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SCHZ vs. SPMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SCHZ vs. SPMD

Last updated Jun 4, 2026

SCHZ (Schwab U.S. Aggregate Bond ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - SCHZ is a Total Bond Market fund tracking the Bloomberg US Aggregate Bond 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, SCHZ returned 1.52%/yr vs 11.51%/yr for SPMD. At a correlation of -0.05, they often move in opposite directions. SCHZ charges 0.03%/yr vs 0.05%/yr for SPMD.

Performance

SCHZ vs. SPMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab U.S. Aggregate Bond ETF (SCHZ) 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, SCHZ achieves a 0.30% return, which is significantly lower than SPMD's 14.16% return. Over the past 10 years, SCHZ has underperformed SPMD with an annualized return of 1.52%, while SPMD has yielded a comparatively higher 11.51% annualized return.

SCHZ

1D
-0.17%
1M
0.26%
YTD
0.30%
6M
0.15%
1Y
5.16%
3Y*
3.94%
5Y*
0.07%
10Y*
1.52%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SCHZ vs. SPMD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SCHZ
Schwab U.S. Aggregate Bond ETF		0.30%7.24%1.26%5.60%-13.17%-1.72%7.46%8.65%-0.26%3.50%
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 SCHZ and SPMD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.32

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

0.26

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

0.17

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

0.03

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2011

-0.05

The correlation between SCHZ and SPMD shifts across timeframes, from -0.05 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Schwab U.S. Aggregate Bond ETF

SPDR Portfolio S&P 400 Mid Cap ETF

Often compared with SCHZ:
SCHZ vs. BNDSCHZ vs. SCHPSCHZ vs. SWAGXSCHZ vs. SCHDSCHZ vs. AGGSCHZ vs. BONDSCHZ vs. SPAB
Often compared with SPMD:
SPMD vs. MDYSPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SWMCX

Return for Risk

SCHZ vs. SPMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SCHZ
SCHZ Risk / Return Rank: 3737
Overall Rank
SCHZ Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
SCHZ Sortino Ratio Rank: 3939
Sortino Ratio Rank
SCHZ Omega Ratio Rank: 3535
Omega Ratio Rank
SCHZ Calmar Ratio Rank: 3838
Calmar Ratio Rank
SCHZ Martin Ratio Rank: 3737
Martin Ratio Rank
SPMD
SPMD Risk / Return Rank: 5151
Overall Rank
SPMD Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
SPMD Sortino Ratio Rank: 4848
Sortino Ratio Rank
SPMD Omega Ratio Rank: 4545
Omega Ratio Rank
SPMD Calmar Ratio Rank: 5757
Calmar Ratio Rank
SPMD Martin Ratio Rank: 5959
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.

SCHZ vs. SPMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab U.S. Aggregate Bond ETF (SCHZ) 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.

SCHZSPMDDifference
Sharpe ratioReturn per unit of total volatility
1.37
1.65

-0.28

Sortino ratioReturn per unit of downside risk
2.04
2.41

-0.37

Omega ratioGain probability vs. loss probability

1.24

1.29

-0.05

Calmar ratioReturn relative to maximum drawdown

1.92

2.89

-0.97

Martin ratioReturn relative to average drawdown

5.87

10.61

-4.74

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

SCHZ vs. SPMD - Sharpe Ratio Comparison

The current SCHZ Sharpe Ratio is 1.37, which is comparable to the SPMD Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of SCHZ 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

SCHZSPMDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.37

1.65

-0.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.01

0.42

-0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.28

0.55

-0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.45

-0.01

Drawdowns

SCHZ vs. SPMD - Drawdown Comparison

The maximum SCHZ drawdown since its inception was -18.74%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for SCHZ and SPMD.

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Drawdown Indicators

SCHZSPMDDifference

Max Drawdown

Largest peak-to-trough decline

-18.74%

-57.62%

+38.88%

Max Drawdown (1Y)

Largest decline over 1 year

-2.70%

-8.86%

+6.16%

Max Drawdown (3Y)

Largest decline over 3 years

-6.18%

-24.08%

+17.90%

Max Drawdown (5Y)

Largest decline over 5 years

-18.01%

-24.08%

+6.07%

Max Drawdown (10Y)

Largest decline over 10 years

-18.74%

-41.86%

+23.12%

Current Drawdown

Current decline from peak

-2.47%

-0.08%

-2.39%

Average Drawdown

Average peak-to-trough decline

-3.68%

-8.12%

+4.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.88%

2.41%

-1.53%

Volatility

SCHZ vs. SPMD - Volatility Comparison

The current volatility for Schwab U.S. Aggregate Bond ETF (SCHZ) is 1.24%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 4.38%. This indicates that SCHZ 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

SCHZSPMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.24%

4.38%

-3.14%

Volatility (6M)

Calculated over the trailing 6-month period

2.67%

11.37%

-8.70%

Volatility (1Y)

Calculated over the trailing 1-year period

3.79%

15.57%

-11.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.08%

19.70%

-13.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.41%

21.18%

-15.77%

SCHZ vs. SPMD - Expense Ratio Comparison

SCHZ has a 0.03% 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

SCHZ vs. SPMD - Dividend Comparison

SCHZ's dividend yield for the trailing twelve months is around 4.12%, more than SPMD's 1.23% yield.

PositionTTM20252024202320222021202020192018201720162015
SCHZ
Schwab U.S. Aggregate Bond ETF		4.12%4.05%3.96%3.28%2.63%2.16%2.43%2.79%2.56%2.40%2.24%2.11%
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

SCHZ and SPMD have a correlation of 0.32, 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 SCHZ (1.24%). In terms of maximum drawdown, SCHZ dropped -18.74% vs SPMD's -57.62%.

On 10-year performance, SPMD leads with 11.51% vs 1.52% for SCHZ. On fees, SCHZ is cheaper at 0.03% per year. On volatility, SCHZ has been the lower-risk option at 1.24%. 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 1.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SCHZ is cheaper with a 0.03% expense ratio, compared with 0.05% for SPMD.

SCHZ has the higher dividend yield at 4.12%, compared with 1.23% for SPMD.

SCHZ is categorized as Total Bond Market, while SPMD is Mid Cap Blend Equities. SCHZ tracks Bloomberg US Aggregate Bond Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: Charles Schwab and State Street. Their fees differ too: 0.03% for SCHZ and 0.05% for SPMD.

SPMD currently has the higher Sharpe Ratio (1.65 vs 1.37), 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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