SLYV vs. SPMD
SLYV (SPDR S&P 600 Small Cap Value ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - SLYV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value 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, SLYV returned 10.65%/yr vs 11.78%/yr for SPMD. Their correlation of 0.88 suggests significant overlap in exposure. SLYV charges 0.15%/yr vs 0.05%/yr for SPMD.
Performance
SLYV vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, SLYV achieves a 19.47% return, which is significantly higher than SPMD's 15.51% return. Over the past 10 years, SLYV has underperformed SPMD with an annualized return of 10.65%, while SPMD has yielded a comparatively higher 11.78% annualized return.
SLYV
- 1D
- 1.09%
- 1M
- 6.39%
- YTD
- 19.47%
- 6M
- 16.63%
- 1Y
- 41.92%
- 3Y*
- 14.32%
- 5Y*
- 6.28%
- 10Y*
- 10.65%
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%
SLYV vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLYV SPDR S&P 600 Small Cap Value ETF | 19.47% | 6.54% | 7.28% | 14.82% | -11.08% | 30.57% | 2.68% | 24.26% | -12.77% | 11.74% |
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 SLYV 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 | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.88 |
The correlation between SLYV and SPMD has been stable across timeframes, ranging from 0.88 to 0.93 - a consistent structural relationship.
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Return for Risk
SLYV vs. SPMD — Risk / Return Rank
SLYV
SPMD
SLYV vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 600 Small Cap Value ETF (SLYV) 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.
| SLYV | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.29 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 4.20 | 2.95 | +1.25 |
| Martin ratioReturn relative to average drawdown | 13.96 | 10.81 | +3.15 |
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Drawdowns
SLYV vs. SPMD - Drawdown Comparison
The maximum SLYV drawdown since its inception was -61.15%, which is greater than SPMD's maximum drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for SLYV and SPMD.
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Drawdown Indicators
| SLYV | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.15% | -57.62% | -3.53% |
Max Drawdown (1Y)Largest decline over 1 year | -9.36% | -8.86% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -28.68% | -24.08% | -4.60% |
Max Drawdown (5Y)Largest decline over 5 years | -28.68% | -24.08% | -4.60% |
Max Drawdown (10Y)Largest decline over 10 years | -47.73% | -41.86% | -5.87% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.93% | -8.11% | -0.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 2.41% | +0.41% |
Volatility
SLYV vs. SPMD - Volatility Comparison
The current volatility for SPDR S&P 600 Small Cap Value ETF (SLYV) is 4.81%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 5.07%. This indicates that SLYV 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
| SLYV | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.81% | 5.07% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 11.59% | 11.77% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.31% | 15.91% | +2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.97% | 19.75% | +2.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.96% | 21.20% | +2.76% |
SLYV vs. SPMD - Expense Ratio Comparison
SLYV 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
SLYV vs. SPMD - Dividend Comparison
SLYV's dividend yield for the trailing twelve months is around 1.75%, more than SPMD's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SLYV SPDR S&P 600 Small Cap Value ETF | 1.75% | 2.02% | 2.30% | 2.11% | 1.47% | 1.94% | 1.40% | 1.67% | 2.14% | 5.53% | 2.18% | 6.55% |
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
With a correlation of 0.91, SLYV 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.
SPMD has higher volatility (5.07%) compared to SLYV (4.81%). In terms of maximum drawdown, SLYV dropped -61.15% vs SPMD's -57.62%.
On 10-year performance, SPMD leads with 11.78% vs 10.65% for SLYV. On fees, SPMD is cheaper at 0.05% per year. On volatility, SLYV has been the lower-risk option at 4.81%. 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 11.78% return vs 10.65%. 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 SLYV.
SLYV has the higher dividend yield at 1.75%, compared with 1.21% for SPMD.
SLYV is categorized as Small Cap Value Equities, while SPMD is Mid Cap Blend Equities. SLYV tracks S&P SmallCap 600 Value Index, while SPMD tracks S&P MidCap 400 Index. Their fees differ too: 0.15% for SLYV and 0.05% for SPMD.
SLYV currently has the higher Sharpe Ratio (2.15 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.
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