PWC vs. SPMD
PWC (Invesco Dynamic Market ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - PWC tracks the Dynamic Market Intellidex Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, PWC returned 9.52%/yr vs 11.51%/yr for SPMD. Their correlation of 0.83 suggests significant overlap in exposure. PWC charges 0.60%/yr vs 0.05%/yr for SPMD.
Performance
PWC vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, PWC achieves a 5.85% return, which is significantly lower than SPMD's 14.16% return. Over the past 10 years, PWC has underperformed SPMD with an annualized return of 9.52%, while SPMD has yielded a comparatively higher 11.51% annualized return.
PWC
- 1D
- -0.13%
- 1M
- 0.31%
- YTD
- 5.85%
- 6M
- 6.04%
- 1Y
- 8.50%
- 3Y*
- 13.71%
- 5Y*
- 6.10%
- 10Y*
- 9.52%
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%
PWC vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PWC Invesco Dynamic Market ETF | 5.85% | 6.15% | 17.46% | 19.03% | -16.01% | 19.38% | 8.52% | 13.47% | -6.40% | 20.16% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.16% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between PWC and SPMD is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2005 | 0.83 |
The correlation between PWC and SPMD shifts across timeframes, from 0.70 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PWC vs. SPMD — Risk / Return Rank
PWC
SPMD
PWC vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Market ETF (PWC) 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.
| PWC | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.29 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.32 | 2.89 | -1.57 |
| Martin ratioReturn relative to average drawdown | 4.06 | 10.61 | -6.55 |
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
| PWC | SPMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 1.65 | -0.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.42 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.55 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.11 | 0.45 | -0.34 |
Drawdowns
PWC vs. SPMD - Drawdown Comparison
The maximum PWC drawdown since its inception was -78.13%, which is greater than SPMD's maximum drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for PWC and SPMD.
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Drawdown Indicators
| PWC | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.13% | -57.62% | -20.51% |
Max Drawdown (1Y)Largest decline over 1 year | -6.45% | -8.86% | +2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -24.08% | +8.96% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -24.08% | -2.50% |
Max Drawdown (10Y)Largest decline over 10 years | -39.45% | -41.86% | +2.41% |
Current DrawdownCurrent decline from peak | -2.37% | -0.08% | -2.29% |
Average DrawdownAverage peak-to-trough decline | -36.21% | -8.12% | -28.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 2.41% | -0.31% |
Volatility
PWC vs. SPMD - Volatility Comparison
The current volatility for Invesco Dynamic Market ETF (PWC) is 2.14%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 4.38%. This indicates that PWC 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
| PWC | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 4.38% | -2.24% |
Volatility (6M)Calculated over the trailing 6-month period | 7.19% | 11.37% | -4.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.75% | 15.57% | -5.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 19.70% | -3.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.81% | 21.18% | -2.37% |
PWC vs. SPMD - Expense Ratio Comparison
PWC has a 0.60% expense ratio, which is higher than SPMD's 0.05% expense ratio.
Dividends
PWC vs. SPMD - Dividend Comparison
PWC's dividend yield for the trailing twelve months is around 1.68%, more than SPMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PWC Invesco Dynamic Market ETF | 1.68% | 1.77% | 1.58% | 1.67% | 1.51% | 0.56% | 1.09% | 0.95% | 1.44% | 1.75% | 1.35% | 1.02% |
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
PWC and SPMD have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMD has higher volatility (4.38%) compared to PWC (2.14%). In terms of maximum drawdown, PWC dropped -78.13% vs SPMD's -57.62%.
On 10-year performance, SPMD leads with 11.51% vs 9.52% for PWC. On fees, SPMD is cheaper at 0.05% per year. On volatility, PWC has been the lower-risk option at 2.14%. 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 11.51% return vs 9.52%. 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 0.60% for PWC.
PWC has the higher dividend yield at 1.68%, compared with 1.23% for SPMD.
PWC tracks Dynamic Market Intellidex Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.60% for PWC and 0.05% for SPMD.
SPMD currently has the higher Sharpe Ratio (1.65 vs 0.88), 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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