TMSL vs. SPMD
Compare and contrast key facts about T. Rowe Price Small-Mid Cap ETF (TMSL) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD).
TMSL and SPMD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TMSL is an actively managed fund by T. Rowe Price. It was launched on Jun 14, 2023. SPMD is a passively managed fund by State Street that tracks the performance of the S&P MidCap 400 Index. It was launched on Nov 8, 2005.
Performance
TMSL vs. SPMD - Performance Comparison
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TMSL vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TMSL T. Rowe Price Small-Mid Cap ETF | 2.14% | 11.95% | 15.81% | 11.22% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 2.59% | 7.44% | 13.91% | 8.33% |
Returns By Period
In the year-to-date period, TMSL achieves a 2.14% return, which is significantly lower than SPMD's 2.59% return.
TMSL
- 1D
- 4.09%
- 1M
- -6.41%
- YTD
- 2.14%
- 6M
- 4.84%
- 1Y
- 20.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPMD
- 1D
- 2.99%
- 1M
- -5.29%
- YTD
- 2.59%
- 6M
- 4.27%
- 1Y
- 17.37%
- 3Y*
- 12.11%
- 5Y*
- 6.60%
- 10Y*
- 10.73%
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TMSL vs. SPMD - Expense Ratio Comparison
TMSL has a 0.55% expense ratio, which is higher than SPMD's 0.05% expense ratio.
Return for Risk
TMSL vs. SPMD — Risk / Return Rank
TMSL
SPMD
TMSL vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Small-Mid Cap ETF (TMSL) 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.
| TMSL | SPMD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.95 | 0.83 | +0.12 |
Sortino ratioReturn per unit of downside risk | 1.46 | 1.30 | +0.16 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.18 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.43 | 1.25 | +0.17 |
Martin ratioReturn relative to average drawdown | 5.92 | 5.41 | +0.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TMSL | SPMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.95 | 0.83 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.34 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.51 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.82 | 0.43 | +0.39 |
Correlation
The correlation between TMSL and SPMD is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
TMSL vs. SPMD - Dividend Comparison
TMSL's dividend yield for the trailing twelve months is around 0.55%, less than SPMD's 1.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMSL T. Rowe Price Small-Mid Cap ETF | 0.55% | 0.57% | 0.44% | 0.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.37% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Drawdowns
TMSL vs. SPMD - Drawdown Comparison
The maximum TMSL drawdown since its inception was -24.39%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for TMSL and SPMD.
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Drawdown Indicators
| TMSL | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.39% | -57.62% | +33.23% |
Max Drawdown (1Y)Largest decline over 1 year | -14.61% | -14.12% | -0.49% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.08% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.86% | — |
Current DrawdownCurrent decline from peak | -7.56% | -6.13% | -1.43% |
Average DrawdownAverage peak-to-trough decline | -4.09% | -8.18% | +4.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.53% | 3.27% | +0.26% |
Volatility
TMSL vs. SPMD - Volatility Comparison
T. Rowe Price Small-Mid Cap ETF (TMSL) has a higher volatility of 8.15% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 6.56%. This indicates that TMSL'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
| TMSL | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 6.56% | +1.59% |
Volatility (6M)Calculated over the trailing 6-month period | 13.33% | 11.95% | +1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.16% | 21.11% | +1.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.37% | 19.71% | -1.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 21.18% | -2.81% |