SPYV vs. SPMD
SPYV (SPDR Portfolio S&P 500 Value ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - SPYV is a S&P 500 fund tracking the S&P 500 Value 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, SPYV returned 12.08%/yr vs 11.78%/yr for SPMD. Their correlation of 0.82 suggests significant overlap in exposure. SPYV charges 0.04%/yr vs 0.05%/yr for SPMD.
Performance
SPYV vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, SPYV achieves a 8.25% return, which is significantly lower than SPMD's 15.51% return. Both investments have delivered pretty close results over the past 10 years, with SPYV having a 12.08% annualized return and SPMD not far behind at 11.78%.
SPYV
- 1D
- 0.69%
- 1M
- 1.59%
- YTD
- 8.25%
- 6M
- 8.02%
- 1Y
- 21.87%
- 3Y*
- 15.13%
- 5Y*
- 10.98%
- 10Y*
- 12.08%
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%
SPYV vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPYV SPDR Portfolio S&P 500 Value ETF | 8.25% | 13.18% | 12.24% | 22.20% | -5.28% | 24.91% | 1.38% | 31.70% | -9.01% | 15.40% |
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 SPYV and SPMD is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.82 |
The correlation between SPYV and SPMD has been stable across timeframes, ranging from 0.82 to 0.88 - a consistent structural relationship.
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Return for Risk
SPYV vs. SPMD — Risk / Return Rank
SPYV
SPMD
SPYV vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 Value ETF (SPYV) 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.
| SPYV | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.29 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 2.95 | +0.39 |
| Martin ratioReturn relative to average drawdown | 12.73 | 10.81 | +1.92 |
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Drawdowns
SPYV vs. SPMD - Drawdown Comparison
The maximum SPYV drawdown since its inception was -58.45%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for SPYV and SPMD.
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Drawdown Indicators
| SPYV | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.45% | -57.62% | -0.83% |
Max Drawdown (1Y)Largest decline over 1 year | -6.22% | -8.86% | +2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -24.08% | +6.54% |
Max Drawdown (5Y)Largest decline over 5 years | -17.89% | -24.08% | +6.19% |
Max Drawdown (10Y)Largest decline over 10 years | -36.89% | -41.86% | +4.97% |
Current DrawdownCurrent decline from peak | -0.18% | 0.00% | -0.18% |
Average DrawdownAverage peak-to-trough decline | -8.71% | -8.11% | -0.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 2.41% | -0.78% |
Volatility
SPYV vs. SPMD - Volatility Comparison
The current volatility for SPDR Portfolio S&P 500 Value ETF (SPYV) is 2.70%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 5.07%. This indicates that SPYV 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
| SPYV | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.70% | 5.07% | -2.37% |
Volatility (6M)Calculated over the trailing 6-month period | 7.26% | 11.77% | -4.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.97% | 15.91% | -5.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.42% | 19.75% | -5.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 21.20% | -4.26% |
SPYV vs. SPMD - Expense Ratio Comparison
SPYV 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
SPYV vs. SPMD - Dividend Comparison
SPYV's dividend yield for the trailing twelve months is around 1.68%, 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% |
SPYV SPDR Portfolio S&P 500 Value ETF | 1.68% | 1.77% | 2.29% | 1.75% | 2.22% | 2.10% | 2.38% | 2.25% | 2.97% | 2.77% | 2.39% | 2.53% |
Frequently Asked Questions
SPYV and SPMD have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMD has higher volatility (5.07%) compared to SPYV (2.70%). In terms of maximum drawdown, SPYV dropped -58.45% vs SPMD's -57.62%.
On 10-year performance, SPYV leads with 12.08% vs 11.78% for SPMD. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPYV has performed better with a 12.08% return vs 11.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYV is cheaper with a 0.04% expense ratio, compared with 0.05% for SPMD.
SPYV has the higher dividend yield at 1.68%, compared with 1.21% for SPMD.
SPYV is categorized as S&P 500, while SPMD is Mid Cap Blend Equities. SPYV tracks S&P 500 Value Index, while SPMD tracks S&P MidCap 400 Index. Their fees differ too: 0.04% for SPYV and 0.05% for SPMD.
SPYV currently has the higher Sharpe Ratio (2.08 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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