performance
CSD vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, CSD achieves a 39.67% return, which is significantly higher than SPMD's 14.16% return. Over the past 10 years, CSD has outperformed SPMD with an annualized return of 14.07%, while SPMD has yielded a comparatively lower 11.51% annualized return.
CSD
- 1D
- 0.47%
- 1M
- 8.22%
- YTD
- 39.67%
- 6M
- 39.98%
- 1Y
- 71.88%
- 3Y*
- 36.42%
- 5Y*
- 16.45%
- 10Y*
- 14.07%
SPMD
- 1D
- -0.08%
- 1M
- 3.86%
- YTD
- 14.16%
- 6M
- 14.41%
- 1Y
- 25.49%
- 3Y*
- 16.15%
- 5Y*
- 8.20%
- 10Y*
- 11.51%
CSD vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSD Invesco S&P Spin-Off ETF | 39.67% | 21.58% | 27.61% | 23.77% | -15.04% | 13.01% | 10.79% | 20.61% | -17.82% | 20.64% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.16% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between CSD and SPMD is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Dec 18, 2006 | 0.83 |
The correlation between CSD and SPMD has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.
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Return for Risk
CSD vs. SPMD — Risk / Return Rank
CSD
SPMD
CSD vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P Spin-Off ETF (CSD) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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.
| CSD | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.38 | ||
| Sortino ratioReturn per unit of downside risk | +1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.29 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 6.37 | 2.89 | +3.48 |
| Martin ratioReturn relative to average drawdown | 24.98 | 10.61 | +14.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CSD | SPMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.03 | 1.65 | +1.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.42 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.55 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.45 | -0.02 |
Drawdowns
CSD vs. SPMD - Drawdown Comparison
The maximum CSD drawdown since its inception was -70.47%, which is greater than SPMD's maximum drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for CSD and SPMD.
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Drawdown Indicators
| CSD | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.47% | -57.62% | -12.85% |
Max Drawdown (1Y)Largest decline over 1 year | -11.34% | -8.86% | -2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -30.15% | -24.08% | -6.07% |
Max Drawdown (5Y)Largest decline over 5 years | -30.15% | -24.08% | -6.07% |
Max Drawdown (10Y)Largest decline over 10 years | -57.55% | -41.86% | -15.69% |
Current DrawdownCurrent decline from peak | 0.00% | -0.08% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -14.23% | -8.12% | -6.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 2.41% | +0.48% |
Volatility
CSD vs. SPMD - Volatility Comparison
Invesco S&P Spin-Off ETF (CSD) has a higher volatility of 6.19% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 4.38%. This indicates that CSD's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CSD | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 4.38% | +1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 18.29% | 11.37% | +6.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.87% | 15.57% | +8.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.26% | 19.70% | +3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.83% | 21.18% | +3.65% |
CSD vs. SPMD - Expense Ratio Comparison
CSD has a 0.65% expense ratio, which is higher than SPMD's 0.05% expense ratio.
Dividends
CSD vs. SPMD - Dividend Comparison
CSD's dividend yield for the trailing twelve months is around 0.11%, less than SPMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSD Invesco S&P Spin-Off ETF | 0.11% | 0.16% | 0.17% | 0.51% | 0.86% | 0.73% | 0.99% | 1.08% | 0.99% | 0.60% | 1.62% | 2.61% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.23% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
CSD and SPMD have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CSD has higher volatility (6.19%) compared to SPMD (4.38%). In terms of maximum drawdown, CSD dropped -70.47% vs SPMD's -57.62%.
On 10-year performance, CSD leads with 14.07% vs 11.51% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CSD has performed better with a 14.07% return vs 11.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.65% for CSD.
SPMD has the higher dividend yield at 1.23%, compared with 0.11% for CSD.
CSD tracks S&P U.S. Spin-Off Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.65% for CSD and 0.05% for SPMD.
CSD currently has the higher Sharpe Ratio (3.03 vs 1.65), 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.
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