SPYM vs. TMDIX

Last updated Jun 10, 2026

SPYM (State Street SPDR Portfolio S&P 500 ETF) and TMDIX (AMG TimesSquare Mid Cap Growth Fund) are both funds - SPYM is a S&P 500 fund tracking the S&P 500 Index, while TMDIX is a Mid Cap Growth Equities fund managed by AMG. Over the past 10 years, SPYM returned 15.36%/yr vs 12.65%/yr for TMDIX. Their correlation of 0.80 suggests significant overlap in exposure. SPYM charges 0.02%/yr vs 0.98%/yr for TMDIX.

Performance

SPYM vs. TMDIX - 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 AMG TimesSquare Mid Cap Growth Fund (TMDIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYM achieves a 8.42% return, which is significantly higher than TMDIX's 1.85% return. Over the past 10 years, SPYM has outperformed TMDIX with an annualized return of 15.36%, while TMDIX has yielded a comparatively lower 12.65% annualized return.

SPYM

• 1D: -0.30%
• 1M: -0.07%
• YTD: 8.42%
• 6M: 8.55%
• 1Y: 24.43%
• 3Y*: 21.34%
• 5Y*: 13.32%
• 10Y*: 15.36%

TMDIX

• 1D: -3.12%
• 1M: 2.09%
• YTD: 1.85%
• 6M: -10.01%
• 1Y: -6.92%
• 3Y*: 7.87%
• 5Y*: 3.86%
• 10Y*: 12.65%

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

SPYM vs. TMDIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYM State Street SPDR Portfolio S&P 500 ETF	8.42%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%
TMDIX AMG TimesSquare Mid Cap Growth Fund	1.85%	-1.76%	10.84%	25.07%	-22.26%	16.75%	33.42%	63.26%	-4.28%	22.66%

Correlation

The correlation between SPYM and TMDIX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005	0.80

The correlation between SPYM and TMDIX has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.

Return for Risk

SPYM vs. TMDIX — Risk / Return Rank

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

SPYM

SPYM Risk / Return Rank: 69
SPYM Sharpe Ratio Rank: 70
SPYM Sortino Ratio Rank: 68
SPYM Omega Ratio Rank: 71
SPYM Calmar Ratio Rank: 62
SPYM Martin Ratio Rank: 75

TMDIX

TMDIX Risk / Return Rank: 2
TMDIX Sharpe Ratio Rank: 2
TMDIX Sortino Ratio Rank: 2
TMDIX Omega Ratio Rank: 2
TMDIX Calmar Ratio Rank: 2
TMDIX Martin Ratio Rank: 2

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. TMDIX - 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 AMG TimesSquare Mid Cap Growth Fund (TMDIX). 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.

	SPYM	TMDIX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	-0.32	+2.36
Sortino ratio: Return per unit of downside risk	2.75	-0.29	+3.05
Omega ratio: Gain probability vs. loss probability	1.37	0.96	+0.41
Calmar ratio: Return relative to maximum drawdown	2.76	-0.25	+3.01
Martin ratio: Return relative to average drawdown	12.66	-0.53	+13.19
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. TMDIX - Sharpe Ratio Comparison

The current SPYM Sharpe Ratio is 2.04, which is higher than the TMDIX Sharpe Ratio of -0.32. The chart below compares the historical Sharpe Ratios of SPYM and TMDIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPYM	TMDIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	-0.32	+2.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.19	+0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.60	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.53	+0.08

Drawdowns

SPYM vs. TMDIX - Drawdown Comparison

The maximum SPYM drawdown since its inception was -54.46%, which is greater than TMDIX's maximum drawdown of -48.73%. Use the drawdown chart below to compare losses from any high point for SPYM and TMDIX.

Drawdown Indicators

	SPYM	TMDIX	Difference
Max Drawdown Largest peak-to-trough decline	-54.46%	-48.73%	-5.73%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-25.45%	+16.55%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-25.45%	+6.73%
Max Drawdown (5Y) Largest decline over 5 years	-24.48%	-30.53%	+6.05%
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	-35.44%	+1.57%
Current Drawdown Current decline from peak	-2.95%	-14.72%	+11.77%
Average Drawdown Average peak-to-trough decline	-7.15%	-7.16%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	12.17%	-10.24%

Volatility

SPYM vs. TMDIX - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 ETF (SPYM) is 3.64%, while AMG TimesSquare Mid Cap Growth Fund (TMDIX) has a volatility of 5.23%. This indicates that SPYM experiences smaller price fluctuations and is considered to be less risky than TMDIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYM	TMDIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.64%	5.23%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	17.40%	-8.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.05%	19.79%	-7.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.84%	20.42%	-3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	21.10%	-3.08%

SPYM vs. TMDIX - Expense Ratio Comparison

SPYM has a 0.02% expense ratio, which is lower than TMDIX's 0.98% expense ratio.

Dividends

SPYM vs. TMDIX - Dividend Comparison

SPYM's dividend yield for the trailing twelve months is around 1.02%, while TMDIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TMDIX AMG TimesSquare Mid Cap Growth Fund	0.00%	0.00%	8.08%	3.98%	3.69%	29.72%	18.28%	31.06%	16.38%	14.44%	5.90%	7.73%

Frequently Asked Questions

Can I hold both SPYM and TMDIX in my portfolio?

SPYM and TMDIX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYM or TMDIX?

TMDIX has higher volatility (5.23%) compared to SPYM (3.64%). In terms of maximum drawdown, SPYM dropped -54.46% vs TMDIX's -48.73%.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (2.04 vs -0.32), 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.