SPYG vs. SPMD
SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth 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, SPYG returned 17.91%/yr vs 11.78%/yr for SPMD. A 0.77 correlation means they provide meaningful diversification when combined. SPYG charges 0.04%/yr vs 0.05%/yr for SPMD.
Performance
SPYG vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, SPYG achieves a 9.70% return, which is significantly lower than SPMD's 15.51% return. Over the past 10 years, SPYG has outperformed SPMD with an annualized return of 17.91%, while SPMD has yielded a comparatively lower 11.78% annualized return.
SPYG
- 1D
- 0.41%
- 1M
- -2.81%
- YTD
- 9.70%
- 6M
- 10.60%
- 1Y
- 29.17%
- 3Y*
- 25.85%
- 5Y*
- 14.92%
- 10Y*
- 17.91%
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%
SPYG vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPYG State Street SPDR Portfolio S&P 500 Growth ETF | 9.70% | 22.09% | 35.99% | 30.02% | -29.41% | 32.01% | 33.46% | 30.84% | -0.12% | 27.24% |
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 SPYG and SPMD is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.77 |
The correlation between SPYG and SPMD shifts across timeframes, from 0.60 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPYG vs. SPMD — Risk / Return Rank
SPYG
SPMD
SPYG vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) 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.
| SPYG | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | 2.95 | -0.94 |
| Martin ratioReturn relative to average drawdown | 8.08 | 10.81 | -2.72 |
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Drawdowns
SPYG vs. SPMD - Drawdown Comparison
The maximum SPYG drawdown since its inception was -67.63%, which is greater than SPMD's maximum drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for SPYG and SPMD.
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Drawdown Indicators
| SPYG | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.63% | -57.62% | -10.01% |
Max Drawdown (1Y)Largest decline over 1 year | -13.76% | -8.86% | -4.90% |
Max Drawdown (3Y)Largest decline over 3 years | -22.14% | -24.08% | +1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -32.67% | -24.08% | -8.59% |
Max Drawdown (10Y)Largest decline over 10 years | -32.67% | -41.86% | +9.19% |
Current DrawdownCurrent decline from peak | -4.65% | 0.00% | -4.65% |
Average DrawdownAverage peak-to-trough decline | -24.30% | -8.11% | -16.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.42% | 2.41% | +1.01% |
Volatility
SPYG vs. SPMD - Volatility Comparison
State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 6.33% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 5.07%. This indicates that SPYG's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYG | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.33% | 5.07% | +1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 13.48% | 11.77% | +1.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.81% | 15.91% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.27% | 19.75% | +1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.70% | 21.20% | -0.50% |
SPYG vs. SPMD - Expense Ratio Comparison
SPYG has a 0.04% 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
SPYG vs. SPMD - Dividend Comparison
SPYG's dividend yield for the trailing twelve months is around 0.48%, less 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% |
SPYG State Street SPDR Portfolio S&P 500 Growth ETF | 0.48% | 0.52% | 0.60% | 1.15% | 1.03% | 0.62% | 0.90% | 1.37% | 1.51% | 1.41% | 1.55% | 1.57% |
Frequently Asked Questions
SPYG and SPMD have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYG has higher volatility (6.33%) compared to SPMD (5.07%). In terms of maximum drawdown, SPYG dropped -67.63% vs SPMD's -57.62%.
On 10-year performance, SPYG leads with 17.91% vs 11.78% for SPMD. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPMD has been the lower-risk option at 5.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPYG has performed better with a 17.91% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYG is cheaper with a 0.04% expense ratio, compared with 0.05% for SPMD.
SPMD has the higher dividend yield at 1.21%, compared with 0.48% for SPYG.
SPYG is categorized as S&P 500, while SPMD is Mid Cap Blend Equities. SPYG tracks S&P 500 Growth Index, while SPMD tracks S&P MidCap 400 Index. Their fees differ too: 0.04% for SPYG and 0.05% for SPMD.
SPYG currently has the higher Sharpe Ratio (1.65 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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