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IMCB vs. SPMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IMCB vs. SPMD

Last updated Jun 3, 2026

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 11.35%/yr vs 11.52%/yr for SPMD. Their correlation of 0.90 suggests significant overlap in exposure. IMCB charges 0.04%/yr vs 0.05%/yr for SPMD.

Performance

IMCB vs. SPMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Morningstar Mid-Cap ETF (IMCB) 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, IMCB achieves a 15.00% return, which is significantly higher than SPMD's 14.25% return. Both investments have delivered pretty close results over the past 10 years, with IMCB having a 11.35% annualized return and SPMD not far ahead at 11.52%.

IMCB

1D
1.17%
1M
4.93%
YTD
15.00%
6M
15.90%
1Y
24.63%
3Y*
17.94%
5Y*
9.00%
10Y*
11.35%

SPMD

1D
0.92%
1M
3.32%
YTD
14.25%
6M
15.29%
1Y
27.16%
3Y*
16.18%
5Y*
8.34%
10Y*
11.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IMCB vs. SPMD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IMCB
iShares Morningstar Mid-Cap ETF		15.00%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		14.25%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 16, 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.

iShares Morningstar Mid-Cap ETF

SPDR Portfolio S&P 400 Mid Cap ETF

Often compared with IMCB:
IMCB vs. IMCGIMCB vs. FSMDXIMCB vs. BKMCIMCB vs. IJHIMCB vs. ISCBIMCB vs. BBMCIMCB vs. VO
Often compared with SPMD:
SPMD vs. MDYSPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. SWMCXSPMD vs. RFG

Return for Risk

IMCB vs. SPMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IMCB
IMCB Risk / Return Rank: 5959
Overall Rank
IMCB Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
IMCB Sortino Ratio Rank: 5757
Sortino Ratio Rank
IMCB Omega Ratio Rank: 5454
Omega Ratio Rank
IMCB Calmar Ratio Rank: 6161
Calmar Ratio Rank
IMCB Martin Ratio Rank: 6666
Martin Ratio Rank
SPMD
SPMD Risk / Return Rank: 5454
Overall Rank
SPMD Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
SPMD Sortino Ratio Rank: 5252
Sortino Ratio Rank
SPMD Omega Ratio Rank: 4848
Omega Ratio Rank
SPMD Calmar Ratio Rank: 6060
Calmar Ratio Rank
SPMD Martin Ratio Rank: 6262
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.

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.

IMCBSPMDDifference

Sharpe ratio

Return per unit of total volatility

1.94

1.75

+0.19

Sortino ratio

Return per unit of downside risk

2.75

2.54

+0.20

Omega ratio

Gain probability vs. loss probability

1.34

1.31

+0.03

Calmar ratio

Return relative to maximum drawdown

3.08

3.04

+0.04

Martin ratio

Return relative to average drawdown

12.25

11.20

+1.05

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

IMCB vs. SPMD - Sharpe Ratio Comparison

The current IMCB Sharpe Ratio is 1.94, which is comparable to the SPMD Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of IMCB 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

IMCBSPMDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.94

1.75

+0.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

0.43

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.55

+0.03

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.45

+0.05

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.

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Drawdown Indicators

IMCBSPMDDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-7.73%

-8.12%

+0.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

2.41%

-0.38%

Volatility

IMCB vs. SPMD - Volatility Comparison

The current volatility for iShares Morningstar Mid-Cap ETF (IMCB) is 3.37%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 4.44%. This indicates that IMCB 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

IMCBSPMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.37%

4.44%

-1.07%

Volatility (6M)

Calculated over the trailing 6-month period

9.61%

11.38%

-1.77%

Volatility (1Y)

Calculated over the trailing 1-year period

12.75%

15.57%

-2.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.57%

19.70%

-2.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.65%

21.19%

-1.54%

IMCB vs. SPMD - Expense Ratio Comparison

IMCB has a 0.04% expense ratio, which is lower than SPMD's 0.05% expense ratio. Despite the difference, 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 1.21%, less than SPMD's 1.23% yield.

PositionTTM20252024202320222021202020192018201720162015
IMCB
iShares Morningstar Mid-Cap ETF		1.21%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		1.23%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 0.94, 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.

SPMD has higher volatility (4.44%) compared to IMCB (3.37%). In terms of maximum drawdown, IMCB dropped -58.80% vs SPMD's -57.62%.

On 10-year performance, SPMD leads with 11.52% vs 11.35% for IMCB. On fees, IMCB is cheaper at 0.04% per year. On volatility, IMCB has been the lower-risk option at 3.37%. 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 11.52% return vs 11.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IMCB is cheaper with a 0.04% expense ratio, compared with 0.05% for SPMD.

SPMD has the higher dividend yield at 1.23%, compared with 1.21% 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 0.05% for SPMD.

IMCB currently has the higher Sharpe Ratio (1.94 vs 1.75), 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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