SCHM vs. SPMD
SCHM (Schwab US Mid-Cap ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - SCHM tracks the Dow Jones US Total Stock Market Mid-Cap while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, SCHM returned 11.48%/yr vs 11.68%/yr for SPMD. Their correlation of 0.94 suggests significant overlap in exposure. SCHM charges 0.04%/yr vs 0.05%/yr for SPMD.
Performance
SCHM vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, SCHM achieves a 18.48% return, which is significantly higher than SPMD's 14.18% return. Both investments have delivered pretty close results over the past 10 years, with SCHM having a 11.48% annualized return and SPMD not far ahead at 11.68%.
SCHM
- 1D
- -1.33%
- 1M
- 5.18%
- YTD
- 18.48%
- 6M
- 18.68%
- 1Y
- 32.40%
- 3Y*
- 16.59%
- 5Y*
- 8.59%
- 10Y*
- 11.48%
SPMD
- 1D
- -1.26%
- 1M
- 4.21%
- YTD
- 14.18%
- 6M
- 14.21%
- 1Y
- 26.15%
- 3Y*
- 14.98%
- 5Y*
- 9.15%
- 10Y*
- 11.68%
SCHM vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCHM Schwab US Mid-Cap ETF | 18.48% | 10.17% | 11.98% | 16.69% | -17.07% | 19.36% | 15.26% | 27.48% | -8.77% | 19.60% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.18% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between SCHM and SPMD is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2011 | 0.94 |
The correlation between SCHM and SPMD has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.
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Return for Risk
SCHM vs. SPMD — Risk / Return Rank
SCHM
SPMD
SCHM vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Schwab US Mid-Cap ETF (SCHM) 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.
| SCHM | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.29 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.49 | 2.97 | +0.53 |
| Martin ratioReturn relative to average drawdown | 13.97 | 10.87 | +3.09 |
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Drawdowns
SCHM vs. SPMD - Drawdown Comparison
The maximum SCHM drawdown since its inception was -42.43%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for SCHM and SPMD.
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Drawdown Indicators
| SCHM | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.43% | -57.62% | +15.19% |
Max Drawdown (1Y)Largest decline over 1 year | -9.32% | -8.86% | -0.46% |
Max Drawdown (3Y)Largest decline over 3 years | -23.27% | -24.08% | +0.81% |
Max Drawdown (5Y)Largest decline over 5 years | -26.46% | -24.08% | -2.38% |
Max Drawdown (10Y)Largest decline over 10 years | -42.43% | -41.86% | -0.57% |
Current DrawdownCurrent decline from peak | -2.15% | -1.54% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -5.64% | -8.10% | +2.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.33% | 2.41% | -0.08% |
Volatility
SCHM vs. SPMD - Volatility Comparison
Schwab US Mid-Cap ETF (SCHM) has a higher volatility of 5.62% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 4.94%. This indicates that SCHM'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
| SCHM | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.62% | 4.94% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 12.41% | 11.74% | +0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.15% | 15.86% | +0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.66% | 19.75% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.51% | 21.20% | -0.69% |
SCHM vs. SPMD - Expense Ratio Comparison
SCHM has a 0.04% expense ratio, which is lower than SPMD's 0.05% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SCHM vs. SPMD - Dividend Comparison
SCHM's dividend yield for the trailing twelve months is around 1.23%, which matches SPMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SCHM Schwab US Mid-Cap ETF | 1.23% | 1.46% | 1.43% | 1.50% | 1.67% | 1.13% | 1.31% | 1.48% | 1.56% | 1.27% | 1.51% | 1.54% |
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 0.97, SCHM 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.
SCHM has higher volatility (5.62%) compared to SPMD (4.94%). In terms of maximum drawdown, SCHM dropped -42.43% vs SPMD's -57.62%.
On 10-year performance, SPMD leads with 11.68% vs 11.48% for SCHM. On fees, SCHM is cheaper at 0.04% per year. On volatility, SPMD has been the lower-risk option at 4.94%. 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 11.68% return vs 11.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SCHM is cheaper with a 0.04% expense ratio, compared with 0.05% for SPMD.
SCHM and SPMD have nearly identical dividend yields, around 1.23%.
SCHM tracks Dow Jones US Total Stock Market Mid-Cap, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: Charles Schwab and State Street. Their fees differ too: 0.04% for SCHM and 0.05% for SPMD.
SCHM currently has the higher Sharpe Ratio (2.02 vs 1.66), 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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