SPMD vs. USFR
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past 10 years, SPMD returned 11.85%/yr vs 2.42%/yr for USFR. At a 0.01 correlation, their price movements are largely independent. SPMD charges 0.05%/yr vs 0.15%/yr for USFR.
Performance
SPMD vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 15.96% return, which is significantly higher than USFR's 1.72% return. Over the past 10 years, SPMD has outperformed USFR with an annualized return of 11.85%, while USFR has yielded a comparatively lower 2.42% annualized return.
SPMD
- 1D
- 0.39%
- 1M
- 5.72%
- YTD
- 15.96%
- 6M
- 14.71%
- 1Y
- 28.46%
- 3Y*
- 15.58%
- 5Y*
- 8.72%
- 10Y*
- 11.85%
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.72%
- 6M
- 1.92%
- 1Y
- 4.01%
- 3Y*
- 4.74%
- 5Y*
- 3.70%
- 10Y*
- 2.42%
SPMD vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.96% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
USFR WisdomTree Floating Rate Treasury Fund | 1.72% | 4.23% | 5.47% | 5.18% | 1.98% | -0.03% | 0.56% | 2.02% | 2.01% | 1.03% |
Correlation
The correlation between SPMD and USFR is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2014 | 0.01 |
The correlation between SPMD and USFR shifts across timeframes, from -0.16 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPMD vs. USFR — Risk / Return Rank
SPMD
USFR
SPMD vs. USFR - 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 WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.04 | ||
| Sortino ratioReturn per unit of downside risk | -47.78 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 13.37 | -12.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | 202.37 | -199.15 |
| Martin ratioReturn relative to average drawdown | 11.84 | 783.80 | -771.96 |
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Drawdowns
SPMD vs. USFR - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for SPMD and USFR.
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Drawdown Indicators
| SPMD | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -1.36% | -56.26% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -0.02% | -8.84% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -0.06% | -24.02% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -0.18% | -23.90% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -0.80% | -41.06% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -8.11% | -0.16% | -7.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 0.01% | +2.40% |
Volatility
SPMD vs. USFR - Volatility Comparison
SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a higher volatility of 5.07% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that SPMD's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMD | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.07% | 0.08% | +4.99% |
Volatility (6M)Calculated over the trailing 6-month period | 11.74% | 0.19% | +11.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.86% | 0.27% | +15.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.75% | 0.40% | +19.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.20% | 0.78% | +20.42% |
SPMD vs. USFR - Expense Ratio Comparison
SPMD has a 0.05% expense ratio, which is lower than USFR's 0.15% 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. USFR - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.21%, less than USFR's 3.91% 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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% | 0.00% |
Frequently Asked Questions
SPMD and USFR have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMD has higher volatility (5.07%) compared to USFR (0.08%). In terms of maximum drawdown, SPMD dropped -57.62% vs USFR's -1.36%.
On 10-year performance, SPMD leads with 11.85% vs 2.42% for USFR. On fees, SPMD is cheaper at 0.05% per year. On volatility, USFR has been the lower-risk option at 0.08%. 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 11.85% return vs 2.42%. 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 0.15% for USFR.
USFR has the higher dividend yield at 3.91%, compared with 1.21% for SPMD.
SPMD is categorized as Mid Cap Blend Equities, while USFR is Government Bonds. SPMD tracks S&P MidCap 400 Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.05% for SPMD and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.85 vs 1.81), 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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