SPMD vs. QVMM
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and QVMM (Invesco S&P MidCap 400 QVM Multi-factor ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while QVMM is a Multi-factor fund tracking the S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SPMD returned 16.40%/yr vs 16.85%/yr for QVMM. With a 0.99 correlation, they move nearly in lockstep. SPMD charges 0.03%/yr vs 0.15%/yr for QVMM.
Performance
SPMD vs. QVMM - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SPMD having a 16.40% return and QVMM slightly higher at 16.77%.
SPMD
- 1D
- 0.92%
- 1M
- 2.65%
- YTD
- 16.40%
- 6M
- 14.10%
- 1Y
- 26.87%
- 3Y*
- 16.40%
- 5Y*
- 8.62%
- 10Y*
- 12.43%
QVMM
- 1D
- 0.80%
- 1M
- 2.60%
- YTD
- 16.77%
- 6M
- 14.49%
- 1Y
- 28.09%
- 3Y*
- 16.85%
- 5Y*
- —
- 10Y*
- —
SPMD vs. QVMM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 16.40% | 7.44% | 13.91% | 16.48% | -13.13% | 6.15% |
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 16.77% | 8.82% | 13.36% | 15.43% | -13.06% | 6.20% |
Correlation
The correlation between SPMD and QVMM is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021 | 0.99 |
The correlation between SPMD and QVMM has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
SPMD vs. QVMM — Risk / Return Rank
SPMD
QVMM
SPMD vs. QVMM - 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 Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM). 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 | QVMM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.32 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.05 | 3.40 | -0.35 |
| Martin ratioReturn relative to average drawdown | 11.17 | 12.21 | -1.05 |
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Drawdowns
SPMD vs. QVMM - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, which is greater than QVMM's maximum drawdown of -24.00%. Use the drawdown chart below to compare losses from any high point for SPMD and QVMM.
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Drawdown Indicators
| SPMD | QVMM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -24.00% | -33.62% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -8.30% | -0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -24.00% | -0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -7.00% | -1.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.31% | +0.10% |
Volatility
SPMD vs. QVMM - Volatility Comparison
SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) have volatilities of 4.53% and 4.36%, 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 | QVMM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 4.36% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 11.78% | 11.60% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.88% | 15.56% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.72% | 19.45% | +0.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.18% | 19.45% | +1.73% |
SPMD vs. QVMM - Expense Ratio Comparison
SPMD has a 0.03% expense ratio, which is lower than QVMM'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. QVMM - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.21%, more than QVMM's 1.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 1.14% | 1.32% | 1.29% | 1.42% | 1.51% | 0.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
With a correlation of 0.99, SPMD and QVMM 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 (4.53%) compared to QVMM (4.36%). In terms of maximum drawdown, SPMD dropped -57.62% vs QVMM's -24.00%.
On 3-year performance, QVMM leads with 16.85% vs 16.40% for SPMD. On fees, SPMD is cheaper at 0.03% per year. On volatility, QVMM has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, QVMM has performed better with a 16.85% return vs 16.40%. 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 0.15% for QVMM.
SPMD has the higher dividend yield at 1.21%, compared with 1.14% for QVMM.
SPMD is categorized as Mid Cap Blend Equities, while QVMM is Multi-factor. SPMD tracks S&P MidCap 400 Index, while QVMM tracks S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.03% for SPMD and 0.15% for QVMM.
QVMM currently has the higher Sharpe Ratio (1.82 vs 1.70), 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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