SPMD vs. SPEM
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and SPEM (SPDR Portfolio Emerging Markets ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI. Both are passively managed. Over the past 10 years, SPMD returned 11.78%/yr vs 9.63%/yr for SPEM. A 0.66 correlation means they provide meaningful diversification when combined. SPMD charges 0.05%/yr vs 0.11%/yr for SPEM.
Performance
SPMD vs. SPEM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPMD achieves a 15.51% return, which is significantly higher than SPEM's 11.32% return. Over the past 10 years, SPMD has outperformed SPEM with an annualized return of 11.78%, while SPEM has yielded a comparatively lower 9.63% 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%
SPEM
- 1D
- 0.87%
- 1M
- -0.13%
- YTD
- 11.32%
- 6M
- 13.11%
- 1Y
- 27.73%
- 3Y*
- 17.37%
- 5Y*
- 5.60%
- 10Y*
- 9.63%
SPMD vs. SPEM - 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% |
SPEM SPDR Portfolio Emerging Markets ETF | 11.32% | 25.63% | 11.40% | 10.51% | -17.90% | 1.51% | 14.55% | 19.69% | -13.26% | 34.82% |
Correlation
The correlation between SPMD and SPEM is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007 | 0.66 |
The correlation between SPMD and SPEM has been stable across timeframes, ranging from 0.59 to 0.66 - 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.
Return for Risk
SPMD vs. SPEM — Risk / Return Rank
SPMD
SPEM
SPMD vs. SPEM - 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 SPDR Portfolio Emerging Markets ETF (SPEM). 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 | SPEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.95 | 2.28 | +0.67 |
| Martin ratioReturn relative to average drawdown | 10.81 | 8.16 | +2.65 |
Loading charts...
Drawdowns
SPMD vs. SPEM - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for SPMD and SPEM.
Loading charts...
Drawdown Indicators
| SPMD | SPEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -64.41% | +6.79% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -11.36% | +2.50% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -17.62% | -6.46% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -31.75% | +7.67% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -36.06% | -5.80% |
Current DrawdownCurrent decline from peak | 0.00% | -2.40% | +2.40% |
Average DrawdownAverage peak-to-trough decline | -8.11% | -14.73% | +6.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 3.17% | -0.76% |
Volatility
SPMD vs. SPEM - Volatility Comparison
The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 5.07%, while SPDR Portfolio Emerging Markets ETF (SPEM) has a volatility of 6.87%. This indicates that SPMD experiences smaller price fluctuations and is considered to be less risky than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPMD | SPEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.07% | 6.87% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 11.77% | 14.21% | -2.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.91% | 16.67% | -0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.75% | 17.26% | +2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.20% | 18.83% | +2.37% |
SPMD vs. SPEM - Expense Ratio Comparison
SPMD has a 0.05% expense ratio, which is lower than SPEM's 0.11% 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. SPEM - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.21%, less than SPEM's 2.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPEM SPDR Portfolio Emerging Markets ETF | 2.49% | 2.77% | 2.78% | 2.80% | 3.38% | 3.14% | 1.92% | 2.94% | 2.34% | 1.12% | 1.51% | 2.40% |
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 SPEM have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPEM has higher volatility (6.87%) compared to SPMD (5.07%). In terms of maximum drawdown, SPMD dropped -57.62% vs SPEM's -64.41%.
On 10-year performance, SPMD leads with 11.78% vs 9.63% for SPEM. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 5.07%. 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 11.78% return vs 9.63%. 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 0.11% for SPEM.
SPEM has the higher dividend yield at 2.49%, compared with 1.21% for SPMD.
SPMD is categorized as Mid Cap Blend Equities, while SPEM is Emerging Markets Equities. SPMD tracks S&P MidCap 400 Index, while SPEM tracks S&P Emerging Markets BMI. Their fees differ too: 0.05% for SPMD and 0.11% for SPEM.
SPMD currently has the higher Sharpe Ratio (1.64 vs 1.55), 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.
Find the right allocation for SPMD and SPEM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer