SPMD vs. SRHQ
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and SRHQ (SRH U.S. Quality ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while SRHQ is a Quality Factor fund tracking the SRH US Quality Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, SPMD returned 13.08%/yr vs 17.26%/yr for SRHQ. Their correlation of 0.89 means they have usually moved in the same direction. SPMD charges 0.03%/yr vs 0.35%/yr for SRHQ.
Performance
SPMD vs. SRHQ - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 14.67% return, which is significantly lower than SRHQ's 20.78% return.
SPMD
- 1D
- -0.08%
- 1M
- -1.01%
- 6M
- 10.21%
- YTD
- 14.67%
- 1Y
- 22.87%
- 3Y*
- 13.08%
- 5Y*
- 8.47%
- 10Y*
- 11.15%
- ALL TIME*
- 9.82%
SRHQ
- 1D
- -0.33%
- 1M
- 1.86%
- 6M
- 18.75%
- YTD
- 20.78%
- 1Y
- 31.30%
- 3Y*
- 17.26%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $86.63M | $87.95M | $104.48M | |
| $113.47K | $63.13K | $30.03K |
SPMD vs. SRHQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.67% | 7.44% | 13.91% | 16.48% | 3.54% |
SRHQ SRH U.S. Quality ETF | 20.78% | 7.34% | 16.49% | 21.81% | 5.22% |
Correlation
The correlation between SPMD and SRHQ is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2022 | 0.89 |
The correlation between SPMD and SRHQ shifts across timeframes, from 0.75 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPMD vs. SRHQ — Risk / Return Rank
SPMD
SRHQ
SPMD vs. SRHQ - 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 SRH U.S. Quality ETF (SRHQ). 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 | SRHQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.34 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 4.64 | -2.25 |
| Martin ratioReturn relative to average drawdown | 8.71 | 16.85 | -8.13 |
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Drawdowns
SPMD vs. SRHQ - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, which is greater than SRHQ's maximum drawdown of -18.50%. Use the drawdown chart below to compare losses from any high point for SPMD and SRHQ.
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Drawdown Indicators
| SPMD | SRHQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -18.50% | -39.12% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -6.31% | -2.55% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -18.50% | -5.58% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | — | — |
Current DrawdownCurrent decline from peak | -2.34% | -1.47% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -8.07% | -2.98% | -5.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 1.74% | +0.68% |
Volatility
SPMD vs. SRHQ - Volatility Comparison
The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 3.50%, while SRH U.S. Quality ETF (SRHQ) has a volatility of 4.37%. This indicates that SPMD experiences smaller price fluctuations and is considered to be less risky than SRHQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMD | SRHQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.50% | 4.37% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 11.67% | 11.10% | +0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.79% | 14.90% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.63% | 15.96% | +3.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.14% | 15.96% | +5.18% |
SPMD vs. SRHQ - Expense Ratio Comparison
SPMD has a 0.03% expense ratio, which is lower than SRHQ's 0.35% expense ratio.
Dividends
SPMD vs. SRHQ - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.23%, more than SRHQ's 0.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.23% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
SRHQ SRH U.S. Quality ETF | 0.69% | 0.76% | 0.66% | 0.84% | 0.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPMD and SRHQ have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SRHQ has higher volatility (4.37%) compared to SPMD (3.50%). In terms of maximum drawdown, SPMD dropped -57.62% vs SRHQ's -18.50%.
On 3-year performance, SRHQ leads with 17.26% vs 13.08% for SPMD. On fees, SPMD is cheaper at 0.03% per year. On volatility, SPMD has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SRHQ has performed better with a 17.26% return vs 13.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.03% expense ratio, compared with 0.35% for SRHQ.
SPMD has the higher dividend yield at 1.23%, compared with 0.69% for SRHQ.
SPMD is categorized as Mid Cap Blend Equities, while SRHQ is Quality Factor. SPMD tracks S&P MidCap 400 Index, while SRHQ tracks SRH US Quality Index - Benchmark TR Gross. They also come from different issuers: State Street and SRH. Their fees differ too: 0.03% for SPMD and 0.35% for SRHQ.
SRHQ currently has the higher Sharpe Ratio (1.97 vs 1.34), 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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