SPMD vs. VXF
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and VXF (Vanguard Extended Market ETF) are both Mid Cap Blend Equities funds - SPMD tracks the S&P MidCap 400 Index while VXF tracks the S&P Completion Index. Both are passively managed. Over the past 10 years, SPMD returned 11.98%/yr vs 12.63%/yr for VXF. Their correlation of 0.91 suggests significant overlap in exposure. SPMD charges 0.03%/yr vs 0.05%/yr for VXF.
Performance
SPMD vs. VXF - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SPMD having a 15.83% return and VXF slightly lower at 15.53%. Over the past 10 years, SPMD has underperformed VXF with an annualized return of 11.98%, while VXF has yielded a comparatively higher 12.63% annualized return.
SPMD
- 1D
- 0.44%
- 1M
- 3.74%
- YTD
- 15.83%
- 6M
- 13.38%
- 1Y
- 27.54%
- 3Y*
- 16.54%
- 5Y*
- 8.92%
- 10Y*
- 11.98%
VXF
- 1D
- -0.10%
- 1M
- 4.34%
- YTD
- 15.53%
- 6M
- 12.62%
- 1Y
- 30.55%
- 3Y*
- 20.27%
- 5Y*
- 6.38%
- 10Y*
- 12.63%
SPMD vs. VXF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.83% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
VXF Vanguard Extended Market ETF | 15.53% | 11.40% | 16.89% | 25.51% | -26.52% | 12.31% | 32.45% | 27.96% | -9.34% | 18.06% |
Correlation
The correlation between SPMD and VXF is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.91 |
The correlation between SPMD and VXF has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
SPMD vs. VXF — Risk / Return Rank
SPMD
VXF
SPMD vs. VXF - 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 Extended Market ETF (VXF). 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 | VXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 3.01 | +0.12 |
| Martin ratioReturn relative to average drawdown | 11.45 | 10.57 | +0.88 |
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Drawdowns
SPMD vs. VXF - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, roughly equal to the maximum VXF drawdown of -58.03%. Use the drawdown chart below to compare losses from any high point for SPMD and VXF.
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Drawdown Indicators
| SPMD | VXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -58.03% | +0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -10.21% | +1.35% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -26.92% | +2.84% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -36.39% | +12.31% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -41.72% | -0.14% |
Current DrawdownCurrent decline from peak | -0.11% | -0.19% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -8.10% | -9.54% | +1.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 2.90% | -0.49% |
Volatility
SPMD vs. VXF - Volatility Comparison
The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 4.55%, while Vanguard Extended Market ETF (VXF) has a volatility of 6.09%. This indicates that SPMD experiences smaller price fluctuations and is considered to be less risky than VXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMD | VXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 6.09% | -1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 11.74% | 13.24% | -1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.89% | 17.84% | -1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.72% | 22.43% | -2.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.21% | 22.34% | -1.13% |
SPMD vs. VXF - Expense Ratio Comparison
SPMD has a 0.03% expense ratio, which is lower than VXF's 0.05% 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. VXF - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.53%, more than VXF's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.53% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
VXF Vanguard Extended Market ETF | 1.01% | 1.14% | 1.09% | 1.27% | 1.15% | 1.13% | 1.07% | 1.30% | 1.66% | 1.25% | 1.43% | 1.35% |
Frequently Asked Questions
With a correlation of 0.93, SPMD and VXF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
VXF has higher volatility (6.09%) compared to SPMD (4.55%). In terms of maximum drawdown, SPMD dropped -57.62% vs VXF's -58.03%.
On 10-year performance, VXF leads with 12.63% vs 11.98% for SPMD. On fees, SPMD is cheaper at 0.03% per year. On volatility, SPMD has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VXF has performed better with a 12.63% return vs 11.98%. 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 0.05% for VXF.
SPMD has the higher dividend yield at 1.53%, compared with 1.01% for VXF.
SPMD tracks S&P MidCap 400 Index, while VXF tracks S&P Completion Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.03% for SPMD and 0.05% for VXF.
SPMD currently has the higher Sharpe Ratio (1.74 vs 1.72), 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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