IWR vs. SPMD
IWR (iShares Russell Midcap ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - IWR tracks the Russell Midcap Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, IWR returned 11.42%/yr vs 11.18%/yr for SPMD. Their correlation of 0.91 suggests significant overlap in exposure. IWR charges 0.19%/yr vs 0.03%/yr for SPMD.
Performance
IWR vs. SPMD - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with IWR having a 14.64% return and SPMD slightly lower at 14.56%. Both investments have delivered pretty close results over the past 10 years, with IWR having a 11.42% annualized return and SPMD not far behind at 11.18%.
IWR
- 1D
- -0.22%
- 1M
- 1.24%
- 6M
- 10.24%
- YTD
- 14.64%
- 1Y
- 19.35%
- 3Y*
- 15.27%
- 5Y*
- 8.44%
- 10Y*
- 11.42%
SPMD
- 1D
- -0.56%
- 1M
- -0.82%
- 6M
- 9.22%
- YTD
- 14.56%
- 1Y
- 20.17%
- 3Y*
- 13.70%
- 5Y*
- 8.83%
- 10Y*
- 11.18%
IWR vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IWR iShares Russell Midcap ETF | 14.64% | 10.37% | 15.21% | 17.05% | -17.48% | 22.44% | 16.93% | 30.23% | -9.10% | 18.25% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.56% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between IWR and SPMD is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.91 |
The correlation between IWR and SPMD has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
IWR vs. SPMD — Risk / Return Rank
IWR
SPMD
IWR vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) 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.
| IWR | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.23 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.29 | +0.09 |
| Martin ratioReturn relative to average drawdown | 9.10 | 8.32 | +0.78 |
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Drawdowns
IWR vs. SPMD - Drawdown Comparison
The maximum IWR drawdown since its inception was -58.78%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for IWR and SPMD.
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Drawdown Indicators
| IWR | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.78% | -57.62% | -1.16% |
Max Drawdown (1Y)Largest decline over 1 year | -8.17% | -8.86% | +0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -21.09% | -24.08% | +2.99% |
Max Drawdown (5Y)Largest decline over 5 years | -26.18% | -24.08% | -2.10% |
Max Drawdown (10Y)Largest decline over 10 years | -40.59% | -41.86% | +1.27% |
Current DrawdownCurrent decline from peak | -0.75% | -2.43% | +1.68% |
Average DrawdownAverage peak-to-trough decline | -7.77% | -8.08% | +0.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 2.43% | -0.30% |
Volatility
IWR vs. SPMD - Volatility Comparison
The current volatility for iShares Russell Midcap ETF (IWR) is 3.97%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 4.41%. This indicates that IWR 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
| IWR | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.97% | 4.41% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 10.31% | 11.74% | -1.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.80% | 15.91% | -2.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.28% | 19.69% | -1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.31% | 21.14% | -1.83% |
IWR vs. SPMD - Expense Ratio Comparison
IWR has a 0.19% 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
IWR vs. SPMD - Dividend Comparison
IWR's dividend yield for the trailing twelve months is around 1.15%, less than SPMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWR iShares Russell Midcap ETF | 1.15% | 1.29% | 1.27% | 1.43% | 1.59% | 1.04% | 1.28% | 1.43% | 1.98% | 1.52% | 1.72% | 1.59% |
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 0.96, IWR 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 (4.41%) compared to IWR (3.97%). In terms of maximum drawdown, IWR dropped -58.78% vs SPMD's -57.62%.
On 10-year performance, IWR leads with 11.42% vs 11.18% for SPMD. On fees, SPMD is cheaper at 0.03% per year. On volatility, IWR 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 10-year period, IWR has performed better with a 11.42% return vs 11.18%. 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 0.19% for IWR.
SPMD has the higher dividend yield at 1.23%, compared with 1.15% for IWR.
IWR tracks Russell Midcap Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.19% for IWR and 0.03% for SPMD.
IWR currently has the higher Sharpe Ratio (1.41 vs 1.28), 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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