SPMD vs. CSD
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and CSD (Invesco S&P Spin-Off ETF) are both Mid Cap Blend Equities funds - SPMD tracks the S&P MidCap 400 Index while CSD tracks the S&P U.S. Spin-Off Index. Both are passively managed. Over the past 10 years, SPMD returned 11.86%/yr vs 14.95%/yr for CSD. Their correlation of 0.83 suggests significant overlap in exposure. SPMD charges 0.03%/yr vs 0.65%/yr for CSD.
Performance
SPMD vs. CSD - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 14.65% return, which is significantly lower than CSD's 44.05% return. Over the past 10 years, SPMD has underperformed CSD with an annualized return of 11.86%, while CSD has yielded a comparatively higher 14.95% annualized return.
SPMD
- 1D
- -1.02%
- 1M
- 2.69%
- YTD
- 14.65%
- 6M
- 12.55%
- 1Y
- 25.12%
- 3Y*
- 16.14%
- 5Y*
- 8.50%
- 10Y*
- 11.86%
CSD
- 1D
- -2.62%
- 1M
- 5.93%
- YTD
- 44.05%
- 6M
- 41.48%
- 1Y
- 75.45%
- 3Y*
- 37.97%
- 5Y*
- 18.05%
- 10Y*
- 14.95%
SPMD vs. CSD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.65% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
CSD Invesco S&P Spin-Off ETF | 44.05% | 21.58% | 27.61% | 23.77% | -15.04% | 13.01% | 10.79% | 20.61% | -17.82% | 20.64% |
Correlation
The correlation between SPMD and CSD is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2006 | 0.83 |
The correlation between SPMD and CSD has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.
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Return for Risk
SPMD vs. CSD — Risk / Return Rank
SPMD
CSD
SPMD vs. CSD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and Invesco S&P Spin-Off ETF (CSD). 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.
| SPMD | CSD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.48 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.49 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 6.69 | -3.84 |
| Martin ratioReturn relative to average drawdown | 10.44 | 26.12 | -15.68 |
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Drawdowns
SPMD vs. CSD - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, smaller than the maximum CSD drawdown of -70.47%. Use the drawdown chart below to compare losses from any high point for SPMD and CSD.
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Drawdown Indicators
| SPMD | CSD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -70.47% | +12.85% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -11.34% | +2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -30.15% | +6.07% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -30.15% | +6.07% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -57.55% | +15.69% |
Current DrawdownCurrent decline from peak | -1.13% | -2.62% | +1.49% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -14.19% | +6.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.90% | -0.49% |
Volatility
SPMD vs. CSD - Volatility Comparison
The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 4.72%, while Invesco S&P Spin-Off ETF (CSD) has a volatility of 7.74%. This indicates that SPMD experiences smaller price fluctuations and is considered to be less risky than CSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMD | CSD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 7.74% | -3.02% |
Volatility (6M)Calculated over the trailing 6-month period | 11.79% | 18.71% | -6.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.90% | 24.74% | -8.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.72% | 23.43% | -3.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.19% | 24.90% | -3.71% |
SPMD vs. CSD - Expense Ratio Comparison
SPMD has a 0.03% expense ratio, which is lower than CSD's 0.65% expense ratio.
Dividends
SPMD vs. CSD - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.23%, more than CSD's 0.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSD Invesco S&P Spin-Off ETF | 0.11% | 0.16% | 0.17% | 0.51% | 0.86% | 0.73% | 0.99% | 1.08% | 0.99% | 0.60% | 1.62% | 2.61% |
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
SPMD and CSD have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CSD has higher volatility (7.74%) compared to SPMD (4.72%). In terms of maximum drawdown, SPMD dropped -57.62% vs CSD's -70.47%.
On 10-year performance, CSD leads with 14.95% vs 11.86% for SPMD. On fees, SPMD is cheaper at 0.03% per year. On volatility, SPMD has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CSD has performed better with a 14.95% return vs 11.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.03% expense ratio, compared with 0.65% for CSD.
SPMD has the higher dividend yield at 1.23%, compared with 0.11% for CSD.
SPMD tracks S&P MidCap 400 Index, while CSD tracks S&P U.S. Spin-Off Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.03% for SPMD and 0.65% for CSD.
CSD currently has the higher Sharpe Ratio (3.07 vs 1.59), 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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