SPMD vs. LSAF
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds - SPMD tracks the S&P MidCap 400 Index while LSAF tracks the AlphaFactor US Core Equity Index. Both are passively managed. Over the past 5 years, SPMD returned 8.47%/yr vs 10.90%/yr for LSAF. Their correlation of 0.91 means they have usually moved in the same direction. SPMD charges 0.03%/yr vs 0.75%/yr for LSAF.
Performance
SPMD vs. LSAF - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 14.67% return, which is significantly lower than LSAF's 19.96% return.
SPMD
- 1D
- -0.08%
- 1M
- -1.01%
- 6M
- 10.21%
- YTD
- 14.67%
- 1Y
- 22.87%
- 3Y*
- 13.08%
- 5Y*
- 8.47%
- 10Y*
- 11.15%
- ALL TIME*
- 9.82%
LSAF
- 1D
- -0.55%
- 1M
- 2.49%
- 6M
- 17.23%
- YTD
- 19.96%
- 1Y
- 30.03%
- 3Y*
- 18.58%
- 5Y*
- 10.90%
- 10Y*
- —
- ALL TIME*
- 11.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $265.84K | $205.64K | $201.86K | |
| $86.63M | $87.95M | $104.48M |
SPMD vs. LSAF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.67% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -17.39% |
LSAF LeaderShares AlphaFactor US Core Equity ETF | 19.96% | 12.01% | 18.09% | 15.48% | -13.12% | 22.75% | 6.92% | 28.35% | -15.47% |
Correlation
The correlation between SPMD and LSAF is 0.84, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.84 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018 | 0.91 |
The correlation between SPMD and LSAF has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.
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Return for Risk
SPMD vs. LSAF — Risk / Return Rank
SPMD
LSAF
SPMD vs. LSAF - 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 LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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 | LSAF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.35 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 4.41 | -2.03 |
| Martin ratioReturn relative to average drawdown | 8.71 | 14.86 | -6.15 |
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Drawdowns
SPMD vs. LSAF - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, which is greater than LSAF's maximum drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for SPMD and LSAF.
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Drawdown Indicators
| SPMD | LSAF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -41.67% | -15.95% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -6.58% | -2.28% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -20.26% | -3.82% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -24.94% | +0.86% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | — | — |
Current DrawdownCurrent decline from peak | -2.34% | -1.48% | -0.86% |
Average DrawdownAverage peak-to-trough decline | -8.07% | -6.21% | -1.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 1.95% | +0.47% |
Volatility
SPMD vs. LSAF - Volatility Comparison
The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 3.50%, while LeaderShares AlphaFactor US Core Equity ETF (LSAF) has a volatility of 4.21%. This indicates that SPMD experiences smaller price fluctuations and is considered to be less risky than LSAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMD | LSAF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 4.21% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 11.67% | 10.49% | +1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.79% | 14.36% | +1.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.63% | 18.38% | +1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.14% | 21.73% | -0.59% |
SPMD vs. LSAF - Expense Ratio Comparison
SPMD has a 0.03% expense ratio, which is lower than LSAF's 0.75% expense ratio.
Dividends
SPMD vs. LSAF - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.23%, more than LSAF's 0.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LSAF LeaderShares AlphaFactor US Core Equity ETF | 0.57% | 0.69% | 0.42% | 0.84% | 0.96% | 0.37% | 0.53% | 0.71% | 0.20% | 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 LSAF have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LSAF has higher volatility (4.21%) compared to SPMD (3.50%). In terms of maximum drawdown, SPMD dropped -57.62% vs LSAF's -41.67%.
On 5-year performance, LSAF leads with 10.90% vs 8.47% for SPMD. On fees, SPMD is cheaper at 0.03% per year. On volatility, SPMD has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, LSAF has performed better with a 10.90% return vs 8.47%. 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 0.75% for LSAF.
SPMD has the higher dividend yield at 1.23%, compared with 0.57% for LSAF.
SPMD tracks S&P MidCap 400 Index, while LSAF tracks AlphaFactor US Core Equity Index. They also come from different issuers: State Street and Redwood. Their fees differ too: 0.03% for SPMD and 0.75% for LSAF.
LSAF currently has the higher Sharpe Ratio (2.03 vs 1.34), 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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