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SPMD vs. SCHA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMD vs. SCHA

Last updated Jun 5, 2026

SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and SCHA (Schwab U.S. Small-Cap ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while SCHA is a Small Cap Blend Equities fund tracking the Dow Jones U.S. Small-Cap Total Stock Market Index. Both are passively managed. Over the past 10 years, SPMD returned 11.39%/yr vs 11.12%/yr for SCHA. Their correlation of 0.93 suggests significant overlap in exposure. SPMD charges 0.05%/yr vs 0.04%/yr for SCHA.

Performance

SPMD vs. SCHA - 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 Schwab U.S. Small-Cap ETF (SCHA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPMD achieves a 14.54% return, which is significantly lower than SCHA's 20.80% return. Both investments have delivered pretty close results over the past 10 years, with SPMD having a 11.39% annualized return and SCHA not far behind at 11.12%.

SPMD

1D
0.33%
1M
2.89%
YTD
14.54%
6M
14.24%
1Y
26.21%
3Y*
16.67%
5Y*
8.28%
10Y*
11.39%

SCHA

1D
0.85%
1M
3.65%
YTD
20.80%
6M
19.63%
1Y
41.92%
3Y*
19.74%
5Y*
7.31%
10Y*
11.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMD vs. SCHA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		14.54%7.44%13.91%16.48%-13.13%24.76%13.46%25.19%-10.34%15.12%
SCHA
Schwab U.S. Small-Cap ETF		20.80%11.60%11.16%18.46%-19.81%16.45%19.34%26.50%-11.79%14.94%

Correlation

The correlation between SPMD and SCHA is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.94

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.97

Correlation (10Y)
Calculated over the trailing 10-year period

0.96

Correlation (All Time)
Calculated using the full available price history since Nov 4, 2009

0.93

The correlation between SPMD and SCHA has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Portfolio S&P 400 Mid Cap ETF

Schwab U.S. Small-Cap ETF

Often compared with SPMD:
SPMD vs. MDYSPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SWMCX
Often compared with SCHA:
SCHA vs. VBSCHA vs. SWSSXSCHA vs. AVUVSCHA vs. IJRSCHA vs. SCHDSCHA vs. SCHBSCHA vs. SCHM

Return for Risk

SPMD vs. SCHA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMD
SPMD Risk / Return Rank: 5555
Overall Rank
SPMD Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
SPMD Sortino Ratio Rank: 5252
Sortino Ratio Rank
SPMD Omega Ratio Rank: 4848
Omega Ratio Rank
SPMD Calmar Ratio Rank: 6161
Calmar Ratio Rank
SPMD Martin Ratio Rank: 6262
Martin Ratio Rank
SCHA
SCHA Risk / Return Rank: 7676
Overall Rank
SCHA Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
SCHA Sortino Ratio Rank: 7373
Sortino Ratio Rank
SCHA Omega Ratio Rank: 6666
Omega Ratio Rank
SCHA Calmar Ratio Rank: 8383
Calmar Ratio Rank
SCHA Martin Ratio Rank: 8282
Martin Ratio Rank
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. SCHA - 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 Schwab U.S. Small-Cap ETF (SCHA). 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.

SPMDSCHADifference
Sharpe ratioReturn per unit of total volatility
1.70
2.35

-0.65

Sortino ratioReturn per unit of downside risk
2.47
3.27

-0.80

Omega ratioGain probability vs. loss probability

1.30

1.39

-0.09

Calmar ratioReturn relative to maximum drawdown

2.97

4.43

-1.46

Martin ratioReturn relative to average drawdown

10.91

16.30

-5.39

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPMD vs. SCHA - Sharpe Ratio Comparison

The current SPMD Sharpe Ratio is 1.70, which is comparable to the SCHA Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of SPMD and SCHA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPMDSCHADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

2.35

-0.65

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

0.33

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.49

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.58

-0.12

Drawdowns

SPMD vs. SCHA - Drawdown Comparison

The maximum SPMD drawdown since its inception was -57.62%, which is greater than SCHA's maximum drawdown of -42.41%. Use the drawdown chart below to compare losses from any high point for SPMD and SCHA.

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Drawdown Indicators

SPMDSCHADifference

Max Drawdown

Largest peak-to-trough decline

-57.62%

-42.41%

-15.21%

Max Drawdown (1Y)

Largest decline over 1 year

-8.86%

-9.50%

+0.64%

Max Drawdown (3Y)

Largest decline over 3 years

-24.08%

-27.29%

+3.21%

Max Drawdown (5Y)

Largest decline over 5 years

-24.08%

-30.79%

+6.71%

Max Drawdown (10Y)

Largest decline over 10 years

-41.86%

-42.41%

+0.55%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-8.12%

-7.58%

-0.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.41%

2.58%

-0.17%

Volatility

SPMD vs. SCHA - Volatility Comparison

The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 4.23%, while Schwab U.S. Small-Cap ETF (SCHA) has a volatility of 4.81%. This indicates that SPMD experiences smaller price fluctuations and is considered to be less risky than SCHA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPMDSCHADifference

Volatility (1M)

Calculated over the trailing 1-month period

4.23%

4.81%

-0.58%

Volatility (6M)

Calculated over the trailing 6-month period

11.36%

12.84%

-1.48%

Volatility (1Y)

Calculated over the trailing 1-year period

15.53%

17.96%

-2.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.70%

21.94%

-2.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.18%

22.71%

-1.53%

SPMD vs. SCHA - Expense Ratio Comparison

SPMD has a 0.05% expense ratio, which is higher than SCHA's 0.04% expense ratio. However, 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. SCHA - Dividend Comparison

SPMD's dividend yield for the trailing twelve months is around 1.22%, more than SCHA's 0.99% yield.

PositionTTM20252024202320222021202020192018201720162015
SCHA
Schwab U.S. Small-Cap ETF		0.99%1.26%1.51%1.42%1.37%1.19%1.05%1.39%1.58%1.24%1.50%1.48%
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		1.22%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 0.94, SPMD and SCHA 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.

SCHA has higher volatility (4.81%) compared to SPMD (4.23%). In terms of maximum drawdown, SPMD dropped -57.62% vs SCHA's -42.41%.

On 10-year performance, SPMD leads with 11.39% vs 11.12% for SCHA. On fees, SCHA is cheaper at 0.04% per year. On volatility, SPMD has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPMD has performed better with a 11.39% return vs 11.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SCHA is cheaper with a 0.04% expense ratio, compared with 0.05% for SPMD.

SPMD has the higher dividend yield at 1.22%, compared with 0.99% for SCHA.

SPMD is categorized as Mid Cap Blend Equities, while SCHA is Small Cap Blend Equities. SPMD tracks S&P MidCap 400 Index, while SCHA tracks Dow Jones U.S. Small-Cap Total Stock Market Index. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.05% for SPMD and 0.04% for SCHA.

SCHA currently has the higher Sharpe Ratio (2.35 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.

Portfolio Optimizer

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