IQSM vs. SPMD
IQSM (IQ Candriam U.S. Mid Cap Equity ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - IQSM tracks the IQ Candriam ESG U.S. Mid Cap Equity Index - Benchmark TR Net while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 3 years, IQSM returned 13.84%/yr vs 16.15%/yr for SPMD. With a 0.98 correlation, they move nearly in lockstep. IQSM charges 0.15%/yr vs 0.05%/yr for SPMD.
Performance
IQSM vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, IQSM achieves a 11.77% return, which is significantly lower than SPMD's 14.16% return.
IQSM
- 1D
- 0.11%
- 1M
- 4.36%
- YTD
- 11.77%
- 6M
- 12.17%
- 1Y
- 22.78%
- 3Y*
- 13.84%
- 5Y*
- —
- 10Y*
- —
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%
IQSM vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IQSM IQ Candriam U.S. Mid Cap Equity ETF | 11.77% | 7.97% | 9.15% | 15.82% | 2.29% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.16% | 7.44% | 13.91% | 16.48% | 2.23% |
Correlation
The correlation between IQSM and SPMD is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2022 | 0.98 |
The correlation between IQSM and SPMD has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
IQSM vs. SPMD — Risk / Return Rank
IQSM
SPMD
IQSM vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Candriam U.S. Mid Cap Equity ETF (IQSM) 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.
| IQSM | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.29 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 2.89 | -0.31 |
| Martin ratioReturn relative to average drawdown | 9.43 | 10.61 | -1.18 |
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
| IQSM | SPMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.53 | 1.65 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.42 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.55 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.45 | +0.29 |
Drawdowns
IQSM vs. SPMD - Drawdown Comparison
The maximum IQSM drawdown since its inception was -23.66%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for IQSM and SPMD.
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Drawdown Indicators
| IQSM | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.66% | -57.62% | +33.96% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -8.86% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -23.66% | -24.08% | +0.42% |
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 | 0.00% | -0.08% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -4.87% | -8.12% | +3.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 2.41% | +0.01% |
Volatility
IQSM vs. SPMD - Volatility Comparison
The current volatility for IQ Candriam U.S. Mid Cap Equity ETF (IQSM) is 3.97%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 4.38%. This indicates that IQSM 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
| IQSM | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.97% | 4.38% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 10.98% | 11.37% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.97% | 15.57% | -0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.89% | 19.70% | -1.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.89% | 21.18% | -3.29% |
IQSM vs. SPMD - Expense Ratio Comparison
IQSM has a 0.15% 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
IQSM vs. SPMD - Dividend Comparison
IQSM's dividend yield for the trailing twelve months is around 1.06%, less than SPMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IQSM IQ Candriam U.S. Mid Cap Equity ETF | 1.06% | 1.18% | 1.22% | 1.11% | 0.32% | 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
With a correlation of 0.97, IQSM 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 IQSM (3.97%). In terms of maximum drawdown, IQSM dropped -23.66% vs SPMD's -57.62%.
On 3-year performance, SPMD leads with 16.15% vs 13.84% for IQSM. On fees, SPMD is cheaper at 0.05% per year. On volatility, IQSM has been the lower-risk option at 3.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPMD has performed better with a 16.15% return vs 13.84%. 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 0.15% for IQSM.
SPMD has the higher dividend yield at 1.23%, compared with 1.06% for IQSM.
IQSM tracks IQ Candriam ESG U.S. Mid Cap Equity Index - Benchmark TR Net, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: IndexIQ and State Street. Their fees differ too: 0.15% for IQSM and 0.05% for SPMD.
SPMD currently has the higher Sharpe Ratio (1.65 vs 1.53), 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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