SPMD vs. IJH
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and IJH (iShares Core S&P Mid-Cap ETF) are both Mid Cap Blend Equities funds tracking the S&P MidCap 400 Index, from State Street and iShares respectively. Both are passively managed. Over the past 10 years, SPMD returned 11.39%/yr vs 11.23%/yr for IJH. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.05% expense ratio.
Performance
SPMD vs. IJH - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SPMD having a 14.54% return and IJH slightly higher at 14.60%. Both investments have delivered pretty close results over the past 10 years, with SPMD having a 11.39% annualized return and IJH not far behind at 11.23%.
SPMD
- 1D
- 0.33%
- 1M
- 2.89%
- YTD
- 14.54%
- 6M
- 14.24%
- 1Y
- 26.21%
- 3Y*
- 16.67%
- 5Y*
- 8.28%
- 10Y*
- 11.39%
IJH
- 1D
- 0.44%
- 1M
- 2.99%
- YTD
- 14.60%
- 6M
- 14.27%
- 1Y
- 26.23%
- 3Y*
- 16.69%
- 5Y*
- 8.26%
- 10Y*
- 11.23%
SPMD vs. IJH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.54% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
IJH iShares Core S&P Mid-Cap ETF | 14.60% | 7.42% | 13.92% | 16.40% | -13.11% | 24.72% | 13.60% | 26.10% | -11.19% | 16.26% |
Correlation
The correlation between SPMD and IJH is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2005 | 0.92 |
The correlation between SPMD and IJH has been stable across timeframes, ranging from 0.92 to 1.00 - a consistent structural relationship.
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Return for Risk
SPMD vs. IJH — Risk / Return Rank
SPMD
IJH
SPMD vs. IJH - 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 Core S&P Mid-Cap ETF (IJH). 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 | IJH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.30 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 2.98 | -0.01 |
| Martin ratioReturn relative to average drawdown | 10.91 | 10.93 | -0.01 |
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 | IJH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.70 | 1.70 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | 0.42 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.53 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.46 | -0.01 |
Drawdowns
SPMD vs. IJH - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, roughly equal to the maximum IJH drawdown of -55.07%. Use the drawdown chart below to compare losses from any high point for SPMD and IJH.
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Drawdown Indicators
| SPMD | IJH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -55.07% | -2.55% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -8.83% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -24.10% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -24.10% | +0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -42.18% | +0.32% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -7.57% | -0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.41% | 0.00% |
Volatility
SPMD vs. IJH - Volatility Comparison
SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and iShares Core S&P Mid-Cap ETF (IJH) have volatilities of 4.23% and 4.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMD | IJH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.23% | 4.24% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 11.36% | 11.31% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.53% | 15.50% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.70% | 19.74% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.18% | 21.17% | +0.01% |
SPMD vs. IJH - Expense Ratio Comparison
Both SPMD and IJH have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPMD vs. IJH - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.22%, more than IJH's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IJH iShares Core S&P Mid-Cap ETF | 1.18% | 1.36% | 1.33% | 1.46% | 1.68% | 1.18% | 1.28% | 1.63% | 1.72% | 1.19% | 1.60% | 1.56% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.22% | 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 1.00, SPMD and IJH 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.
IJH has higher volatility (4.24%) compared to SPMD (4.23%). In terms of maximum drawdown, SPMD dropped -57.62% vs IJH's -55.07%.
On 10-year performance, SPMD leads with 11.39% vs 11.23% for IJH. Both ETFs have the same 0.05% expense ratio. Their volatility is very similar. 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 11.39% return vs 11.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD and IJH have the same expense ratio: 0.05% per year.
SPMD has the higher dividend yield at 1.22%, compared with 1.18% for IJH.
Both ETFs track S&P MidCap 400 Index. They also come from different issuers: State Street and iShares.
IJH currently has the higher Sharpe Ratio (1.70 vs 1.70), 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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