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SPYM vs. SPMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPYM vs. SPMD

Last updated Jun 9, 2026

SPYM (State Street SPDR Portfolio S&P 500 ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - SPYM is a S&P 500 fund tracking the S&P 500 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, SPYM returned 15.40%/yr vs 11.34%/yr for SPMD. A 0.78 correlation means they provide meaningful diversification when combined. SPYM charges 0.02%/yr vs 0.05%/yr for SPMD.

Performance

SPYM vs. SPMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 ETF (SPYM) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPYM achieves a 8.75% return, which is significantly lower than SPMD's 12.58% return. Over the past 10 years, SPYM has outperformed SPMD with an annualized return of 15.40%, while SPMD has yielded a comparatively lower 11.34% annualized return.

SPYM

1D
0.24%
1M
0.23%
YTD
8.75%
6M
8.78%
1Y
24.91%
3Y*
21.46%
5Y*
13.50%
10Y*
15.40%

SPMD

1D
0.23%
1M
0.17%
YTD
12.58%
6M
12.81%
1Y
22.99%
3Y*
15.03%
5Y*
7.88%
10Y*
11.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPYM vs. SPMD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPYM
State Street SPDR Portfolio S&P 500 ETF		8.75%17.79%25.00%26.24%-18.09%28.78%18.49%31.99%-4.78%21.30%
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		12.58%7.44%13.91%16.48%-13.13%24.76%13.46%25.19%-10.34%15.12%

Correlation

The correlation between SPYM and SPMD is 0.76, 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

0.76

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 Nov 15, 2005

0.78

The correlation between SPYM and SPMD has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR Portfolio S&P 500 ETF

SPDR Portfolio S&P 400 Mid Cap ETF

Often compared with SPYM:
SPYM vs. SPYSPYM vs. VOOSPYM vs. QQQMSPYM vs. SPMOSPYM vs. VTISPYM vs. SPYGSPYM vs. SCHG
Often compared with SPMD:
SPMD vs. MDYSPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SWMCX

Return for Risk

SPYM vs. SPMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPYM
SPYM Risk / Return Rank: 6969
Overall Rank
SPYM Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPYM Sortino Ratio Rank: 6868
Sortino Ratio Rank
SPYM Omega Ratio Rank: 7171
Omega Ratio Rank
SPYM Calmar Ratio Rank: 6262
Calmar Ratio Rank
SPYM Martin Ratio Rank: 7575
Martin Ratio Rank
SPMD
SPMD Risk / Return Rank: 5252
Overall Rank
SPMD Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
SPMD Sortino Ratio Rank: 4949
Sortino Ratio Rank
SPMD Omega Ratio Rank: 4545
Omega Ratio Rank
SPMD Calmar Ratio Rank: 5858
Calmar Ratio Rank
SPMD Martin Ratio Rank: 5959
Martin Ratio Rank
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.

SPYM vs. SPMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 ETF (SPYM) 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.

SPYMSPMDDifference
Sharpe ratioReturn per unit of total volatility
2.08
1.48

+0.60

Sortino ratioReturn per unit of downside risk
2.80
2.17

+0.63

Omega ratioGain probability vs. loss probability

1.38

1.26

+0.12

Calmar ratioReturn relative to maximum drawdown

2.81

2.61

+0.20

Martin ratioReturn relative to average drawdown

12.97

9.55

+3.42

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYM vs. SPMD - Sharpe Ratio Comparison

The current SPYM Sharpe Ratio is 2.08, which is higher than the SPMD Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of SPYM and SPMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPYMSPMDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.08

1.48

+0.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.81

0.40

+0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.86

0.54

+0.32

Sharpe Ratio (All Time)

Calculated using the full available price history

0.61

0.45

+0.16

Drawdowns

SPYM vs. SPMD - Drawdown Comparison

The maximum SPYM drawdown since its inception was -54.46%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for SPYM and SPMD.

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Drawdown Indicators

SPYMSPMDDifference

Max Drawdown

Largest peak-to-trough decline

-54.46%

-57.62%

+3.16%

Max Drawdown (1Y)

Largest decline over 1 year

-8.90%

-8.86%

-0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-18.72%

-24.08%

+5.36%

Max Drawdown (5Y)

Largest decline over 5 years

-24.48%

-24.08%

-0.40%

Max Drawdown (10Y)

Largest decline over 10 years

-33.87%

-41.86%

+7.99%

Current Drawdown

Current decline from peak

-2.66%

-1.71%

-0.95%

Average Drawdown

Average peak-to-trough decline

-7.15%

-8.12%

+0.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.92%

2.41%

-0.49%

Volatility

SPYM vs. SPMD - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 ETF (SPYM) is 3.72%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 4.16%. This indicates that SPYM experiences smaller price fluctuations and is considered to be less risky 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

SPYMSPMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.72%

4.16%

-0.44%

Volatility (6M)

Calculated over the trailing 6-month period

9.30%

11.53%

-2.23%

Volatility (1Y)

Calculated over the trailing 1-year period

12.07%

15.66%

-3.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.84%

19.71%

-2.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.02%

21.19%

-3.17%

SPYM vs. SPMD - Expense Ratio Comparison

SPYM has a 0.02% 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

SPYM vs. SPMD - Dividend Comparison

SPYM's dividend yield for the trailing twelve months is around 1.02%, less than SPMD's 1.24% yield.

PositionTTM20252024202320222021202020192018201720162015
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		1.24%1.39%1.42%1.47%1.64%1.24%1.30%1.57%1.85%1.97%2.13%5.33%
SPYM
State Street SPDR Portfolio S&P 500 ETF		1.02%1.13%1.28%1.44%1.69%1.25%1.54%1.79%2.23%1.75%1.97%1.98%

Frequently Asked Questions

SPYM and SPMD have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPMD has higher volatility (4.16%) compared to SPYM (3.72%). In terms of maximum drawdown, SPYM dropped -54.46% vs SPMD's -57.62%.

On 10-year performance, SPYM leads with 15.40% vs 11.34% for SPMD. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPYM has performed better with a 15.40% return vs 11.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPYM is cheaper with a 0.02% expense ratio, compared with 0.05% for SPMD.

SPMD has the higher dividend yield at 1.24%, compared with 1.02% for SPYM.

SPYM is categorized as S&P 500, while SPMD is Mid Cap Blend Equities. SPYM tracks S&P 500 Index, while SPMD tracks S&P MidCap 400 Index. Their fees differ too: 0.02% for SPYM and 0.05% for SPMD.

SPYM currently has the higher Sharpe Ratio (2.08 vs 1.48), 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.

Portfolio Optimizer

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