SPMD vs. VPLS

Last updated Jun 16, 2026

SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and VPLS (Vanguard Core-Plus Bond ETF) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while VPLS is a Intermediate Core-Plus Bond fund actively managed by Vanguard. SPMD is passively managed, while VPLS is actively managed. Over the past year, SPMD returned 28.46% vs 5.74% for VPLS. At a 0.29 correlation, their price movements are largely independent. SPMD charges 0.05%/yr vs 0.20%/yr for VPLS.

Performance

SPMD vs. VPLS - 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 Core-Plus Bond ETF (VPLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPMD achieves a 15.96% return, which is significantly higher than VPLS's 0.99% 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%

VPLS

• 1D: 0.09%
• 1M: 1.20%
• YTD: 0.99%
• 6M: 1.33%
• 1Y: 5.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPMD vs. VPLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	15.96%	7.44%	13.91%	6.84%
VPLS Vanguard Core-Plus Bond ETF	0.99%	7.86%	2.72%	2.83%

Correlation

The correlation between SPMD and VPLS is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Dec 7, 2023	0.29

Return for Risk

SPMD vs. VPLS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPMD

SPMD Risk / Return Rank: 64
SPMD Sharpe Ratio Rank: 59
SPMD Sortino Ratio Rank: 62
SPMD Omega Ratio Rank: 57
SPMD Calmar Ratio Rank: 70
SPMD Martin Ratio Rank: 70

VPLS

VPLS Risk / Return Rank: 50
VPLS Sharpe Ratio Rank: 52
VPLS Sortino Ratio Rank: 54
VPLS Omega Ratio Rank: 51
VPLS Calmar Ratio Rank: 47
VPLS Martin Ratio Rank: 45

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. VPLS - 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 Core-Plus Bond ETF (VPLS). 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	VPLS	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.61	+0.20
Sortino ratio: Return per unit of downside risk	2.61	2.39	+0.22
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	3.23	2.12	+1.11
Martin ratio: Return relative to average drawdown	11.84	6.68	+5.16

SPMD vs. VPLS - Sharpe Ratio Comparison

The current SPMD Sharpe Ratio is 1.81, which is comparable to the VPLS Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SPMD and VPLS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPMD vs. VPLS - Drawdown Comparison

The maximum SPMD drawdown since its inception was -57.62%, which is greater than VPLS's maximum drawdown of -4.17%. Use the drawdown chart below to compare losses from any high point for SPMD and VPLS.

Drawdown Indicators

	SPMD	VPLS	Difference
Max Drawdown Largest peak-to-trough decline	-57.62%	-4.17%	-53.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-2.72%	-6.14%
Max Drawdown (3Y) Largest decline over 3 years	-24.08%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.86%	—	—
Current Drawdown Current decline from peak	0.00%	-0.87%	+0.87%
Average Drawdown Average peak-to-trough decline	-8.11%	-1.01%	-7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	0.86%	+1.55%

Volatility

SPMD vs. VPLS - Volatility Comparison

SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a higher volatility of 5.07% compared to Vanguard Core-Plus Bond ETF (VPLS) at 1.28%. This indicates that SPMD's price experiences larger fluctuations and is considered to be riskier than VPLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMD	VPLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	1.28%	+3.79%
Volatility (6M) Calculated over the trailing 6-month period	11.74%	2.75%	+8.99%
Volatility (1Y) Calculated over the trailing 1-year period	15.86%	3.59%	+12.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.75%	4.60%	+15.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	4.60%	+16.60%

SPMD vs. VPLS - Expense Ratio Comparison

SPMD has a 0.05% expense ratio, which is lower than VPLS's 0.20% 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. VPLS - Dividend Comparison

SPMD's dividend yield for the trailing twelve months is around 1.21%, less than VPLS's 4.74% 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%
VPLS Vanguard Core-Plus Bond ETF	4.74%	4.78%	4.52%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPMD and VPLS in my portfolio?

SPMD and VPLS have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPMD or VPLS?

SPMD has higher volatility (5.07%) compared to VPLS (1.28%). In terms of maximum drawdown, SPMD dropped -57.62% vs VPLS's -4.17%.

Which ETF is better, SPMD or VPLS?

On 1-year performance, SPMD leads with 28.46% vs 5.74% for VPLS. On fees, SPMD is cheaper at 0.05% per year. On volatility, VPLS has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMD or VPLS?

Over the 1-year period, SPMD has performed better with a 28.46% return vs 5.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMD or VPLS?

SPMD is cheaper with a 0.05% expense ratio, compared with 0.20% for VPLS.

Which ETF pays a higher dividend yield, SPMD or VPLS?

VPLS has the higher dividend yield at 4.74%, compared with 1.21% for SPMD.

What is the main difference between SPMD and VPLS?

SPMD is categorized as Mid Cap Blend Equities, while VPLS is Intermediate Core-Plus Bond. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.05% for SPMD and 0.20% for VPLS.

Which has better risk-adjusted returns?

SPMD currently has the higher Sharpe Ratio (1.81 vs 1.61), 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.