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TUSA vs. SPMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TUSA vs. SPMD

Last updated Jun 4, 2026

TUSA (First Trust Total US Market AlphaDEX ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - TUSA tracks the NASDAQ AlphaDEX Total US Market Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, TUSA returned 10.75%/yr vs 11.51%/yr for SPMD. A 0.68 correlation means they provide meaningful diversification when combined. TUSA charges 0.70%/yr vs 0.05%/yr for SPMD.

Performance

TUSA vs. SPMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Total US Market AlphaDEX ETF (TUSA) 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, TUSA achieves a 6.54% return, which is significantly lower than SPMD's 14.16% return. Over the past 10 years, TUSA has underperformed SPMD with an annualized return of 10.75%, while SPMD has yielded a comparatively higher 11.51% annualized return.

TUSA

1D
-0.21%
1M
-2.16%
YTD
6.54%
6M
6.72%
1Y
18.40%
3Y*
16.04%
5Y*
6.32%
10Y*
10.75%

SPMD

1D
-0.08%
1M
3.86%
YTD
14.16%
6M
14.41%
1Y
25.49%
3Y*
16.15%
5Y*
8.20%
10Y*
11.51%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TUSA vs. SPMD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TUSA
First Trust Total US Market AlphaDEX ETF		6.54%13.64%11.12%11.75%-13.54%24.79%14.16%24.29%-10.35%20.07%
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		14.16%7.44%13.91%16.48%-13.13%24.76%13.46%25.19%-10.34%15.12%

Correlation

The correlation between TUSA and SPMD is 0.72, 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

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.82

Correlation (5Y)
Calculated over the trailing 5-year period

0.84

Correlation (10Y)
Calculated over the trailing 10-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Nov 16, 2005

0.68

The correlation between TUSA and SPMD shifts across timeframes, from 0.68 (all time) to 0.84 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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

First Trust Total US Market AlphaDEX ETF

SPDR Portfolio S&P 400 Mid Cap ETF

Often compared with TUSA:
TUSA vs. FTDSTUSA vs. RYJTUSA vs. PWCTUSA vs. QQQTUSA vs. CSDTUSA vs. MOOTUSA vs. EPU
Often compared with SPMD:
SPMD vs. MDYSPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SWMCX

Return for Risk

TUSA vs. SPMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TUSA
TUSA Risk / Return Rank: 4545
Overall Rank
TUSA Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
TUSA Sortino Ratio Rank: 4343
Sortino Ratio Rank
TUSA Omega Ratio Rank: 3939
Omega Ratio Rank
TUSA Calmar Ratio Rank: 5757
Calmar Ratio Rank
TUSA Martin Ratio Rank: 4646
Martin Ratio Rank
SPMD
SPMD Risk / Return Rank: 5151
Overall Rank
SPMD Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
SPMD Sortino Ratio Rank: 4848
Sortino Ratio Rank
SPMD Omega Ratio Rank: 4545
Omega Ratio Rank
SPMD Calmar Ratio Rank: 5757
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.

TUSA vs. SPMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Total US Market AlphaDEX ETF (TUSA) 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.

TUSASPMDDifference

Sharpe ratio

Return per unit of total volatility

1.44

1.65

-0.21

Sortino ratio

Return per unit of downside risk

2.19

2.41

-0.22

Omega ratio

Gain probability vs. loss probability

1.25

1.29

-0.04

Calmar ratio

Return relative to maximum drawdown

2.81

2.89

-0.08

Martin ratio

Return relative to average drawdown

7.56

10.61

-3.05

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

TUSA vs. SPMD - Sharpe Ratio Comparison

The current TUSA Sharpe Ratio is 1.44, which is comparable to the SPMD Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of TUSA 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

TUSASPMDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.44

1.65

-0.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.36

0.42

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.55

-0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.32

0.45

-0.13

Drawdowns

TUSA vs. SPMD - Drawdown Comparison

The maximum TUSA drawdown since its inception was -56.53%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for TUSA and SPMD.

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Drawdown Indicators

TUSASPMDDifference

Max Drawdown

Largest peak-to-trough decline

-56.53%

-57.62%

+1.09%

Max Drawdown (1Y)

Largest decline over 1 year

-6.57%

-8.86%

+2.29%

Max Drawdown (3Y)

Largest decline over 3 years

-18.04%

-24.08%

+6.04%

Max Drawdown (5Y)

Largest decline over 5 years

-23.35%

-24.08%

+0.73%

Max Drawdown (10Y)

Largest decline over 10 years

-42.47%

-41.86%

-0.61%

Current Drawdown

Current decline from peak

-4.46%

-0.08%

-4.38%

Average Drawdown

Average peak-to-trough decline

-9.87%

-8.12%

-1.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.44%

2.41%

+0.03%

Volatility

TUSA vs. SPMD - Volatility Comparison

The current volatility for First Trust Total US Market AlphaDEX ETF (TUSA) is 3.48%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 4.38%. This indicates that TUSA 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

TUSASPMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.48%

4.38%

-0.90%

Volatility (6M)

Calculated over the trailing 6-month period

8.87%

11.37%

-2.50%

Volatility (1Y)

Calculated over the trailing 1-year period

12.92%

15.57%

-2.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.65%

19.70%

-2.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.14%

21.18%

-1.04%

TUSA vs. SPMD - Expense Ratio Comparison

TUSA has a 0.70% expense ratio, which is higher than SPMD's 0.05% expense ratio.

Dividends

TUSA vs. SPMD - Dividend Comparison

TUSA's dividend yield for the trailing twelve months is around 1.66%, more than SPMD's 1.23% yield.

PositionTTM20252024202320222021202020192018201720162015
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		1.23%1.39%1.42%1.47%1.64%1.24%1.30%1.57%1.85%1.97%2.13%5.33%
TUSA
First Trust Total US Market AlphaDEX ETF		1.66%1.59%2.05%2.15%2.31%0.72%0.99%1.13%1.14%0.79%1.24%0.95%

Frequently Asked Questions

TUSA and SPMD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPMD has higher volatility (4.38%) compared to TUSA (3.48%). In terms of maximum drawdown, TUSA dropped -56.53% vs SPMD's -57.62%.

On 10-year performance, SPMD leads with 11.51% vs 10.75% for TUSA. On fees, SPMD is cheaper at 0.05% per year. On volatility, TUSA has been the lower-risk option at 3.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPMD has performed better with a 11.51% return vs 10.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPMD is cheaper with a 0.05% expense ratio, compared with 0.70% for TUSA.

TUSA has the higher dividend yield at 1.66%, compared with 1.23% for SPMD.

TUSA tracks NASDAQ AlphaDEX Total US Market Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.70% for TUSA and 0.05% for SPMD.

SPMD currently has the higher Sharpe Ratio (1.65 vs 1.44), 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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