IMCB vs. SPMD
IMCB (iShares Morningstar Mid-Cap ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - IMCB tracks the IMCB-US - Morningstar U.S. Mid Cap Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, IMCB returned 11.77%/yr vs 11.98%/yr for SPMD. Their correlation of 0.90 suggests significant overlap in exposure. IMCB charges 0.04%/yr vs 0.03%/yr for SPMD.
Performance
IMCB vs. SPMD - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with IMCB having a 16.18% return and SPMD slightly lower at 15.83%. Both investments have delivered pretty close results over the past 10 years, with IMCB having a 11.77% annualized return and SPMD not far ahead at 11.98%.
IMCB
- 1D
- 0.42%
- 1M
- 4.03%
- YTD
- 16.18%
- 6M
- 14.62%
- 1Y
- 25.14%
- 3Y*
- 17.89%
- 5Y*
- 9.17%
- 10Y*
- 11.77%
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%
IMCB vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMCB iShares Morningstar Mid-Cap ETF | 16.18% | 10.25% | 15.10% | 16.37% | -16.09% | 22.81% | 13.35% | 31.49% | -11.53% | 19.70% |
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 IMCB and SPMD is 0.94, 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 | 0.94 |
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 Nov 15, 2005 | 0.90 |
The correlation between IMCB and SPMD has been stable across timeframes, ranging from 0.90 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.
Return for Risk
IMCB vs. SPMD — Risk / Return Rank
IMCB
SPMD
IMCB vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Morningstar Mid-Cap ETF (IMCB) 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.
| IMCB | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.31 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.14 | 3.12 | +0.01 |
| Martin ratioReturn relative to average drawdown | 12.28 | 11.45 | +0.83 |
Loading charts...
Drawdowns
IMCB vs. SPMD - Drawdown Comparison
The maximum IMCB drawdown since its inception was -58.80%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for IMCB and SPMD.
Loading charts...
Drawdown Indicators
| IMCB | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.80% | -57.62% | -1.18% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -8.86% | +0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -19.80% | -24.08% | +4.28% |
Max Drawdown (5Y)Largest decline over 5 years | -25.15% | -24.08% | -1.07% |
Max Drawdown (10Y)Largest decline over 10 years | -40.99% | -41.86% | +0.87% |
Current DrawdownCurrent decline from peak | -0.32% | -0.11% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -7.72% | -8.10% | +0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 2.41% | -0.36% |
Volatility
IMCB vs. SPMD - Volatility Comparison
iShares Morningstar Mid-Cap ETF (IMCB) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) have volatilities of 4.70% and 4.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IMCB | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.70% | 4.55% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 10.25% | 11.74% | -1.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.32% | 15.89% | -2.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.64% | 19.72% | -2.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.69% | 21.21% | -1.52% |
IMCB vs. SPMD - Expense Ratio Comparison
IMCB has a 0.04% 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
IMCB vs. SPMD - Dividend Comparison
IMCB's dividend yield for the trailing twelve months is around 1.23%, less than SPMD's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMCB iShares Morningstar Mid-Cap ETF | 1.23% | 1.42% | 1.43% | 1.55% | 1.70% | 1.08% | 1.12% | 1.32% | 1.80% | 1.31% | 1.79% | 1.47% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.22% | 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 0.94, IMCB 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.
IMCB has higher volatility (4.70%) compared to SPMD (4.55%). In terms of maximum drawdown, IMCB dropped -58.80% vs SPMD's -57.62%.
On 10-year performance, SPMD leads with 11.98% vs 11.77% for IMCB. On fees, SPMD is cheaper at 0.03% per year. On volatility, SPMD has been the lower-risk option at 4.55%. 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 11.77%. 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 0.04% for IMCB.
SPMD has the higher dividend yield at 1.53%, compared with 1.23% for IMCB.
IMCB tracks IMCB-US - Morningstar U.S. Mid Cap Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.04% for IMCB and 0.03% for SPMD.
IMCB currently has the higher Sharpe Ratio (1.90 vs 1.74), 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.
Find the right allocation for IMCB and SPMD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer