SPDW vs. SPMD
SPDW (SPDR Portfolio World ex-US ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI 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, SPDW returned 10.64%/yr vs 11.78%/yr for SPMD. A 0.73 correlation means they provide meaningful diversification when combined. SPDW charges 0.04%/yr vs 0.05%/yr for SPMD.
Performance
SPDW vs. SPMD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SPDW having a 14.86% return and SPMD slightly higher at 15.51%. Over the past 10 years, SPDW has underperformed SPMD with an annualized return of 10.64%, while SPMD has yielded a comparatively higher 11.78% annualized return.
SPDW
- 1D
- 0.29%
- 1M
- 1.53%
- YTD
- 14.86%
- 6M
- 16.65%
- 1Y
- 31.27%
- 3Y*
- 19.01%
- 5Y*
- 9.30%
- 10Y*
- 10.64%
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%
SPDW vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDW SPDR Portfolio World ex-US ETF | 14.86% | 34.75% | 3.55% | 17.81% | -15.98% | 11.45% | 9.90% | 22.41% | -14.22% | 25.81% |
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 SPDW and SPMD is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Apr 26, 2007 | 0.73 |
The correlation between SPDW and SPMD has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.
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Return for Risk
SPDW vs. SPMD — Risk / Return Rank
SPDW
SPMD
SPDW vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) 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.
| SPDW | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.29 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 2.95 | -0.37 |
| Martin ratioReturn relative to average drawdown | 9.95 | 10.81 | -0.85 |
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Drawdowns
SPDW vs. SPMD - Drawdown Comparison
The maximum SPDW drawdown since its inception was -60.02%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for SPDW and SPMD.
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Drawdown Indicators
| SPDW | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.02% | -57.62% | -2.40% |
Max Drawdown (1Y)Largest decline over 1 year | -11.55% | -8.86% | -2.69% |
Max Drawdown (3Y)Largest decline over 3 years | -13.53% | -24.08% | +10.55% |
Max Drawdown (5Y)Largest decline over 5 years | -30.21% | -24.08% | -6.13% |
Max Drawdown (10Y)Largest decline over 10 years | -34.98% | -41.86% | +6.88% |
Current DrawdownCurrent decline from peak | -0.99% | 0.00% | -0.99% |
Average DrawdownAverage peak-to-trough decline | -12.89% | -8.11% | -4.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 2.41% | +0.58% |
Volatility
SPDW vs. SPMD - Volatility Comparison
SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.86% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 5.07%. This indicates that SPDW'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
| SPDW | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.86% | 5.07% | +1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 14.23% | 11.77% | +2.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.51% | 15.91% | +0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.66% | 19.75% | -3.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.31% | 21.20% | -3.89% |
SPDW vs. SPMD - Expense Ratio Comparison
SPDW 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
SPDW vs. SPMD - Dividend Comparison
SPDW's dividend yield for the trailing twelve months is around 2.87%, more than SPMD's 1.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPDW SPDR Portfolio World ex-US ETF | 2.87% | 3.30% | 3.19% | 2.75% | 3.12% | 3.04% | 1.87% | 3.13% | 3.08% | 1.86% | 3.11% | 2.78% |
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
SPDW and SPMD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDW has higher volatility (6.86%) compared to SPMD (5.07%). In terms of maximum drawdown, SPDW dropped -60.02% vs SPMD's -57.62%.
On 10-year performance, SPMD leads with 11.78% vs 10.64% for SPDW. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPMD has been the lower-risk option at 5.07%. 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 10.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDW is cheaper with a 0.04% expense ratio, compared with 0.05% for SPMD.
SPDW has the higher dividend yield at 2.87%, compared with 1.21% for SPMD.
SPDW is categorized as Foreign Large Cap Equities, while SPMD is Mid Cap Blend Equities. SPDW tracks S&P Developed Ex-U.S. BMI Index, while SPMD tracks S&P MidCap 400 Index. Their fees differ too: 0.04% for SPDW and 0.05% for SPMD.
SPDW currently has the higher Sharpe Ratio (1.80 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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