SPMD vs. IMCB
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and IMCB (iShares Morningstar Mid-Cap ETF) are both Mid Cap Blend Equities funds - SPMD tracks the S&P MidCap 400 Index while IMCB tracks the IMCB-US - Morningstar U.S. Mid Cap Index. Both are passively managed. Over the past 10 years, SPMD returned 11.86%/yr vs 11.71%/yr for IMCB. Their correlation of 0.90 suggests significant overlap in exposure. SPMD charges 0.03%/yr vs 0.04%/yr for IMCB.
Performance
SPMD vs. IMCB - 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 IMCB's 15.58% return. Both investments have delivered pretty close results over the past 10 years, with SPMD having a 11.86% annualized return and IMCB not far behind at 11.71%.
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%
IMCB
- 1D
- -0.52%
- 1M
- 3.49%
- YTD
- 15.58%
- 6M
- 14.26%
- 1Y
- 23.55%
- 3Y*
- 17.69%
- 5Y*
- 8.92%
- 10Y*
- 11.71%
SPMD vs. IMCB - 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% |
IMCB iShares Morningstar Mid-Cap ETF | 15.58% | 10.25% | 15.10% | 16.37% | -16.09% | 22.81% | 13.35% | 31.49% | -11.53% | 19.70% |
Correlation
The correlation between SPMD and IMCB is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.90 |
The correlation between SPMD and IMCB has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.
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Return for Risk
SPMD vs. IMCB — Risk / Return Rank
SPMD
IMCB
SPMD vs. IMCB - 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 Morningstar Mid-Cap ETF (IMCB). 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 | IMCB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.31 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.85 | 2.94 | -0.09 |
| Martin ratioReturn relative to average drawdown | 10.44 | 11.50 | -1.06 |
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Drawdowns
SPMD vs. IMCB - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, roughly equal to the maximum IMCB drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for SPMD and IMCB.
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Drawdown Indicators
| SPMD | IMCB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -58.80% | +1.18% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -8.05% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -19.80% | -4.28% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -25.15% | +1.07% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -40.99% | -0.87% |
Current DrawdownCurrent decline from peak | -1.13% | -0.84% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -7.72% | -0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.05% | +0.36% |
Volatility
SPMD vs. IMCB - Volatility Comparison
SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and iShares Morningstar Mid-Cap ETF (IMCB) have volatilities of 4.72% and 4.75%, 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 | IMCB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 4.75% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 11.79% | 10.27% | +1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.90% | 13.31% | +2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.72% | 17.64% | +2.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.19% | 19.66% | +1.53% |
SPMD vs. IMCB - Expense Ratio Comparison
SPMD has a 0.03% expense ratio, which is lower than IMCB's 0.04% 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. IMCB - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.23%, which matches IMCB's 1.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IMCB iShares Morningstar Mid-Cap ETF | 1.24% | 1.42% | 1.43% | 1.55% | 1.70% | 1.08% | 1.12% | 1.32% | 1.80% | 1.31% | 1.79% | 1.47% |
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 0.94, SPMD and IMCB 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.
IMCB has higher volatility (4.75%) compared to SPMD (4.72%). In terms of maximum drawdown, SPMD dropped -57.62% vs IMCB's -58.80%.
On 10-year performance, SPMD leads with 11.86% vs 11.71% for IMCB. On fees, SPMD is cheaper at 0.03% per year. 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 11.86% return vs 11.71%. 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 0.04% for IMCB.
SPMD and IMCB have nearly identical dividend yields, around 1.23%.
SPMD tracks S&P MidCap 400 Index, while IMCB tracks IMCB-US - Morningstar U.S. Mid Cap Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPMD and 0.04% for IMCB.
IMCB currently has the higher Sharpe Ratio (1.78 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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