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EQAL vs. SPMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EQAL vs. SPMD

Last updated Jun 4, 2026

EQAL (Invesco Russell 1000 Equal Weight ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - EQAL tracks the Russell 1000 Equal Weight Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, EQAL returned 10.66%/yr vs 11.51%/yr for SPMD. Their correlation of 0.92 suggests significant overlap in exposure. EQAL charges 0.20%/yr vs 0.05%/yr for SPMD.

Performance

EQAL vs. SPMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Russell 1000 Equal Weight ETF (EQAL) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EQAL achieves a 12.35% return, which is significantly lower than SPMD's 14.16% return. Over the past 10 years, EQAL has underperformed SPMD with an annualized return of 10.66%, while SPMD has yielded a comparatively higher 11.51% annualized return.

EQAL

1D
-0.73%
1M
1.77%
YTD
12.35%
6M
12.78%
1Y
24.33%
3Y*
15.37%
5Y*
6.86%
10Y*
10.66%

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

EQAL vs. SPMD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EQAL
Invesco Russell 1000 Equal Weight ETF		12.35%11.05%11.38%11.98%-13.49%23.14%16.57%24.54%-9.22%17.36%
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 EQAL and SPMD 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

0.95

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (10Y)
Calculated over the trailing 10-year period

0.94

Correlation (All Time)
Calculated using the full available price history since Dec 30, 2014

0.92

The correlation between EQAL and SPMD has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Russell 1000 Equal Weight ETF

SPDR Portfolio S&P 400 Mid Cap ETF

Often compared with EQAL:
EQAL vs. RSPEQAL vs. IWBEQAL vs. SPYEQAL vs. IWMEQAL vs. XLGEQAL vs. FSPGXEQAL vs. EQQQ.DE
Often compared with SPMD:
SPMD vs. MDYSPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SWMCX

Return for Risk

EQAL vs. SPMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EQAL
EQAL Risk / Return Rank: 6363
Overall Rank
EQAL Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
EQAL Sortino Ratio Rank: 6060
Sortino Ratio Rank
EQAL Omega Ratio Rank: 5656
Omega Ratio Rank
EQAL Calmar Ratio Rank: 7272
Calmar Ratio Rank
EQAL Martin Ratio Rank: 6969
Martin Ratio Rank
SPMD
SPMD Risk / Return Rank: 5151
Overall Rank
SPMD Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
SPMD Sortino Ratio Rank: 4848
Sortino Ratio Rank
SPMD Omega Ratio Rank: 4545
Omega Ratio Rank
SPMD Calmar Ratio Rank: 5757
Calmar Ratio Rank
SPMD Martin Ratio Rank: 5959
Martin Ratio Rank
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.

EQAL vs. SPMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Russell 1000 Equal Weight ETF (EQAL) 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.

EQALSPMDDifference
Sharpe ratioReturn per unit of total volatility
1.99
1.65

+0.34

Sortino ratioReturn per unit of downside risk
2.85
2.41

+0.44

Omega ratioGain probability vs. loss probability

1.35

1.29

+0.06

Calmar ratioReturn relative to maximum drawdown

3.66

2.89

+0.77

Martin ratioReturn relative to average drawdown

12.89

10.61

+2.28

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EQAL vs. SPMD - Sharpe Ratio Comparison

The current EQAL Sharpe Ratio is 1.99, which is comparable to the SPMD Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of EQAL and SPMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EQALSPMDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.99

1.65

+0.34

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.40

0.42

-0.02

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

0.51

0.45

+0.06

Drawdowns

EQAL vs. SPMD - Drawdown Comparison

The maximum EQAL drawdown since its inception was -40.44%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for EQAL and SPMD.

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Drawdown Indicators

EQALSPMDDifference

Max Drawdown

Largest peak-to-trough decline

-40.44%

-57.62%

+17.18%

Max Drawdown (1Y)

Largest decline over 1 year

-6.67%

-8.86%

+2.19%

Max Drawdown (3Y)

Largest decline over 3 years

-19.62%

-24.08%

+4.46%

Max Drawdown (5Y)

Largest decline over 5 years

-21.79%

-24.08%

+2.29%

Max Drawdown (10Y)

Largest decline over 10 years

-40.44%

-41.86%

+1.42%

Current Drawdown

Current decline from peak

-0.73%

-0.08%

-0.65%

Average Drawdown

Average peak-to-trough decline

-5.10%

-8.12%

+3.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.89%

2.41%

-0.52%

Volatility

EQAL vs. SPMD - Volatility Comparison

The current volatility for Invesco Russell 1000 Equal Weight ETF (EQAL) is 3.05%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 4.38%. This indicates that EQAL experiences smaller price fluctuations and is considered to be less risky 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

EQALSPMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.05%

4.38%

-1.33%

Volatility (6M)

Calculated over the trailing 6-month period

8.61%

11.37%

-2.76%

Volatility (1Y)

Calculated over the trailing 1-year period

12.30%

15.57%

-3.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.28%

19.70%

-2.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.88%

21.18%

-2.30%

EQAL vs. SPMD - Expense Ratio Comparison

EQAL has a 0.20% expense ratio, which is higher than SPMD's 0.05% 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

EQAL vs. SPMD - Dividend Comparison

EQAL's dividend yield for the trailing twelve months is around 1.64%, more than SPMD's 1.23% yield.

PositionTTM20252024202320222021202020192018201720162015
EQAL
Invesco Russell 1000 Equal Weight ETF		1.64%1.79%1.62%1.88%1.95%1.32%1.63%1.61%1.62%1.18%1.57%1.64%
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 0.93, EQAL 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.

SPMD has higher volatility (4.38%) compared to EQAL (3.05%). In terms of maximum drawdown, EQAL dropped -40.44% vs SPMD's -57.62%.

On 10-year performance, SPMD leads with 11.51% vs 10.66% for EQAL. On fees, SPMD is cheaper at 0.05% per year. On volatility, EQAL has been the lower-risk option at 3.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPMD has performed better with a 11.51% return vs 10.66%. 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 0.20% for EQAL.

EQAL has the higher dividend yield at 1.64%, compared with 1.23% for SPMD.

EQAL tracks Russell 1000 Equal Weight Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.20% for EQAL and 0.05% for SPMD.

EQAL currently has the higher Sharpe Ratio (1.99 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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