SPMD vs. SPSM
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while SPSM is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, SPMD returned 11.78%/yr vs 11.30%/yr for SPSM. Their correlation of 0.92 suggests significant overlap in exposure. SPMD charges 0.05%/yr vs 0.03%/yr for SPSM.
Performance
SPMD vs. SPSM - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 15.51% return, which is significantly lower than SPSM's 19.73% return. Both investments have delivered pretty close results over the past 10 years, with SPMD having a 11.78% annualized return and SPSM not far behind at 11.30%.
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%
SPSM
- 1D
- 0.99%
- 1M
- 5.61%
- YTD
- 19.73%
- 6M
- 16.52%
- 1Y
- 37.11%
- 3Y*
- 14.81%
- 5Y*
- 6.32%
- 10Y*
- 11.30%
SPMD vs. SPSM - 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% |
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | 19.73% | 6.11% | 8.55% | 16.11% | -16.12% | 26.67% | 11.69% | 25.85% | -11.17% | 15.44% |
Correlation
The correlation between SPMD and SPSM 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 | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2013 | 0.92 |
The correlation between SPMD and SPSM has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
SPMD vs. SPSM — Risk / Return Rank
SPMD
SPSM
SPMD vs. SPSM - 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 State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM). 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 | SPSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.33 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.95 | 3.96 | -1.02 |
| Martin ratioReturn relative to average drawdown | 10.81 | 13.39 | -2.58 |
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Drawdowns
SPMD vs. SPSM - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, which is greater than SPSM's maximum drawdown of -42.89%. Use the drawdown chart below to compare losses from any high point for SPMD and SPSM.
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Drawdown Indicators
| SPMD | SPSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -42.89% | -14.73% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -8.72% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -27.94% | +3.86% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -27.94% | +3.86% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -42.89% | +1.03% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.11% | -7.91% | -0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.59% | -0.18% |
Volatility
SPMD vs. SPSM - Volatility Comparison
SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) have volatilities of 5.07% and 5.14%, 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 | SPSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.07% | 5.14% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 11.77% | 11.96% | -0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.91% | 17.69% | -1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.75% | 21.45% | -1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.20% | 23.00% | -1.80% |
SPMD vs. SPSM - Expense Ratio Comparison
SPMD has a 0.05% expense ratio, which is higher than SPSM'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. SPSM - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.21%, less than SPSM's 1.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | 1.37% | 1.62% | 1.85% | 1.61% | 1.38% | 1.40% | 1.34% | 1.58% | 1.82% | 1.51% | 1.49% | 2.37% |
Frequently Asked Questions
With a correlation of 0.94, SPMD and SPSM 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.
SPSM has higher volatility (5.14%) compared to SPMD (5.07%). In terms of maximum drawdown, SPMD dropped -57.62% vs SPSM's -42.89%.
On 10-year performance, SPMD leads with 11.78% vs 11.30% for SPSM. On fees, SPSM is cheaper at 0.03% per year. Their volatility is very similar. 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 11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPSM is cheaper with a 0.03% expense ratio, compared with 0.05% for SPMD.
SPSM has the higher dividend yield at 1.37%, compared with 1.21% for SPMD.
SPMD is categorized as Mid Cap Blend Equities, while SPSM is Small Cap Blend Equities. SPMD tracks S&P MidCap 400 Index, while SPSM tracks S&P SmallCap 600 Index. Their fees differ too: 0.05% for SPMD and 0.03% for SPSM.
SPSM currently has the higher Sharpe Ratio (1.95 vs 1.64), 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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