SPMD vs. FLVCX

Last updated Jun 24, 2026

SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and FLVCX (Fidelity Leveraged Company Stock Fund) are both funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while FLVCX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, SPMD returned 11.86%/yr vs 16.53%/yr for FLVCX. Their correlation of 0.84 suggests significant overlap in exposure. SPMD charges 0.03%/yr vs 0.74%/yr for FLVCX.

Performance

SPMD vs. FLVCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and Fidelity Leveraged Company Stock Fund (FLVCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMD achieves a 14.65% return, which is significantly lower than FLVCX's 26.99% return. Over the past 10 years, SPMD has underperformed FLVCX with an annualized return of 11.86%, while FLVCX has yielded a comparatively higher 16.53% 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%

FLVCX

• 1D: 1.44%
• 1M: 9.26%
• YTD: 26.99%
• 6M: 25.31%
• 1Y: 44.76%
• 3Y*: 29.79%
• 5Y*: 15.32%
• 10Y*: 16.53%

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

SPMD vs. FLVCX - 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%
FLVCX Fidelity Leveraged Company Stock Fund	26.99%	20.34%	26.95%	26.10%	-22.99%	26.08%	26.74%	35.60%	-16.43%	20.92%

Correlation

The correlation between SPMD and FLVCX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005	0.84

The correlation between SPMD and FLVCX shifts across timeframes, from 0.76 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SPMD vs. FLVCX — Risk / Return Rank

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

SPMD

SPMD Risk / Return Rank: 52
SPMD Sharpe Ratio Rank: 47
SPMD Sortino Ratio Rank: 49
SPMD Omega Ratio Rank: 45
SPMD Calmar Ratio Rank: 60
SPMD Martin Ratio Rank: 60

FLVCX

FLVCX Risk / Return Rank: 63
FLVCX Sharpe Ratio Rank: 59
FLVCX Sortino Ratio Rank: 49
FLVCX Omega Ratio Rank: 51
FLVCX Calmar Ratio Rank: 82
FLVCX Martin Ratio Rank: 73

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.

SPMD vs. FLVCX - 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 Fidelity Leveraged Company Stock Fund (FLVCX). 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	FLVCX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.09	-0.50
Sortino ratio: Return per unit of downside risk	2.33	2.70	-0.37
Omega ratio: Gain probability vs. loss probability	1.28	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	2.85	3.56	-0.71
Martin ratio: Return relative to average drawdown	10.44	12.93	-2.49

SPMD vs. FLVCX - Sharpe Ratio Comparison

The current SPMD Sharpe Ratio is 1.59, which is comparable to the FLVCX Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of SPMD and FLVCX, 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

SPMD vs. FLVCX - Drawdown Comparison

The maximum SPMD drawdown since its inception was -57.62%, smaller than the maximum FLVCX drawdown of -70.02%. Use the drawdown chart below to compare losses from any high point for SPMD and FLVCX.

Drawdown Indicators

	SPMD	FLVCX	Difference
Max Drawdown Largest peak-to-trough decline	-57.62%	-70.02%	+12.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-13.06%	+4.20%
Max Drawdown (3Y) Largest decline over 3 years	-24.08%	-28.54%	+4.46%
Max Drawdown (5Y) Largest decline over 5 years	-24.08%	-28.54%	+4.46%
Max Drawdown (10Y) Largest decline over 10 years	-41.86%	-44.14%	+2.28%
Current Drawdown Current decline from peak	-1.13%	0.00%	-1.13%
Average Drawdown Average peak-to-trough decline	-8.10%	-10.98%	+2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	3.59%	-1.18%

Volatility

SPMD vs. FLVCX - Volatility Comparison

The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 4.72%, while Fidelity Leveraged Company Stock Fund (FLVCX) has a volatility of 9.08%. This indicates that SPMD experiences smaller price fluctuations and is considered to be less risky than FLVCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMD	FLVCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	9.08%	-4.36%
Volatility (6M) Calculated over the trailing 6-month period	11.79%	18.05%	-6.26%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	22.29%	-6.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	23.07%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.19%	23.51%	-2.32%

SPMD vs. FLVCX - Expense Ratio Comparison

SPMD has a 0.03% expense ratio, which is lower than FLVCX's 0.74% expense ratio.

Dividends

SPMD vs. FLVCX - Dividend Comparison

SPMD's dividend yield for the trailing twelve months is around 1.23%, less than FLVCX's 3.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLVCX Fidelity Leveraged Company Stock Fund	3.72%	4.72%	14.53%	12.19%	18.49%	8.40%	0.11%	0.10%	19.91%	18.96%	27.48%	6.18%
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

Can I hold both SPMD and FLVCX in my portfolio?

SPMD and FLVCX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPMD or FLVCX?

FLVCX has higher volatility (9.08%) compared to SPMD (4.72%). In terms of maximum drawdown, SPMD dropped -57.62% vs FLVCX's -70.02%.

Which has better risk-adjusted returns?

FLVCX currently has the higher Sharpe Ratio (2.09 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.