SPMD vs. PMAQX

Last updated Jun 24, 2026

SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and PMAQX (Principal MidCap R6) are both funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while PMAQX is a Mid Cap Growth Equities fund managed by Principal Funds. Over the past 5 years, SPMD returned 8.50%/yr vs 4.84%/yr for PMAQX. Their correlation of 0.85 suggests significant overlap in exposure. SPMD charges 0.03%/yr vs 0.60%/yr for PMAQX.

Performance

SPMD vs. PMAQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and Principal MidCap R6 (PMAQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMD achieves a 14.65% return, which is significantly higher than PMAQX's -6.87% return.

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%

PMAQX

• 1D: -1.02%
• 1M: 2.70%
• YTD: -6.87%
• 6M: -8.16%
• 1Y: -8.80%
• 3Y*: 9.74%
• 5Y*: 4.84%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMD vs. PMAQX - 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%
PMAQX Principal MidCap R6	-6.87%	1.71%	23.74%	26.02%	-23.09%	25.29%	18.38%	49.59%	-6.79%	24.68%

Correlation

The correlation between SPMD and PMAQX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 3, 2017	0.85

The correlation between SPMD and PMAQX shifts across timeframes, from 0.74 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SPMD vs. PMAQX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPMD

SPMD Risk / Return Rank: 52
SPMD Sharpe Ratio Rank: 47
SPMD Sortino Ratio Rank: 49
SPMD Omega Ratio Rank: 45
SPMD Calmar Ratio Rank: 60
SPMD Martin Ratio Rank: 60

PMAQX

PMAQX Risk / Return Rank: 1
PMAQX Sharpe Ratio Rank: 1
PMAQX Sortino Ratio Rank: 1
PMAQX Omega Ratio Rank: 1
PMAQX Calmar Ratio Rank: 1
PMAQX Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPMD vs. PMAQX - 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 Principal MidCap R6 (PMAQX). 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	PMAQX	Difference
Sharpe ratio: Return per unit of total volatility	1.59	-0.53	+2.12
Sortino ratio: Return per unit of downside risk	2.33	-0.66	+2.99
Omega ratio: Gain probability vs. loss probability	1.28	0.93	+0.35
Calmar ratio: Return relative to maximum drawdown	2.85	-0.40	+3.25
Martin ratio: Return relative to average drawdown	10.44	-0.84	+11.28

SPMD vs. PMAQX - Sharpe Ratio Comparison

The current SPMD Sharpe Ratio is 1.59, which is higher than the PMAQX Sharpe Ratio of -0.53. The chart below compares the historical Sharpe Ratios of SPMD and PMAQX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPMD vs. PMAQX - Drawdown Comparison

The maximum SPMD drawdown since its inception was -57.62%, which is greater than PMAQX's maximum drawdown of -40.56%. Use the drawdown chart below to compare losses from any high point for SPMD and PMAQX.

Drawdown Indicators

	SPMD	PMAQX	Difference
Max Drawdown Largest peak-to-trough decline	-57.62%	-40.56%	-17.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-19.25%	+10.39%
Max Drawdown (3Y) Largest decline over 3 years	-24.08%	-19.25%	-4.83%
Max Drawdown (5Y) Largest decline over 5 years	-24.08%	-31.10%	+7.02%
Max Drawdown (10Y) Largest decline over 10 years	-41.86%	—	—
Current Drawdown Current decline from peak	-1.13%	-12.93%	+11.80%
Average Drawdown Average peak-to-trough decline	-8.10%	-6.84%	-1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	9.13%	-6.72%

Volatility

SPMD vs. PMAQX - Volatility Comparison

SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a higher volatility of 4.72% compared to Principal MidCap R6 (PMAQX) at 4.41%. This indicates that SPMD's price experiences larger fluctuations and is considered to be riskier than PMAQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMD	PMAQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.72%	4.41%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	11.79%	11.67%	+0.12%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	14.68%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.72%	18.69%	+1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.19%	19.47%	+1.72%

SPMD vs. PMAQX - Expense Ratio Comparison

SPMD has a 0.03% expense ratio, which is lower than PMAQX's 0.60% expense ratio.

Dividends

SPMD vs. PMAQX - Dividend Comparison

SPMD's dividend yield for the trailing twelve months is around 1.23%, less than PMAQX's 6.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMAQX Principal MidCap R6	6.23%	5.80%	6.46%	2.58%	3.18%	7.96%	1.08%	9.14%	12.39%	3.39%	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

Can I hold both SPMD and PMAQX in my portfolio?

SPMD and PMAQX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPMD or PMAQX?

SPMD has higher volatility (4.72%) compared to PMAQX (4.41%). In terms of maximum drawdown, SPMD dropped -57.62% vs PMAQX's -40.56%.

Which has better risk-adjusted returns?

SPMD currently has the higher Sharpe Ratio (1.59 vs -0.53), 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.