SMDX vs. SPSM

Last updated Jun 24, 2026

SMDX (Intech S&P Small-Mid Cap Diversified Alpha ETF) and SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) are both Small Cap Blend Equities funds. SMDX is actively managed, while SPSM is passively managed. Over the past year, SMDX returned 29.15% vs 34.61% for SPSM. Their correlation of 0.92 suggests significant overlap in exposure. SMDX charges 0.35%/yr vs 0.03%/yr for SPSM.

Performance

SMDX vs. SPSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SMDX achieves a 15.69% return, which is significantly lower than SPSM's 19.33% return.

SMDX

• 1D: -0.67%
• 1M: 2.79%
• YTD: 15.69%
• 6M: 13.56%
• 1Y: 29.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPSM

• 1D: -0.34%
• 1M: 4.27%
• YTD: 19.33%
• 6M: 16.91%
• 1Y: 34.61%
• 3Y*: 16.26%
• 5Y*: 6.36%
• 10Y*: 11.47%

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

SMDX vs. SPSM - Yearly Performance Comparison

	2026 (YTD)	2025
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF	15.69%	14.46%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	19.33%	10.13%

Correlation

The correlation between SMDX and SPSM is 0.95 - 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	0.95
Correlation (All Time) Calculated using the full available price history since Feb 28, 2025	0.92

The correlation between SMDX and SPSM has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

SMDX vs. SPSM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SMDX

SMDX Risk / Return Rank: 63
SMDX Sharpe Ratio Rank: 58
SMDX Sortino Ratio Rank: 62
SMDX Omega Ratio Rank: 54
SMDX Calmar Ratio Rank: 73
SMDX Martin Ratio Rank: 70

SPSM

SPSM Risk / Return Rank: 67
SPSM Sharpe Ratio Rank: 62
SPSM Sortino Ratio Rank: 64
SPSM Omega Ratio Rank: 57
SPSM Calmar Ratio Rank: 79
SPSM Martin Ratio Rank: 74

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.

SMDX vs. SPSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). 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.

	SMDX	SPSM	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.97	-0.21
Sortino ratio: Return per unit of downside risk	2.60	2.85	-0.24
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	3.38	3.99	-0.60
Martin ratio: Return relative to average drawdown	11.75	13.45	-1.70

SMDX vs. SPSM - Sharpe Ratio Comparison

The current SMDX Sharpe Ratio is 1.76, which is comparable to the SPSM Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of SMDX and SPSM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SMDX vs. SPSM - Drawdown Comparison

The maximum SMDX drawdown since its inception was -14.52%, smaller than the maximum SPSM drawdown of -42.89%. Use the drawdown chart below to compare losses from any high point for SMDX and SPSM.

Drawdown Indicators

	SMDX	SPSM	Difference
Max Drawdown Largest peak-to-trough decline	-14.52%	-42.89%	+28.37%
Max Drawdown (1Y) Largest decline over 1 year	-8.66%	-8.72%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.94%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.89%	—
Current Drawdown Current decline from peak	-0.80%	-0.41%	-0.39%
Average Drawdown Average peak-to-trough decline	-2.32%	-7.89%	+5.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	2.58%	-0.09%

Volatility

SMDX vs. SPSM - Volatility Comparison

The current volatility for Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) is 4.23%, while State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) has a volatility of 4.93%. This indicates that SMDX experiences smaller price fluctuations and is considered to be less risky than SPSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SMDX	SPSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	4.93%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	11.79%	12.04%	-0.25%
Volatility (1Y) Calculated over the trailing 1-year period	16.67%	17.65%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.99%	21.42%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.99%	22.99%	-2.00%

SMDX vs. SPSM - Expense Ratio Comparison

SMDX has a 0.35% expense ratio, which is higher than SPSM's 0.03% expense ratio.

Dividends

SMDX vs. SPSM - Dividend Comparison

SMDX's dividend yield for the trailing twelve months is around 0.52%, less than SPSM's 1.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF	0.52%	0.61%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF	1.41%	1.62%	1.85%	1.61%	1.38%	1.40%	1.34%	1.58%	1.82%	1.51%	1.49%	2.37%

Frequently Asked Questions

Can I hold both SMDX and SPSM in my portfolio?

With a correlation of 0.95, SMDX and SPSM 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.

Which is riskier, SMDX or SPSM?

SPSM has higher volatility (4.93%) compared to SMDX (4.23%). In terms of maximum drawdown, SMDX dropped -14.52% vs SPSM's -42.89%.

Which ETF is better, SMDX or SPSM?

On 1-year performance, SPSM leads with 34.61% vs 29.15% for SMDX. On fees, SPSM is cheaper at 0.03% per year. On volatility, SMDX has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMDX or SPSM?

Over the 1-year period, SPSM has performed better with a 34.61% return vs 29.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMDX or SPSM?

SPSM is cheaper with a 0.03% expense ratio, compared with 0.35% for SMDX.

Which ETF pays a higher dividend yield, SMDX or SPSM?

SPSM has the higher dividend yield at 1.41%, compared with 0.52% for SMDX.

What is the main difference between SMDX and SPSM?

They also come from different issuers: Intech and State Street. Their fees differ too: 0.35% for SMDX and 0.03% for SPSM.

Which has better risk-adjusted returns?

SPSM currently has the higher Sharpe Ratio (1.97 vs 1.76), 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.