SPMD vs. QUAL
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, SPMD returned 11.78%/yr vs 14.46%/yr for QUAL. A 0.80 correlation means they provide meaningful diversification when combined. SPMD charges 0.05%/yr vs 0.15%/yr for QUAL.
Performance
SPMD vs. QUAL - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 15.51% return, which is significantly higher than QUAL's 9.44% return. Over the past 10 years, SPMD has underperformed QUAL with an annualized return of 11.78%, while QUAL has yielded a comparatively higher 14.46% annualized return.
SPMD
- 1D
- 0.73%
- 1M
- 3.56%
- YTD
- 15.51%
- 6M
- 14.03%
- 1Y
- 27.96%
- 3Y*
- 15.42%
- 5Y*
- 8.28%
- 10Y*
- 11.78%
QUAL
- 1D
- 0.47%
- 1M
- 2.14%
- YTD
- 9.44%
- 6M
- 9.29%
- 1Y
- 22.87%
- 3Y*
- 19.30%
- 5Y*
- 11.97%
- 10Y*
- 14.46%
SPMD vs. QUAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.51% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
QUAL iShares MSCI USA Quality Factor ETF | 9.44% | 12.65% | 22.29% | 30.88% | -20.50% | 26.94% | 17.04% | 33.89% | -5.70% | 22.26% |
Correlation
The correlation between SPMD and QUAL is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2013 | 0.80 |
The correlation between SPMD and QUAL has been stable across timeframes, ranging from 0.78 to 0.83 - a consistent structural relationship.
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Return for Risk
SPMD vs. QUAL — Risk / Return Rank
SPMD
QUAL
SPMD vs. QUAL - 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 MSCI USA Quality Factor ETF (QUAL). 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 | QUAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.31 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.95 | 2.32 | +0.62 |
| Martin ratioReturn relative to average drawdown | 10.81 | 10.60 | +0.21 |
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Drawdowns
SPMD vs. QUAL - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for SPMD and QUAL.
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Drawdown Indicators
| SPMD | QUAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -34.06% | -23.56% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -9.03% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -18.00% | -6.08% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -28.23% | +4.15% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -34.06% | -7.80% |
Current DrawdownCurrent decline from peak | 0.00% | -0.19% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -8.11% | -4.10% | -4.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 1.99% | +0.42% |
Volatility
SPMD vs. QUAL - Volatility Comparison
SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a higher volatility of 5.07% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 3.63%. This indicates that SPMD's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMD | QUAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.07% | 3.63% | +1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 11.77% | 9.43% | +2.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.91% | 12.10% | +3.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.75% | 17.36% | +2.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.20% | 18.11% | +3.09% |
SPMD vs. QUAL - Expense Ratio Comparison
SPMD has a 0.05% expense ratio, which is lower than QUAL's 0.15% 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. QUAL - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.21%, more than QUAL's 0.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 0.87% | 0.94% | 1.02% | 1.23% | 1.59% | 1.20% | 1.39% | 1.60% | 2.00% | 1.76% | 1.96% | 1.63% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.21% | 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 QUAL have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMD has higher volatility (5.07%) compared to QUAL (3.63%). In terms of maximum drawdown, SPMD dropped -57.62% vs QUAL's -34.06%.
On 10-year performance, QUAL leads with 14.46% vs 11.78% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, QUAL has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QUAL has performed better with a 14.46% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.05% expense ratio, compared with 0.15% for QUAL.
SPMD has the higher dividend yield at 1.21%, compared with 0.87% for QUAL.
SPMD is categorized as Mid Cap Blend Equities, while QUAL is Large Cap Blend Equities. SPMD tracks S&P MidCap 400 Index, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for SPMD and 0.15% for QUAL.
QUAL currently has the higher Sharpe Ratio (1.74 vs 1.64), 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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