UPGD vs. SPMD

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD).

UPGD and SPMD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. UPGD is a passively managed fund by Invesco that tracks the performance of the Bloomberg ANR Improvers Index - Benchmark TR Gross. It was launched on May 19, 2006. 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. Both UPGD and SPMD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

UPGD vs. SPMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). The values are adjusted to include any dividend payments, if applicable.

UPGD vs. SPMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	-0.92%	8.89%	13.28%	15.65%	-13.17%	24.09%	6.21%	32.02%	-14.84%	13.31%
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	3.40%	7.44%	13.91%	16.48%	-13.13%	24.76%	13.46%	25.19%	-10.34%	15.12%

Returns By Period

In the year-to-date period, UPGD achieves a -0.92% return, which is significantly lower than SPMD's 3.40% return. Over the past 10 years, UPGD has underperformed SPMD with an annualized return of 9.42%, while SPMD has yielded a comparatively higher 10.82% annualized return.

UPGD

• 1D: 0.60%
• 1M: -7.60%
• YTD: -0.92%
• 6M: -0.66%
• 1Y: 6.54%
• 3Y*: 11.40%
• 5Y*: 5.75%
• 10Y*: 9.42%

SPMD

• 1D: 0.79%
• 1M: -5.34%
• YTD: 3.40%
• 6M: 4.73%
• 1Y: 17.66%
• 3Y*: 12.40%
• 5Y*: 6.76%
• 10Y*: 10.82%

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

UPGD vs. SPMD - Expense Ratio Comparison

UPGD has a 0.40% expense ratio, which is higher than SPMD's 0.05% expense ratio.

UPGD

Invesco Bloomberg Analyst Rating Improvers ETF

SPMD

SPDR Portfolio S&P 400 Mid Cap ETF

Return for Risk

UPGD vs. SPMD — Risk / Return Rank

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

UPGD

UPGD Risk / Return Rank: 23
UPGD Sharpe Ratio Rank: 22
UPGD Sortino Ratio Rank: 22
UPGD Omega Ratio Rank: 21
UPGD Calmar Ratio Rank: 23
UPGD Martin Ratio Rank: 24

SPMD

SPMD Risk / Return Rank: 47
SPMD Sharpe Ratio Rank: 43
SPMD Sortino Ratio Rank: 46
SPMD Omega Ratio Rank: 44
SPMD Calmar Ratio Rank: 48
SPMD Martin Ratio Rank: 54

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.

UPGD vs. SPMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) 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.

	UPGD	SPMD	Difference
Sharpe ratio Return per unit of total volatility	0.39	0.84	-0.45
Sortino ratio Return per unit of downside risk	0.68	1.32	-0.64
Omega ratio Gain probability vs. loss probability	1.09	1.18	-0.10
Calmar ratio Return relative to maximum drawdown	0.55	1.30	-0.75
Martin ratio Return relative to average drawdown	2.02	5.57	-3.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPGD vs. SPMD - Sharpe Ratio Comparison

The current UPGD Sharpe Ratio is 0.39, which is lower than the SPMD Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of UPGD and SPMD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	UPGD	SPMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	0.84	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.34	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.51	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.43	-0.11

Correlation

The correlation between UPGD and SPMD is 0.87, 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

UPGD vs. SPMD - Dividend Comparison

UPGD's dividend yield for the trailing twelve months is around 1.76%, more than SPMD's 1.36% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UPGD Invesco Bloomberg Analyst Rating Improvers ETF	1.76%	1.75%	1.28%	1.39%	0.72%	0.52%	0.28%	0.20%	1.43%	0.00%	1.55%	0.93%
SPMD SPDR Portfolio S&P 400 Mid Cap ETF	1.36%	1.39%	1.42%	1.47%	1.64%	1.24%	1.30%	1.57%	1.85%	1.97%	2.13%	5.33%

Drawdowns

UPGD vs. SPMD - Drawdown Comparison

The maximum UPGD drawdown since its inception was -60.74%, which is greater than SPMD's maximum drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for UPGD and SPMD.

Drawdown Indicators

	UPGD	SPMD	Difference
Max Drawdown Largest peak-to-trough decline	-60.74%	-57.62%	-3.12%
Max Drawdown (1Y) Largest decline over 1 year	-11.87%	-14.12%	+2.25%
Max Drawdown (5Y) Largest decline over 5 years	-24.31%	-24.08%	-0.23%
Max Drawdown (10Y) Largest decline over 10 years	-50.20%	-41.86%	-8.34%
Current Drawdown Current decline from peak	-7.75%	-5.39%	-2.36%
Average Drawdown Average peak-to-trough decline	-10.33%	-8.18%	-2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.23%	3.29%	-0.06%

Volatility

UPGD vs. SPMD - Volatility Comparison

The current volatility for Invesco Bloomberg Analyst Rating Improvers ETF (UPGD) is 4.86%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 6.47%. This indicates that UPGD 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.

Volatility by Period

	UPGD	SPMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	6.47%	-1.61%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	11.97%	-2.14%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	21.13%	-4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.64%	19.70%	-1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.63%	21.17%	+0.46%