EZM vs. SPMD
EZM (WisdomTree U.S. MidCap Earnings Fund) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - EZM tracks the WisdomTree U.S. MidCap Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, EZM returned 11.24%/yr vs 11.98%/yr for SPMD. Their correlation of 0.90 suggests significant overlap in exposure. EZM charges 0.38%/yr vs 0.03%/yr for SPMD.
Performance
EZM vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, EZM achieves a 12.38% return, which is significantly lower than SPMD's 15.83% return. Over the past 10 years, EZM has underperformed SPMD with an annualized return of 11.24%, while SPMD has yielded a comparatively higher 11.98% annualized return.
EZM
- 1D
- 0.21%
- 1M
- 3.10%
- YTD
- 12.38%
- 6M
- 10.19%
- 1Y
- 25.48%
- 3Y*
- 15.48%
- 5Y*
- 9.03%
- 10Y*
- 11.24%
SPMD
- 1D
- 0.44%
- 1M
- 3.74%
- YTD
- 15.83%
- 6M
- 13.38%
- 1Y
- 27.54%
- 3Y*
- 16.54%
- 5Y*
- 8.92%
- 10Y*
- 11.98%
EZM vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EZM WisdomTree U.S. MidCap Earnings Fund | 12.38% | 8.42% | 10.29% | 19.69% | -12.22% | 31.00% | 5.57% | 24.48% | -12.36% | 17.37% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.83% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between EZM and SPMD is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2007 | 0.90 |
The correlation between EZM and SPMD has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.
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Return for Risk
EZM vs. SPMD — Risk / Return Rank
EZM
SPMD
EZM vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree U.S. MidCap Earnings Fund (EZM) 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.
| EZM | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.31 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 3.12 | -0.18 |
| Martin ratioReturn relative to average drawdown | 9.98 | 11.45 | -1.47 |
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Drawdowns
EZM vs. SPMD - Drawdown Comparison
The maximum EZM drawdown since its inception was -59.58%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for EZM and SPMD.
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Drawdown Indicators
| EZM | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.58% | -57.62% | -1.96% |
Max Drawdown (1Y)Largest decline over 1 year | -8.70% | -8.86% | +0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -23.53% | -24.08% | +0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -23.53% | -24.08% | +0.55% |
Max Drawdown (10Y)Largest decline over 10 years | -47.26% | -41.86% | -5.40% |
Current DrawdownCurrent decline from peak | -0.57% | -0.11% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -8.25% | -8.10% | -0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 2.41% | +0.15% |
Volatility
EZM vs. SPMD - Volatility Comparison
The current volatility for WisdomTree U.S. MidCap Earnings Fund (EZM) is 4.00%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 4.55%. This indicates that EZM 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
| EZM | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 4.55% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 10.53% | 11.74% | -1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.08% | 15.89% | -0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.40% | 19.72% | +0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.37% | 21.21% | +1.16% |
EZM vs. SPMD - Expense Ratio Comparison
EZM has a 0.38% expense ratio, which is higher than SPMD's 0.03% expense ratio.
Dividends
EZM vs. SPMD - Dividend Comparison
EZM's dividend yield for the trailing twelve months is around 1.24%, less than SPMD's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EZM WisdomTree U.S. MidCap Earnings Fund | 1.24% | 1.39% | 1.22% | 1.25% | 1.57% | 1.08% | 1.67% | 1.34% | 1.57% | 1.14% | 1.55% | 1.30% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.53% | 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 0.95, EZM 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 (4.55%) compared to EZM (4.00%). In terms of maximum drawdown, EZM dropped -59.58% vs SPMD's -57.62%.
On 10-year performance, SPMD leads with 11.98% vs 11.24% for EZM. On fees, SPMD is cheaper at 0.03% per year. On volatility, EZM has been the lower-risk option at 4.00%. 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 11.98% return vs 11.24%. 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 0.38% for EZM.
SPMD has the higher dividend yield at 1.53%, compared with 1.24% for EZM.
EZM tracks WisdomTree U.S. MidCap Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.38% for EZM and 0.03% for SPMD.
SPMD currently has the higher Sharpe Ratio (1.74 vs 1.70), 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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