SPMD vs. IBIT
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and IBIT (iShares Bitcoin Trust ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, SPMD returned 23.67% vs -43.11% for IBIT. At a 0.40 correlation, their price movements are largely independent. SPMD charges 0.05%/yr vs 0.25%/yr for IBIT.
Performance
SPMD vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 13.50% return, which is significantly higher than IBIT's -29.22% return.
SPMD
- 1D
- 0.82%
- 1M
- 0.99%
- YTD
- 13.50%
- 6M
- 13.79%
- 1Y
- 23.67%
- 3Y*
- 15.34%
- 5Y*
- 8.06%
- 10Y*
- 11.43%
IBIT
- 1D
- -2.09%
- 1M
- -22.68%
- YTD
- -29.22%
- 6M
- -33.51%
- 1Y
- -43.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPMD vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 13.50% | 7.44% | 15.71% |
IBIT iShares Bitcoin Trust ETF | -29.22% | -6.41% | 89.87% |
Correlation
The correlation between SPMD and IBIT is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.40 |
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Return for Risk
SPMD vs. IBIT — Risk / Return Rank
SPMD
IBIT
SPMD vs. IBIT - 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 iShares Bitcoin Trust ETF (IBIT). 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.
| SPMD | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.50 | ||
| Sortino ratioReturn per unit of downside risk | +3.65 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.84 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | -0.83 | +3.51 |
| Martin ratioReturn relative to average drawdown | 9.83 | -1.48 | +11.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPMD | IBIT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.52 | -0.98 | +2.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.20 | +0.25 |
Drawdowns
SPMD vs. IBIT - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, which is greater than IBIT's maximum drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for SPMD and IBIT.
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Drawdown Indicators
| SPMD | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -52.11% | -5.51% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -52.11% | +43.25% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | — | — |
Current DrawdownCurrent decline from peak | -0.91% | -50.71% | +49.80% |
Average DrawdownAverage peak-to-trough decline | -8.11% | -16.37% | +8.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 29.14% | -26.73% |
Volatility
SPMD vs. IBIT - Volatility Comparison
The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 4.21%, while iShares Bitcoin Trust ETF (IBIT) has a volatility of 11.82%. This indicates that SPMD experiences smaller price fluctuations and is considered to be less risky than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMD | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.21% | 11.82% | -7.61% |
Volatility (6M)Calculated over the trailing 6-month period | 11.55% | 34.49% | -22.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.65% | 44.23% | -28.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.72% | 50.35% | -30.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.18% | 50.35% | -29.17% |
SPMD vs. IBIT - Expense Ratio Comparison
SPMD has a 0.05% expense ratio, which is lower than IBIT's 0.25% 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
SPMD vs. IBIT - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.23%, while IBIT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 IBIT have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (11.82%) compared to SPMD (4.21%). In terms of maximum drawdown, SPMD dropped -57.62% vs IBIT's -52.11%.
On 1-year performance, SPMD leads with 23.67% vs -43.11% for IBIT. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPMD has performed better with a 23.67% return vs -43.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.25% for IBIT.
SPMD has the higher dividend yield at 1.23%, compared with 0.00% for IBIT.
SPMD is categorized as Mid Cap Blend Equities, while IBIT is Cryptocurrency. SPMD tracks S&P MidCap 400 Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for SPMD and 0.25% for IBIT.
SPMD currently has the higher Sharpe Ratio (1.52 vs -0.98), 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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