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SPMD vs. VO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

SPMD vs. VO

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and Vanguard Mid-Cap ETF (VO).

SPMD and VO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPMD is a passively managed fund by State Street that tracks the performance of the S&P MidCap 400 Index. It was launched on Nov 8, 2005. VO is a passively managed fund by Vanguard that tracks the performance of the CRSP US Mid Cap Index. It was launched on Jan 26, 2004. Both SPMD and VO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPMD vs. VO - 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 Vanguard Mid-Cap ETF (VO). The values are adjusted to include any dividend payments, if applicable.

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SPMD vs. VO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		2.59%7.44%13.91%16.48%-13.13%24.76%13.46%25.19%-10.34%15.12%
VO
Vanguard Mid-Cap ETF		-0.68%11.62%15.31%16.03%-18.73%24.70%18.10%30.98%-9.24%19.28%

Returns By Period

In the year-to-date period, SPMD achieves a 2.59% return, which is significantly higher than VO's -0.68% return. Both investments have delivered pretty close results over the past 10 years, with SPMD having a 10.73% annualized return and VO not far behind at 10.67%.

SPMD

1D
2.99%
1M
-5.29%
YTD
2.59%
6M
4.27%
1Y
17.37%
3Y*
12.11%
5Y*
6.60%
10Y*
10.73%

VO

1D
2.22%
1M
-5.86%
YTD
-0.68%
6M
-1.48%
1Y
12.73%
3Y*
12.61%
5Y*
6.66%
10Y*
10.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

Vanguard Mid-Cap ETF

Often compared with SPMD:
SPMD vs. MDYSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SCHZSPMD vs. RFG
Often compared with VO:
VO vs. VOOVO vs. VOTVO vs. IJHVO vs. VOEVO vs. VIMAXVO vs. VXFVO vs. XIC.TO

SPMD vs. VO - Expense Ratio Comparison

SPMD has a 0.05% expense ratio, which is higher than VO's 0.04% 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%.

SPMD
SPDR Portfolio S&P 400 Mid Cap ETF
VO
Vanguard Mid-Cap ETF

Return for Risk

SPMD vs. VO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPMD
SPMD Risk / Return Rank: 5252
Overall Rank
SPMD Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
SPMD Sortino Ratio Rank: 5151
Sortino Ratio Rank
SPMD Omega Ratio Rank: 4949
Omega Ratio Rank
SPMD Calmar Ratio Rank: 5353
Calmar Ratio Rank
SPMD Martin Ratio Rank: 5959
Martin Ratio Rank
VO
VO Risk / Return Rank: 4646
Overall Rank
VO Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
VO Sortino Ratio Rank: 4343
Sortino Ratio Rank
VO Omega Ratio Rank: 4444
Omega Ratio Rank
VO Calmar Ratio Rank: 4646
Calmar Ratio Rank
VO Martin Ratio Rank: 5454
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. VO - 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 Vanguard Mid-Cap ETF (VO). 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.

SPMDVODifference

Sharpe ratio

Return per unit of total volatility

0.83

0.73

+0.10

Sortino ratio

Return per unit of downside risk

1.30

1.12

+0.18

Omega ratio

Gain probability vs. loss probability

1.18

1.16

+0.02

Calmar ratio

Return relative to maximum drawdown

1.25

1.05

+0.20

Martin ratio

Return relative to average drawdown

5.41

4.84

+0.57

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. VO - Sharpe Ratio Comparison

The current SPMD Sharpe Ratio is 0.83, which is comparable to the VO Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of SPMD and VO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

SPMDVODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.83

0.73

+0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.34

0.38

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.57

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.43

0.48

-0.05

Correlation

The correlation between SPMD and VO is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPMD vs. VO - Dividend Comparison

SPMD's dividend yield for the trailing twelve months is around 1.37%, less than VO's 1.51% yield.

TTM20252024202320222021202020192018201720162015
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		1.37%1.39%1.42%1.47%1.64%1.24%1.30%1.57%1.85%1.97%2.13%5.33%
VO
Vanguard Mid-Cap ETF		1.51%1.52%1.49%1.52%1.60%1.12%1.45%1.48%1.82%1.35%1.45%1.47%

Drawdowns

SPMD vs. VO - Drawdown Comparison

The maximum SPMD drawdown since its inception was -57.62%, roughly equal to the maximum VO drawdown of -58.87%. Use the drawdown chart below to compare losses from any high point for SPMD and VO.

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Drawdown Indicators

SPMDVODifference

Max Drawdown

Largest peak-to-trough decline

-57.62%

-58.87%

+1.25%

Max Drawdown (1Y)

Largest decline over 1 year

-14.12%

-12.74%

-1.38%

Max Drawdown (5Y)

Largest decline over 5 years

-24.08%

-27.57%

+3.49%

Max Drawdown (10Y)

Largest decline over 10 years

-41.86%

-39.37%

-2.49%

Current Drawdown

Current decline from peak

-6.13%

-6.12%

-0.01%

Average Drawdown

Average peak-to-trough decline

-8.18%

-7.91%

-0.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.27%

2.76%

+0.51%

Volatility

SPMD vs. VO - Volatility Comparison

SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a higher volatility of 6.56% compared to Vanguard Mid-Cap ETF (VO) at 4.89%. This indicates that SPMD's price experiences larger fluctuations and is considered to be riskier than VO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPMDVODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.56%

4.89%

+1.67%

Volatility (6M)

Calculated over the trailing 6-month period

11.95%

9.72%

+2.23%

Volatility (1Y)

Calculated over the trailing 1-year period

21.11%

17.57%

+3.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.71%

17.62%

+2.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.18%

18.94%

+2.24%