QUAL vs. SPMD
QUAL (iShares MSCI USA Quality Factor ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality 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, QUAL returned 14.46%/yr vs 11.78%/yr for SPMD. A 0.80 correlation means they provide meaningful diversification when combined. QUAL charges 0.15%/yr vs 0.05%/yr for SPMD.
Performance
QUAL vs. SPMD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QUAL achieves a 9.44% return, which is significantly lower than SPMD's 15.51% return. Over the past 10 years, QUAL has outperformed SPMD with an annualized return of 14.46%, while SPMD has yielded a comparatively lower 11.78% annualized return.
QUAL
- 1D
- 0.47%
- 1M
- 2.14%
- YTD
- 9.44%
- 6M
- 9.29%
- 1Y
- 22.87%
- 3Y*
- 19.30%
- 5Y*
- 11.97%
- 10Y*
- 14.46%
SPMD
- 1D
- 0.73%
- 1M
- 3.56%
- YTD
- 15.51%
- 6M
- 14.03%
- 1Y
- 27.96%
- 3Y*
- 15.42%
- 5Y*
- 8.28%
- 10Y*
- 11.78%
QUAL vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 9.44% | 12.65% | 22.29% | 30.88% | -20.50% | 26.94% | 17.04% | 33.89% | -5.70% | 22.26% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.51% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between QUAL and SPMD is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2013 | 0.80 |
The correlation between QUAL and SPMD has been stable across timeframes, ranging from 0.78 to 0.83 - 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.
Return for Risk
QUAL vs. SPMD — Risk / Return Rank
QUAL
SPMD
QUAL vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) 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.
| QUAL | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.29 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 2.95 | -0.62 |
| Martin ratioReturn relative to average drawdown | 10.60 | 10.81 | -0.21 |
Loading charts...
Drawdowns
QUAL vs. SPMD - Drawdown Comparison
The maximum QUAL drawdown since its inception was -34.06%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for QUAL and SPMD.
Loading charts...
Drawdown Indicators
| QUAL | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.06% | -57.62% | +23.56% |
Max Drawdown (1Y)Largest decline over 1 year | -9.03% | -8.86% | -0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -18.00% | -24.08% | +6.08% |
Max Drawdown (5Y)Largest decline over 5 years | -28.23% | -24.08% | -4.15% |
Max Drawdown (10Y)Largest decline over 10 years | -34.06% | -41.86% | +7.80% |
Current DrawdownCurrent decline from peak | -0.19% | 0.00% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -8.11% | +4.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | 2.41% | -0.42% |
Volatility
QUAL vs. SPMD - Volatility Comparison
The current volatility for iShares MSCI USA Quality Factor ETF (QUAL) is 3.63%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 5.07%. This indicates that QUAL 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.
Loading charts...
Volatility by Period
| QUAL | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 5.07% | -1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 9.43% | 11.77% | -2.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 15.91% | -3.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.36% | 19.75% | -2.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 21.20% | -3.09% |
QUAL vs. SPMD - Expense Ratio Comparison
QUAL 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
QUAL vs. SPMD - Dividend Comparison
QUAL's dividend yield for the trailing twelve months is around 0.87%, less than SPMD's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 0.87% | 0.94% | 1.02% | 1.23% | 1.59% | 1.20% | 1.39% | 1.60% | 2.00% | 1.76% | 1.96% | 1.63% |
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
QUAL and SPMD have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMD has higher volatility (5.07%) compared to QUAL (3.63%). In terms of maximum drawdown, QUAL dropped -34.06% vs SPMD's -57.62%.
On 10-year performance, QUAL leads with 14.46% vs 11.78% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, QUAL has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QUAL has performed better with a 14.46% return vs 11.78%. 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 QUAL.
SPMD has the higher dividend yield at 1.21%, compared with 0.87% for QUAL.
QUAL is categorized as Large Cap Blend Equities, while SPMD is Mid Cap Blend Equities. QUAL tracks MSCI USA Sector Neutral Quality Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for QUAL and 0.05% for SPMD.
QUAL currently has the higher Sharpe Ratio (1.74 vs 1.64), 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.
Find the right allocation for QUAL and SPMD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer