SPMD vs. IWR
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and IWR (iShares Russell Midcap ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while IWR is a Mid Cap Growth Equities fund tracking the Russell Midcap Index. Both are passively managed. Over the past 10 years, SPMD returned 11.98%/yr vs 12.03%/yr for IWR. Their correlation of 0.91 suggests significant overlap in exposure. SPMD charges 0.03%/yr vs 0.19%/yr for IWR.
Performance
SPMD vs. IWR - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 15.83% return, which is significantly higher than IWR's 13.93% return. Both investments have delivered pretty close results over the past 10 years, with SPMD having a 11.98% annualized return and IWR not far ahead at 12.03%.
SPMD
- 1D
- 0.44%
- 1M
- 3.74%
- YTD
- 15.83%
- 6M
- 13.38%
- 1Y
- 27.54%
- 3Y*
- 16.54%
- 5Y*
- 8.92%
- 10Y*
- 11.98%
IWR
- 1D
- 0.52%
- 1M
- 3.28%
- YTD
- 13.93%
- 6M
- 12.06%
- 1Y
- 23.42%
- 3Y*
- 17.38%
- 5Y*
- 8.30%
- 10Y*
- 12.03%
SPMD vs. IWR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.83% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
IWR iShares Russell Midcap ETF | 13.93% | 10.37% | 15.21% | 17.05% | -17.48% | 22.44% | 16.93% | 30.23% | -9.10% | 18.25% |
Correlation
The correlation between SPMD and IWR is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.91 |
The correlation between SPMD and IWR has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
SPMD vs. IWR — Risk / Return Rank
SPMD
IWR
SPMD vs. IWR - 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 Russell Midcap ETF (IWR). 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 | IWR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.30 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 2.88 | +0.24 |
| Martin ratioReturn relative to average drawdown | 11.45 | 11.02 | +0.43 |
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Drawdowns
SPMD vs. IWR - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, roughly equal to the maximum IWR drawdown of -58.78%. Use the drawdown chart below to compare losses from any high point for SPMD and IWR.
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Drawdown Indicators
| SPMD | IWR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -58.78% | +1.16% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -8.17% | -0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -21.09% | -2.99% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -26.18% | +2.10% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -40.59% | -1.27% |
Current DrawdownCurrent decline from peak | -0.11% | -0.30% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -7.79% | -0.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.13% | +0.28% |
Volatility
SPMD vs. IWR - Volatility Comparison
SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and iShares Russell Midcap ETF (IWR) have volatilities of 4.55% and 4.41%, 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 | IWR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 4.41% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 11.74% | 10.38% | +1.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.89% | 13.80% | +2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.72% | 18.28% | +1.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.21% | 19.40% | +1.81% |
SPMD vs. IWR - Expense Ratio Comparison
SPMD has a 0.03% expense ratio, which is lower than IWR's 0.19% 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. IWR - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.53%, more than IWR's 1.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWR iShares Russell Midcap ETF | 1.16% | 1.29% | 1.27% | 1.43% | 1.59% | 1.04% | 1.28% | 1.43% | 1.98% | 1.52% | 1.72% | 1.59% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.53% | 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 0.96, SPMD and IWR 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 (4.55%) compared to IWR (4.41%). In terms of maximum drawdown, SPMD dropped -57.62% vs IWR's -58.78%.
On 10-year performance, IWR leads with 12.03% vs 11.98% for SPMD. On fees, SPMD is cheaper at 0.03% per year. On volatility, IWR has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWR has performed better with a 12.03% return vs 11.98%. 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 0.19% for IWR.
SPMD has the higher dividend yield at 1.53%, compared with 1.16% for IWR.
SPMD is categorized as Mid Cap Blend Equities, while IWR is Mid Cap Growth Equities. SPMD tracks S&P MidCap 400 Index, while IWR tracks Russell Midcap Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.03% for SPMD and 0.19% for IWR.
SPMD currently has the higher Sharpe Ratio (1.74 vs 1.71), 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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