SPMD vs. SCHD

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and Schwab U.S. Dividend Equity ETF (SCHD).

SPMD and SCHD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPMD is a passively managed fund by State Street that tracks the performance of the S&P MidCap 400 Index. It was launched on Nov 8, 2005. SCHD is a passively managed fund by Charles Schwab that tracks the performance of the Dow Jones U.S. Dividend 100 Index. It was launched on Oct 20, 2011. Both SPMD and SCHD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPMD vs. SCHD - 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. Dividend Equity ETF (SCHD). The values are adjusted to include any dividend payments, if applicable.

SPMD vs. SCHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	2.59%	7.44%	13.91%	16.48%	-13.13%	24.76%	13.46%	25.19%	-10.34%	15.12%
SCHD Schwab U.S. Dividend Equity ETF	12.79%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Returns By Period

In the year-to-date period, SPMD achieves a 2.59% return, which is significantly lower than SCHD's 12.79% return. Over the past 10 years, SPMD has underperformed SCHD with an annualized return of 10.73%, while SCHD has yielded a comparatively higher 12.31% annualized return.

SPMD

• 1D: 2.99%
• 1M: -5.29%
• YTD: 2.59%
• 6M: 4.27%
• 1Y: 17.37%
• 3Y*: 12.11%
• 5Y*: 6.60%
• 10Y*: 10.73%

SCHD

• 1D: 0.66%
• 1M: -2.61%
• YTD: 12.79%
• 6M: 14.49%
• 1Y: 13.97%
• 3Y*: 12.05%
• 5Y*: 8.44%
• 10Y*: 12.31%

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

SPMD vs. SCHD - Expense Ratio Comparison

SPMD has a 0.05% expense ratio, which is lower than SCHD's 0.06% 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%.

SCHD

Schwab U.S. Dividend Equity ETF

SPMD

SPDR Portfolio S&P 400 Mid Cap ETF

Return for Risk

SPMD vs. SCHD — 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: 49
SPMD Sortino Ratio Rank: 51
SPMD Omega Ratio Rank: 49
SPMD Calmar Ratio Rank: 53
SPMD Martin Ratio Rank: 59

SCHD

SCHD Risk / Return Rank: 52
SCHD Sharpe Ratio Rank: 54
SCHD Sortino Ratio Rank: 55
SCHD Omega Ratio Rank: 54
SCHD Calmar Ratio Rank: 53
SCHD Martin Ratio Rank: 45

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. SCHD - 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. Dividend Equity ETF (SCHD). 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.

	SPMD	SCHD	Difference
Sharpe ratio Return per unit of total volatility	0.83	0.89	-0.07
Sortino ratio Return per unit of downside risk	1.30	1.35	-0.04
Omega ratio Gain probability vs. loss probability	1.18	1.19	-0.01
Calmar ratio Return relative to maximum drawdown	1.25	1.19	+0.06
Martin ratio Return relative to average drawdown	5.41	3.99	+1.42
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. SCHD - Sharpe Ratio Comparison

The current SPMD Sharpe Ratio is 0.83, which is comparable to the SCHD Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of SPMD and SCHD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPMD	SCHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	0.89	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.59	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.74	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.84	-0.41

Correlation

The correlation between SPMD and SCHD is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPMD vs. SCHD - Dividend Comparison

SPMD's dividend yield for the trailing twelve months is around 1.37%, less than SCHD's 3.44% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	1.37%	1.39%	1.42%	1.47%	1.64%	1.24%	1.30%	1.57%	1.85%	1.97%	2.13%	5.33%
SCHD Schwab U.S. Dividend Equity ETF	3.44%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Drawdowns

SPMD vs. SCHD - Drawdown Comparison

The maximum SPMD drawdown since its inception was -57.62%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for SPMD and SCHD.

Drawdown Indicators

	SPMD	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-57.62%	-33.37%	-24.25%
Max Drawdown (1Y) Largest decline over 1 year	-14.12%	-12.74%	-1.38%
Max Drawdown (5Y) Largest decline over 5 years	-24.08%	-16.85%	-7.23%
Max Drawdown (10Y) Largest decline over 10 years	-41.86%	-33.37%	-8.49%
Current Drawdown Current decline from peak	-6.13%	-2.89%	-3.24%
Average Drawdown Average peak-to-trough decline	-8.18%	-3.34%	-4.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	3.89%	-0.62%

Volatility

SPMD vs. SCHD - Volatility Comparison

SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a higher volatility of 6.56% compared to Schwab U.S. Dividend Equity ETF (SCHD) at 2.40%. This indicates that SPMD's price experiences larger fluctuations and is considered to be riskier than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMD	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	2.40%	+4.16%
Volatility (6M) Calculated over the trailing 6-month period	11.95%	7.96%	+3.99%
Volatility (1Y) Calculated over the trailing 1-year period	21.11%	15.74%	+5.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.71%	14.40%	+5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	16.70%	+4.48%