SPSM vs. SPMD
SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - SPSM is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, SPSM returned 11.30%/yr vs 11.78%/yr for SPMD. Their correlation of 0.92 suggests significant overlap in exposure. SPSM charges 0.03%/yr vs 0.05%/yr for SPMD.
Performance
SPSM vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, SPSM achieves a 19.73% return, which is significantly higher than SPMD's 15.51% return. Both investments have delivered pretty close results over the past 10 years, with SPSM having a 11.30% annualized return and SPMD not far ahead at 11.78%.
SPSM
- 1D
- 0.99%
- 1M
- 5.61%
- YTD
- 19.73%
- 6M
- 16.52%
- 1Y
- 37.11%
- 3Y*
- 14.81%
- 5Y*
- 6.32%
- 10Y*
- 11.30%
SPMD
- 1D
- 0.73%
- 1M
- 3.56%
- YTD
- 15.51%
- 6M
- 14.03%
- 1Y
- 27.96%
- 3Y*
- 15.42%
- 5Y*
- 8.28%
- 10Y*
- 11.78%
SPSM vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | 19.73% | 6.11% | 8.55% | 16.11% | -16.12% | 26.67% | 11.69% | 25.85% | -11.17% | 15.44% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.51% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between SPSM and SPMD is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2013 | 0.92 |
The correlation between SPSM and SPMD has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
SPSM vs. SPMD — Risk / Return Rank
SPSM
SPMD
SPSM vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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.
| SPSM | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.29 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.96 | 2.95 | +1.02 |
| Martin ratioReturn relative to average drawdown | 13.39 | 10.81 | +2.58 |
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Drawdowns
SPSM vs. SPMD - Drawdown Comparison
The maximum SPSM drawdown since its inception was -42.89%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for SPSM and SPMD.
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Drawdown Indicators
| SPSM | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.89% | -57.62% | +14.73% |
Max Drawdown (1Y)Largest decline over 1 year | -8.72% | -8.86% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -27.94% | -24.08% | -3.86% |
Max Drawdown (5Y)Largest decline over 5 years | -27.94% | -24.08% | -3.86% |
Max Drawdown (10Y)Largest decline over 10 years | -42.89% | -41.86% | -1.03% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -7.91% | -8.11% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.59% | 2.41% | +0.18% |
Volatility
SPSM vs. SPMD - Volatility Comparison
State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) have volatilities of 5.14% and 5.07%, 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
| SPSM | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 5.07% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 11.96% | 11.77% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.69% | 15.91% | +1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.45% | 19.75% | +1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.00% | 21.20% | +1.80% |
SPSM vs. SPMD - Expense Ratio Comparison
SPSM has a 0.03% expense ratio, which is lower than SPMD'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
SPSM vs. SPMD - Dividend Comparison
SPSM's dividend yield for the trailing twelve months is around 1.37%, more than SPMD's 1.21% 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% |
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | 1.37% | 1.62% | 1.85% | 1.61% | 1.38% | 1.40% | 1.34% | 1.58% | 1.82% | 1.51% | 1.49% | 2.37% |
Frequently Asked Questions
With a correlation of 0.94, SPSM and SPMD 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.
SPSM has higher volatility (5.14%) compared to SPMD (5.07%). In terms of maximum drawdown, SPSM dropped -42.89% vs SPMD's -57.62%.
On 10-year performance, SPMD leads with 11.78% vs 11.30% for SPSM. On fees, SPSM is cheaper at 0.03% per year. Their volatility is very similar. 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 11.78% return vs 11.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPSM is cheaper with a 0.03% expense ratio, compared with 0.05% for SPMD.
SPSM has the higher dividend yield at 1.37%, compared with 1.21% for SPMD.
SPSM is categorized as Small Cap Blend Equities, while SPMD is Mid Cap Blend Equities. SPSM tracks S&P SmallCap 600 Index, while SPMD tracks S&P MidCap 400 Index. Their fees differ too: 0.03% for SPSM and 0.05% for SPMD.
SPSM currently has the higher Sharpe Ratio (1.95 vs 1.64), 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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