CVMC vs. SPMD
CVMC (Calvert US Mid-Cap Core Responsible Index ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - CVMC tracks the Russell Midcap Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 3 years, CVMC returned 16.39%/yr vs 16.14%/yr for SPMD. With a 0.97 correlation, they move nearly in lockstep. CVMC charges 0.15%/yr vs 0.03%/yr for SPMD.
Performance
CVMC vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, CVMC achieves a 16.76% return, which is significantly higher than SPMD's 14.65% return.
CVMC
- 1D
- -0.33%
- 1M
- 4.42%
- YTD
- 16.76%
- 6M
- 15.31%
- 1Y
- 26.59%
- 3Y*
- 16.39%
- 5Y*
- —
- 10Y*
- —
SPMD
- 1D
- -1.02%
- 1M
- 2.69%
- YTD
- 14.65%
- 6M
- 12.55%
- 1Y
- 25.12%
- 3Y*
- 16.14%
- 5Y*
- 8.50%
- 10Y*
- 11.86%
CVMC vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CVMC Calvert US Mid-Cap Core Responsible Index ETF | 16.76% | 9.52% | 12.57% | 6.14% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.65% | 7.44% | 13.91% | 6.57% |
Correlation
The correlation between CVMC and SPMD 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 | 0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023 | 0.97 |
The correlation between CVMC and SPMD has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
CVMC vs. SPMD — Risk / Return Rank
CVMC
SPMD
CVMC vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calvert US Mid-Cap Core Responsible Index ETF (CVMC) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CVMC | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.28 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 2.85 | +0.01 |
| Martin ratioReturn relative to average drawdown | 11.43 | 10.44 | +0.99 |
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Drawdowns
CVMC vs. SPMD - Drawdown Comparison
The maximum CVMC drawdown since its inception was -22.53%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for CVMC and SPMD.
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Drawdown Indicators
| CVMC | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.53% | -57.62% | +35.09% |
Max Drawdown (1Y)Largest decline over 1 year | -9.35% | -8.86% | -0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -22.53% | -24.08% | +1.55% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.08% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.86% | — |
Current DrawdownCurrent decline from peak | -0.81% | -1.13% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -8.10% | +3.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 2.41% | -0.08% |
Volatility
CVMC vs. SPMD - Volatility Comparison
Calvert US Mid-Cap Core Responsible Index ETF (CVMC) has a higher volatility of 5.04% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 4.72%. This indicates that CVMC'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
| CVMC | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 4.72% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 11.15% | 11.79% | -0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.46% | 15.90% | -1.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.54% | 19.72% | -3.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.54% | 21.19% | -4.65% |
CVMC vs. SPMD - Expense Ratio Comparison
CVMC has a 0.15% expense ratio, which is higher than SPMD's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CVMC vs. SPMD - Dividend Comparison
CVMC's dividend yield for the trailing twelve months is around 1.20%, less than SPMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVMC Calvert US Mid-Cap Core Responsible Index ETF | 1.20% | 1.39% | 1.21% | 1.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
With a correlation of 0.96, CVMC and SPMD 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.
CVMC has higher volatility (5.04%) compared to SPMD (4.72%). In terms of maximum drawdown, CVMC dropped -22.53% vs SPMD's -57.62%.
On 3-year performance, CVMC leads with 16.39% vs 16.14% for SPMD. On fees, SPMD is cheaper at 0.03% per year. On volatility, SPMD has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CVMC has performed better with a 16.39% return vs 16.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.03% expense ratio, compared with 0.15% for CVMC.
SPMD has the higher dividend yield at 1.23%, compared with 1.20% for CVMC.
CVMC tracks Russell Midcap Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: Calvert and State Street. Their fees differ too: 0.15% for CVMC and 0.03% for SPMD.
CVMC currently has the higher Sharpe Ratio (1.85 vs 1.59), 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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