PIZ vs. SPMD
PIZ (Invesco DWA Developed Markets Momentum ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - PIZ is a Momentum fund tracking the Dorsey Wright Developed Markets Technical Leaders Index, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, PIZ returned 11.14%/yr vs 11.85%/yr for SPMD. A 0.68 correlation means they provide meaningful diversification when combined. PIZ charges 0.80%/yr vs 0.05%/yr for SPMD.
Performance
PIZ vs. SPMD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PIZ having a 15.65% return and SPMD slightly higher at 15.96%. Over the past 10 years, PIZ has underperformed SPMD with an annualized return of 11.14%, while SPMD has yielded a comparatively higher 11.85% annualized return.
PIZ
- 1D
- 1.75%
- 1M
- 0.68%
- YTD
- 15.65%
- 6M
- 16.40%
- 1Y
- 27.72%
- 3Y*
- 24.07%
- 5Y*
- 10.26%
- 10Y*
- 11.14%
SPMD
- 1D
- 0.39%
- 1M
- 5.72%
- YTD
- 15.96%
- 6M
- 14.71%
- 1Y
- 28.46%
- 3Y*
- 15.58%
- 5Y*
- 8.72%
- 10Y*
- 11.85%
PIZ vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PIZ Invesco DWA Developed Markets Momentum ETF | 15.65% | 37.22% | 16.30% | 17.96% | -30.48% | 20.53% | 17.96% | 27.51% | -16.15% | 30.96% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.96% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between PIZ and SPMD is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Jan 7, 2008 | 0.68 |
The correlation between PIZ and SPMD has been stable across timeframes, ranging from 0.61 to 0.69 - a consistent structural relationship.
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Return for Risk
PIZ vs. SPMD — Risk / Return Rank
PIZ
SPMD
PIZ vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco DWA Developed Markets Momentum ETF (PIZ) 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.
| PIZ | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.32 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 3.23 | -1.29 |
| Martin ratioReturn relative to average drawdown | 7.19 | 11.84 | -4.65 |
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Drawdowns
PIZ vs. SPMD - Drawdown Comparison
The maximum PIZ drawdown since its inception was -60.61%, which is greater than SPMD's maximum drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for PIZ and SPMD.
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Drawdown Indicators
| PIZ | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.61% | -57.62% | -2.99% |
Max Drawdown (1Y)Largest decline over 1 year | -14.35% | -8.86% | -5.49% |
Max Drawdown (3Y)Largest decline over 3 years | -14.67% | -24.08% | +9.41% |
Max Drawdown (5Y)Largest decline over 5 years | -40.93% | -24.08% | -16.85% |
Max Drawdown (10Y)Largest decline over 10 years | -40.93% | -41.86% | +0.93% |
Current DrawdownCurrent decline from peak | -4.76% | 0.00% | -4.76% |
Average DrawdownAverage peak-to-trough decline | -14.90% | -8.11% | -6.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.86% | 2.41% | +1.45% |
Volatility
PIZ vs. SPMD - Volatility Comparison
Invesco DWA Developed Markets Momentum ETF (PIZ) has a higher volatility of 10.15% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 5.07%. This indicates that PIZ'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
| PIZ | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.15% | 5.07% | +5.08% |
Volatility (6M)Calculated over the trailing 6-month period | 19.52% | 11.74% | +7.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.80% | 15.86% | +5.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.23% | 19.75% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.77% | 21.20% | -1.43% |
PIZ vs. SPMD - Expense Ratio Comparison
PIZ has a 0.80% expense ratio, which is higher than SPMD's 0.05% expense ratio.
Dividends
PIZ vs. SPMD - Dividend Comparison
PIZ's dividend yield for the trailing twelve months is around 1.35%, more than SPMD's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIZ Invesco DWA Developed Markets Momentum ETF | 1.35% | 1.55% | 1.68% | 1.86% | 2.04% | 1.01% | 0.37% | 1.58% | 1.06% | 1.30% | 2.21% | 1.09% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.21% | 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
PIZ and SPMD have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIZ has higher volatility (10.15%) compared to SPMD (5.07%). In terms of maximum drawdown, PIZ dropped -60.61% vs SPMD's -57.62%.
On 10-year performance, SPMD leads with 11.85% vs 11.14% for PIZ. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 5.07%. 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 11.85% return vs 11.14%. 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 0.80% for PIZ.
PIZ has the higher dividend yield at 1.35%, compared with 1.21% for SPMD.
PIZ is categorized as Momentum, while SPMD is Mid Cap Blend Equities. PIZ tracks Dorsey Wright Developed Markets Technical Leaders Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.80% for PIZ and 0.05% for SPMD.
SPMD currently has the higher Sharpe Ratio (1.81 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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