SPMD vs. VOO
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPMD returned 12.43%/yr vs 15.82%/yr for VOO. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.
Performance
SPMD vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 16.40% return, which is significantly higher than VOO's 8.09% return. Over the past 10 years, SPMD has underperformed VOO with an annualized return of 12.43%, while VOO has yielded a comparatively higher 15.82% annualized return.
SPMD
- 1D
- 0.92%
- 1M
- 2.65%
- YTD
- 16.40%
- 6M
- 14.10%
- 1Y
- 26.87%
- 3Y*
- 16.40%
- 5Y*
- 8.62%
- 10Y*
- 12.43%
VOO
- 1D
- 0.00%
- 1M
- -2.07%
- YTD
- 8.09%
- 6M
- 6.78%
- 1Y
- 22.17%
- 3Y*
- 20.91%
- 5Y*
- 13.02%
- 10Y*
- 15.82%
SPMD vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 16.40% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
VOO Vanguard S&P 500 ETF | 8.09% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between SPMD and VOO is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.82 |
The correlation between SPMD and VOO has been stable across timeframes, ranging from 0.75 to 0.84 - a consistent structural relationship.
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Return for Risk
SPMD vs. VOO — Risk / Return Rank
SPMD
VOO
SPMD vs. VOO - 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 S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.33 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.05 | 2.50 | +0.55 |
| Martin ratioReturn relative to average drawdown | 11.17 | 11.08 | +0.09 |
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Drawdowns
SPMD vs. VOO - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for SPMD and VOO.
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Drawdown Indicators
| SPMD | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -33.99% | -23.63% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -8.90% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -18.69% | -5.39% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -24.52% | +0.44% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -33.99% | -7.87% |
Current DrawdownCurrent decline from peak | 0.00% | -3.23% | +3.23% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -3.68% | -4.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.01% | +0.40% |
Volatility
SPMD vs. VOO - Volatility Comparison
SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) and Vanguard S&P 500 ETF (VOO) have volatilities of 4.53% and 4.75%, 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 | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 4.75% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 11.78% | 9.77% | +2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.88% | 12.39% | +3.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.72% | 16.91% | +2.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.18% | 18.02% | +3.16% |
SPMD vs. VOO - Expense Ratio Comparison
Both SPMD and VOO have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPMD vs. VOO - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.21%, more than VOO's 1.05% 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% |
VOO Vanguard S&P 500 ETF | 1.05% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
SPMD and VOO 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.
VOO has higher volatility (4.75%) compared to SPMD (4.53%). In terms of maximum drawdown, SPMD dropped -57.62% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.82% vs 12.43% for SPMD. Both ETFs have the same 0.03% expense ratio. On volatility, SPMD has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.82% return vs 12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD and VOO have the same expense ratio: 0.03% per year.
SPMD has the higher dividend yield at 1.21%, compared with 1.05% for VOO.
SPMD is categorized as Mid Cap Blend Equities, while VOO is S&P 500. SPMD tracks S&P MidCap 400 Index, while VOO tracks S&P 500 Index. They also come from different issuers: State Street and Vanguard.
VOO currently has the higher Sharpe Ratio (1.80 vs 1.70), 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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