SPMD vs. EZM
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and EZM (WisdomTree U.S. MidCap Earnings Fund) are both Mid Cap Blend Equities funds - SPMD tracks the S&P MidCap 400 Index while EZM tracks the WisdomTree U.S. MidCap Index. Both are passively managed. Over the past 10 years, SPMD returned 11.86%/yr vs 11.19%/yr for EZM. Their correlation of 0.90 suggests significant overlap in exposure. SPMD charges 0.03%/yr vs 0.38%/yr for EZM.
Performance
SPMD vs. EZM - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 14.65% return, which is significantly higher than EZM's 11.89% return. Over the past 10 years, SPMD has outperformed EZM with an annualized return of 11.86%, while EZM has yielded a comparatively lower 11.19% 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%
EZM
- 1D
- -0.44%
- 1M
- 2.64%
- YTD
- 11.89%
- 6M
- 10.26%
- 1Y
- 23.90%
- 3Y*
- 15.31%
- 5Y*
- 8.74%
- 10Y*
- 11.19%
SPMD vs. EZM - 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% |
EZM WisdomTree U.S. MidCap Earnings Fund | 11.89% | 8.42% | 10.29% | 19.69% | -12.22% | 31.00% | 5.57% | 24.48% | -12.36% | 17.37% |
Correlation
The correlation between SPMD and EZM is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2007 | 0.90 |
The correlation between SPMD and EZM has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.
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Return for Risk
SPMD vs. EZM — Risk / Return Rank
SPMD
EZM
SPMD vs. EZM - 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 WisdomTree U.S. MidCap Earnings Fund (EZM). 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 | EZM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.28 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 2.76 | +0.09 |
| Martin ratioReturn relative to average drawdown | 10.44 | 9.36 | +1.08 |
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Drawdowns
SPMD vs. EZM - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, roughly equal to the maximum EZM drawdown of -59.58%. Use the drawdown chart below to compare losses from any high point for SPMD and EZM.
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Drawdown Indicators
| SPMD | EZM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -59.58% | +1.96% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -8.70% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -23.53% | -0.55% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -23.53% | -0.55% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -47.26% | +5.40% |
Current DrawdownCurrent decline from peak | -1.13% | -1.01% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -8.25% | +0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.56% | -0.15% |
Volatility
SPMD vs. EZM - Volatility Comparison
SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a higher volatility of 4.72% compared to WisdomTree U.S. MidCap Earnings Fund (EZM) at 4.05%. This indicates that SPMD's price experiences larger fluctuations and is considered to be riskier than EZM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMD | EZM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 4.05% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 11.79% | 10.54% | +1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.90% | 15.06% | +0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.72% | 20.40% | -0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.19% | 22.33% | -1.14% |
SPMD vs. EZM - Expense Ratio Comparison
SPMD has a 0.03% expense ratio, which is lower than EZM's 0.38% expense ratio.
Dividends
SPMD vs. EZM - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.23%, less than EZM's 1.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EZM WisdomTree U.S. MidCap Earnings Fund | 1.25% | 1.39% | 1.22% | 1.25% | 1.57% | 1.08% | 1.67% | 1.34% | 1.57% | 1.14% | 1.55% | 1.30% |
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
With a correlation of 0.95, SPMD and EZM 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 (4.72%) compared to EZM (4.05%). In terms of maximum drawdown, SPMD dropped -57.62% vs EZM's -59.58%.
On 10-year performance, SPMD leads with 11.86% vs 11.19% for EZM. On fees, SPMD is cheaper at 0.03% per year. On volatility, EZM has been the lower-risk option at 4.05%. 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 11.86% return vs 11.19%. 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 0.38% for EZM.
EZM has the higher dividend yield at 1.25%, compared with 1.23% for SPMD.
SPMD tracks S&P MidCap 400 Index, while EZM tracks WisdomTree U.S. MidCap Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.03% for SPMD and 0.38% for EZM.
EZM currently has the higher Sharpe Ratio (1.60 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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