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RFG vs. SPMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RFG vs. SPMD

Last updated Jun 3, 2026

RFG (Invesco S&P MidCap 400® Pure Growth ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - RFG is a Small Cap Growth Equities fund tracking the S&P Mid Cap 400 Pure Growth, 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, RFG returned 10.42%/yr vs 11.52%/yr for SPMD. Their correlation of 0.87 suggests significant overlap in exposure. RFG charges 0.35%/yr vs 0.05%/yr for SPMD.

Performance

RFG vs. SPMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap 400® Pure Growth ETF (RFG) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, RFG achieves a 21.39% return, which is significantly higher than SPMD's 14.25% return. Over the past 10 years, RFG has underperformed SPMD with an annualized return of 10.42%, while SPMD has yielded a comparatively higher 11.52% annualized return.

RFG

1D
0.70%
1M
6.34%
YTD
21.39%
6M
22.20%
1Y
33.68%
3Y*
20.33%
5Y*
8.66%
10Y*
10.42%

SPMD

1D
0.92%
1M
3.32%
YTD
14.25%
6M
15.29%
1Y
27.16%
3Y*
16.18%
5Y*
8.34%
10Y*
11.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RFG vs. SPMD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RFG
Invesco S&P MidCap 400® Pure Growth ETF		21.39%8.80%17.80%16.42%-21.70%13.81%32.86%17.09%-13.98%20.46%
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		14.25%7.44%13.91%16.48%-13.13%24.76%13.46%25.19%-10.34%15.12%

Correlation

The correlation between RFG and SPMD is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.91

Correlation (3Y)
Calculated over the trailing 3-year period

0.93

Correlation (5Y)
Calculated over the trailing 5-year period

0.94

Correlation (10Y)
Calculated over the trailing 10-year period

0.91

Correlation (All Time)
Calculated using the full available price history since Mar 8, 2006

0.87

The correlation between RFG and SPMD has been stable across timeframes, ranging from 0.87 to 0.94 - 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.

Invesco S&P MidCap 400® Pure Growth ETF

SPDR Portfolio S&P 400 Mid Cap ETF

Often compared with RFG:
RFG vs. RFVRFG vs. IVOGRFG vs. FRTYRFG vs. FDISRFG vs. VOTRFG vs. IMCGRFG vs. XMHQ
Often compared with SPMD:
SPMD vs. MDYSPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SWMCX

Return for Risk

RFG vs. SPMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RFG
RFG Risk / Return Rank: 5858
Overall Rank
RFG Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
RFG Sortino Ratio Rank: 5353
Sortino Ratio Rank
RFG Omega Ratio Rank: 4949
Omega Ratio Rank
RFG Calmar Ratio Rank: 6464
Calmar Ratio Rank
RFG Martin Ratio Rank: 7070
Martin Ratio Rank
SPMD
SPMD Risk / Return Rank: 5454
Overall Rank
SPMD Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
SPMD Sortino Ratio Rank: 5252
Sortino Ratio Rank
SPMD Omega Ratio Rank: 4848
Omega Ratio Rank
SPMD Calmar Ratio Rank: 6060
Calmar Ratio Rank
SPMD Martin Ratio Rank: 6262
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RFG vs. SPMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400® Pure Growth ETF (RFG) 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.

RFGSPMDDifference

Sharpe ratio

Return per unit of total volatility

1.83

1.75

+0.07

Sortino ratio

Return per unit of downside risk

2.60

2.54

+0.06

Omega ratio

Gain probability vs. loss probability

1.31

1.31

0.00

Calmar ratio

Return relative to maximum drawdown

3.26

3.04

+0.22

Martin ratio

Return relative to average drawdown

13.24

11.20

+2.04

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RFG vs. SPMD - Sharpe Ratio Comparison

The current RFG Sharpe Ratio is 1.83, which is comparable to the SPMD Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of RFG and SPMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

RFGSPMDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

1.75

+0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.38

0.43

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.45

0.55

-0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.45

-0.02

Drawdowns

RFG vs. SPMD - Drawdown Comparison

The maximum RFG drawdown since its inception was -51.93%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for RFG and SPMD.

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Drawdown Indicators

RFGSPMDDifference

Max Drawdown

Largest peak-to-trough decline

-51.93%

-57.62%

+5.69%

Max Drawdown (1Y)

Largest decline over 1 year

-10.41%

-8.86%

-1.55%

Max Drawdown (3Y)

Largest decline over 3 years

-26.71%

-24.08%

-2.63%

Max Drawdown (5Y)

Largest decline over 5 years

-35.16%

-24.08%

-11.08%

Max Drawdown (10Y)

Largest decline over 10 years

-42.92%

-41.86%

-1.06%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-8.97%

-8.12%

-0.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.56%

2.41%

+0.15%

Volatility

RFG vs. SPMD - Volatility Comparison

Invesco S&P MidCap 400® Pure Growth ETF (RFG) has a higher volatility of 6.52% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 4.44%. This indicates that RFG'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

RFGSPMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.52%

4.44%

+2.08%

Volatility (6M)

Calculated over the trailing 6-month period

14.76%

11.38%

+3.38%

Volatility (1Y)

Calculated over the trailing 1-year period

18.52%

15.57%

+2.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.81%

19.70%

+3.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.05%

21.19%

+1.86%

RFG vs. SPMD - Expense Ratio Comparison

RFG has a 0.35% expense ratio, which is higher than SPMD's 0.05% expense ratio.

Dividends

RFG vs. SPMD - Dividend Comparison

RFG's dividend yield for the trailing twelve months is around 0.32%, less than SPMD's 1.23% yield.

PositionTTM20252024202320222021202020192018201720162015
RFG
Invesco S&P MidCap 400® Pure Growth ETF		0.32%0.43%0.38%0.99%0.78%0.05%0.27%0.64%0.76%0.66%0.35%0.61%
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 0.91, RFG 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.

RFG has higher volatility (6.52%) compared to SPMD (4.44%). In terms of maximum drawdown, RFG dropped -51.93% vs SPMD's -57.62%.

On 10-year performance, SPMD leads with 11.52% vs 10.42% for RFG. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.44%. 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 11.52% return vs 10.42%. 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 0.35% for RFG.

SPMD has the higher dividend yield at 1.23%, compared with 0.32% for RFG.

RFG is categorized as Small Cap Growth Equities, while SPMD is Mid Cap Blend Equities. RFG tracks S&P Mid Cap 400 Pure Growth, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.35% for RFG and 0.05% for SPMD.

RFG currently has the higher Sharpe Ratio (1.83 vs 1.75), 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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