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SPMD vs. SCHZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPMD vs. SCHZ

Last updated Jun 5, 2026

SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and SCHZ (Schwab U.S. Aggregate Bond ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while SCHZ is a Total Bond Market fund tracking the Bloomberg US Aggregate Bond Index. Both are passively managed. Over the past 10 years, SPMD returned 11.39%/yr vs 1.54%/yr for SCHZ. At a correlation of -0.05, they often move in opposite directions. SPMD charges 0.05%/yr vs 0.03%/yr for SCHZ.

Performance

SPMD vs. SCHZ - 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. Aggregate Bond ETF (SCHZ). 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 higher than SCHZ's 0.43% return. Over the past 10 years, SPMD has outperformed SCHZ with an annualized return of 11.39%, while SCHZ has yielded a comparatively lower 1.54% annualized return.

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%

SCHZ

1D
0.13%
1M
0.26%
YTD
0.43%
6M
0.46%
1Y
4.74%
3Y*
3.99%
5Y*
0.09%
10Y*
1.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMD vs. SCHZ - 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%
SCHZ
Schwab U.S. Aggregate Bond ETF		0.43%7.24%1.26%5.60%-13.17%-1.72%7.46%8.65%-0.26%3.50%

Correlation

The correlation between SPMD and SCHZ is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.32

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

0.26

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

0.17

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

0.03

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2011

-0.05

The correlation between SPMD and SCHZ shifts across timeframes, from -0.05 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.

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. Aggregate Bond ETF

Often compared with SPMD:
SPMD vs. MDYSPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SWMCX
Often compared with SCHZ:
SCHZ vs. BNDSCHZ vs. SCHPSCHZ vs. SWAGXSCHZ vs. SCHDSCHZ vs. AGGSCHZ vs. BONDSCHZ vs. SPAB

Return for Risk

SPMD vs. SCHZ — 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
SCHZ
SCHZ Risk / Return Rank: 3636
Overall Rank
SCHZ Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
SCHZ Sortino Ratio Rank: 3737
Sortino Ratio Rank
SCHZ Omega Ratio Rank: 3434
Omega Ratio Rank
SCHZ Calmar Ratio Rank: 3737
Calmar Ratio Rank
SCHZ Martin Ratio Rank: 3636
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. SCHZ - 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. Aggregate Bond ETF (SCHZ). 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.

SPMDSCHZDifference
Sharpe ratioReturn per unit of total volatility
1.70
1.27

+0.43

Sortino ratioReturn per unit of downside risk
2.47
1.88

+0.58

Omega ratioGain probability vs. loss probability

1.30

1.22

+0.08

Calmar ratioReturn relative to maximum drawdown

2.97

1.77

+1.21

Martin ratioReturn relative to average drawdown

10.91

5.38

+5.53

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. SCHZ - Sharpe Ratio Comparison

The current SPMD Sharpe Ratio is 1.70, which is higher than the SCHZ Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of SPMD and SCHZ, 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

SPMDSCHZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

1.27

+0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

0.02

+0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.29

+0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.44

+0.01

Drawdowns

SPMD vs. SCHZ - Drawdown Comparison

The maximum SPMD drawdown since its inception was -57.62%, which is greater than SCHZ's maximum drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for SPMD and SCHZ.

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Drawdown Indicators

SPMDSCHZDifference

Max Drawdown

Largest peak-to-trough decline

-57.62%

-18.74%

-38.88%

Max Drawdown (1Y)

Largest decline over 1 year

-8.86%

-2.70%

-6.16%

Max Drawdown (3Y)

Largest decline over 3 years

-24.08%

-6.18%

-17.90%

Max Drawdown (5Y)

Largest decline over 5 years

-24.08%

-18.01%

-6.07%

Max Drawdown (10Y)

Largest decline over 10 years

-41.86%

-18.74%

-23.12%

Current Drawdown

Current decline from peak

0.00%

-2.34%

+2.34%

Average Drawdown

Average peak-to-trough decline

-8.12%

-3.68%

-4.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.41%

0.88%

+1.53%

Volatility

SPMD vs. SCHZ - Volatility Comparison

SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a higher volatility of 4.23% compared to Schwab U.S. Aggregate Bond ETF (SCHZ) at 1.24%. This indicates that SPMD's price experiences larger fluctuations and is considered to be riskier than SCHZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPMDSCHZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.23%

1.24%

+2.99%

Volatility (6M)

Calculated over the trailing 6-month period

11.36%

2.67%

+8.69%

Volatility (1Y)

Calculated over the trailing 1-year period

15.53%

3.79%

+11.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.70%

6.08%

+13.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.18%

5.41%

+15.77%

SPMD vs. SCHZ - Expense Ratio Comparison

SPMD has a 0.05% expense ratio, which is higher than SCHZ's 0.03% 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. SCHZ - Dividend Comparison

SPMD's dividend yield for the trailing twelve months is around 1.22%, less than SCHZ's 4.11% yield.

PositionTTM20252024202320222021202020192018201720162015
SCHZ
Schwab U.S. Aggregate Bond ETF		4.11%4.05%3.96%3.28%2.63%2.16%2.43%2.79%2.56%2.40%2.24%2.11%
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

SPMD and SCHZ have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPMD has higher volatility (4.23%) compared to SCHZ (1.24%). In terms of maximum drawdown, SPMD dropped -57.62% vs SCHZ's -18.74%.

On 10-year performance, SPMD leads with 11.39% vs 1.54% for SCHZ. On fees, SCHZ is cheaper at 0.03% per year. On volatility, SCHZ has been the lower-risk option at 1.24%. 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 1.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SCHZ is cheaper with a 0.03% expense ratio, compared with 0.05% for SPMD.

SCHZ has the higher dividend yield at 4.11%, compared with 1.22% for SPMD.

SPMD is categorized as Mid Cap Blend Equities, while SCHZ is Total Bond Market. SPMD tracks S&P MidCap 400 Index, while SCHZ tracks Bloomberg US Aggregate Bond Index. They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.05% for SPMD and 0.03% for SCHZ.

SPMD currently has the higher Sharpe Ratio (1.70 vs 1.27), 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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