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SIZE vs. SPMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SIZE vs. SPMD

Last updated Jun 4, 2026

SIZE (iShares MSCI USA Size Factor ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - SIZE tracks the MSCI USA Low Size Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, SIZE returned 11.76%/yr vs 11.51%/yr for SPMD. Their correlation of 0.86 suggests significant overlap in exposure. SIZE charges 0.15%/yr vs 0.05%/yr for SPMD.

Performance

SIZE vs. SPMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Size Factor ETF (SIZE) 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, SIZE achieves a 9.07% return, which is significantly lower than SPMD's 14.16% return. Both investments have delivered pretty close results over the past 10 years, with SIZE having a 11.76% annualized return and SPMD not far behind at 11.51%.

SIZE

1D
-0.68%
1M
3.62%
YTD
9.07%
6M
8.29%
1Y
18.11%
3Y*
15.94%
5Y*
8.07%
10Y*
11.76%

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)

SIZE vs. SPMD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SIZE
iShares MSCI USA Size Factor ETF		9.07%10.51%14.37%17.78%-15.86%25.05%16.26%28.97%-6.59%18.76%
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 SIZE and SPMD is 0.90, 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

0.90

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

0.94

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

0.95

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

0.92

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2013

0.86

The correlation between SIZE and SPMD has been stable across timeframes, ranging from 0.86 to 0.95 - 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.

iShares MSCI USA Size Factor ETF

SPDR Portfolio S&P 400 Mid Cap ETF

Often compared with SIZE:
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Often compared with SPMD:
SPMD vs. MDYSPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SWMCX

Return for Risk

SIZE vs. SPMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SIZE
SIZE Risk / Return Rank: 4444
Overall Rank
SIZE Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
SIZE Sortino Ratio Rank: 4242
Sortino Ratio Rank
SIZE Omega Ratio Rank: 3838
Omega Ratio Rank
SIZE Calmar Ratio Rank: 4646
Calmar Ratio Rank
SIZE Martin Ratio Rank: 5252
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.

SIZE vs. SPMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Size Factor ETF (SIZE) 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.

SIZESPMDDifference
Sharpe ratioReturn per unit of total volatility
1.43
1.65

-0.22

Sortino ratioReturn per unit of downside risk
2.12
2.41

-0.29

Omega ratioGain probability vs. loss probability

1.25

1.29

-0.04

Calmar ratioReturn relative to maximum drawdown

2.28

2.89

-0.61

Martin ratioReturn relative to average drawdown

8.88

10.61

-1.73

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

SIZE vs. SPMD - Sharpe Ratio Comparison

The current SIZE Sharpe Ratio is 1.43, which is comparable to the SPMD Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of SIZE 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

SIZESPMDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.43

1.65

-0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

0.42

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.55

+0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.68

0.45

+0.23

Drawdowns

SIZE vs. SPMD - Drawdown Comparison

The maximum SIZE drawdown since its inception was -39.15%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for SIZE and SPMD.

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Drawdown Indicators

SIZESPMDDifference

Max Drawdown

Largest peak-to-trough decline

-39.15%

-57.62%

+18.47%

Max Drawdown (1Y)

Largest decline over 1 year

-7.97%

-8.86%

+0.89%

Max Drawdown (3Y)

Largest decline over 3 years

-18.71%

-24.08%

+5.37%

Max Drawdown (5Y)

Largest decline over 5 years

-24.03%

-24.08%

+0.05%

Max Drawdown (10Y)

Largest decline over 10 years

-39.15%

-41.86%

+2.71%

Current Drawdown

Current decline from peak

-0.68%

-0.08%

-0.60%

Average Drawdown

Average peak-to-trough decline

-4.18%

-8.12%

+3.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.04%

2.41%

-0.37%

Volatility

SIZE vs. SPMD - Volatility Comparison

The current volatility for iShares MSCI USA Size Factor ETF (SIZE) is 3.17%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 4.38%. This indicates that SIZE 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

SIZESPMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.17%

4.38%

-1.21%

Volatility (6M)

Calculated over the trailing 6-month period

9.54%

11.37%

-1.83%

Volatility (1Y)

Calculated over the trailing 1-year period

12.73%

15.57%

-2.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.39%

19.70%

-2.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.69%

21.18%

-2.49%

SIZE vs. SPMD - Expense Ratio Comparison

SIZE 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

SIZE vs. SPMD - Dividend Comparison

SIZE's dividend yield for the trailing twelve months is around 1.42%, more than SPMD's 1.23% yield.

PositionTTM20252024202320222021202020192018201720162015
SIZE
iShares MSCI USA Size Factor ETF		1.42%1.50%1.53%1.42%1.59%1.19%1.43%1.35%2.43%1.58%1.88%1.95%
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

SIZE and SPMD have a correlation of 0.90, 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 SIZE (3.17%). In terms of maximum drawdown, SIZE dropped -39.15% vs SPMD's -57.62%.

On 10-year performance, SIZE leads with 11.76% vs 11.51% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SIZE has been the lower-risk option at 3.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SIZE has performed better with a 11.76% return vs 11.51%. 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 SIZE.

SIZE has the higher dividend yield at 1.42%, compared with 1.23% for SPMD.

SIZE tracks MSCI USA Low Size 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 SIZE and 0.05% for SPMD.

SPMD currently has the higher Sharpe Ratio (1.65 vs 1.43), 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.

Portfolio Optimizer

Find the right allocation for SIZE and SPMD

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