IBIT vs. SPMD
IBIT (iShares Bitcoin Trust ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past year, IBIT returned -43.11% vs 23.67% for SPMD. At a 0.40 correlation, their price movements are largely independent. IBIT charges 0.25%/yr vs 0.05%/yr for SPMD.
Performance
IBIT vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -29.22% return, which is significantly lower than SPMD's 13.50% return.
IBIT
- 1D
- -2.09%
- 1M
- -22.68%
- YTD
- -29.22%
- 6M
- -33.51%
- 1Y
- -43.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPMD
- 1D
- 0.82%
- 1M
- 0.99%
- YTD
- 13.50%
- 6M
- 13.79%
- 1Y
- 23.67%
- 3Y*
- 15.34%
- 5Y*
- 8.06%
- 10Y*
- 11.43%
IBIT vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -29.22% | -6.41% | 89.87% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 13.50% | 7.44% | 15.71% |
Correlation
The correlation between IBIT and SPMD is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.40 |
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Return for Risk
IBIT vs. SPMD — Risk / Return Rank
IBIT
SPMD
IBIT vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.50 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.27 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.68 | -3.51 |
| Martin ratioReturn relative to average drawdown | -1.48 | 9.83 | -11.31 |
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
| IBIT | SPMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.98 | 1.52 | -2.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.41 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.45 | -0.25 |
Drawdowns
IBIT vs. SPMD - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for IBIT and SPMD.
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Drawdown Indicators
| IBIT | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -57.62% | +5.51% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -8.86% | -43.25% |
Max Drawdown (3Y)Largest decline over 3 years | — | -24.08% | — |
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 | -50.71% | -0.91% | -49.80% |
Average DrawdownAverage peak-to-trough decline | -16.37% | -8.11% | -8.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.14% | 2.41% | +26.73% |
Volatility
IBIT vs. SPMD - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) has a higher volatility of 11.82% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 4.21%. This indicates that IBIT'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
| IBIT | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.82% | 4.21% | +7.61% |
Volatility (6M)Calculated over the trailing 6-month period | 34.49% | 11.55% | +22.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.23% | 15.65% | +28.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.35% | 19.72% | +30.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.35% | 21.18% | +29.17% |
IBIT vs. SPMD - Expense Ratio Comparison
IBIT has a 0.25% 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
IBIT vs. SPMD - Dividend Comparison
IBIT has not paid dividends to shareholders, while SPMD's dividend yield for the trailing twelve months is around 1.23%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 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
IBIT and SPMD have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (11.82%) compared to SPMD (4.21%). In terms of maximum drawdown, IBIT dropped -52.11% vs SPMD's -57.62%.
On 1-year performance, SPMD leads with 23.67% vs -43.11% for IBIT. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPMD has performed better with a 23.67% return vs -43.11%. 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 0.25% for IBIT.
SPMD has the higher dividend yield at 1.23%, compared with 0.00% for IBIT.
IBIT is categorized as Cryptocurrency, while SPMD is Mid Cap Blend Equities. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for IBIT and 0.05% for SPMD.
SPMD currently has the higher Sharpe Ratio (1.52 vs -0.98), 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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