VFMO vs. SPMD
VFMO (Vanguard U.S. Momentum Factor ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - VFMO is a Momentum fund actively managed by Vanguard, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. VFMO is actively managed, while SPMD is passively managed. Over the past 5 years, VFMO returned 12.96%/yr vs 8.28%/yr for SPMD. Their correlation of 0.85 suggests significant overlap in exposure. VFMO charges 0.13%/yr vs 0.05%/yr for SPMD.
Performance
VFMO vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, VFMO achieves a 18.99% return, which is significantly higher than SPMD's 14.54% return.
VFMO
- 1D
- -4.59%
- 1M
- -2.01%
- YTD
- 18.99%
- 6M
- 17.18%
- 1Y
- 38.31%
- 3Y*
- 25.96%
- 5Y*
- 12.96%
- 10Y*
- —
SPMD
- 1D
- 0.33%
- 1M
- 2.89%
- YTD
- 14.54%
- 6M
- 14.24%
- 1Y
- 26.21%
- 3Y*
- 16.67%
- 5Y*
- 8.28%
- 10Y*
- 11.39%
VFMO vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VFMO Vanguard U.S. Momentum Factor ETF | 18.99% | 17.39% | 26.14% | 16.25% | -12.84% | 19.16% | 31.36% | 28.22% | -11.41% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 14.54% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.42% |
Correlation
The correlation between VFMO and SPMD is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2018 | 0.85 |
The correlation between VFMO and SPMD has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.
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Return for Risk
VFMO vs. SPMD — Risk / Return Rank
VFMO
SPMD
VFMO vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Momentum Factor ETF (VFMO) 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.
| VFMO | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.30 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | 2.97 | +0.53 |
| Martin ratioReturn relative to average drawdown | 13.17 | 10.91 | +2.26 |
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
| VFMO | SPMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.77 | 1.70 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | 0.42 | +0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.45 | +0.18 |
Drawdowns
VFMO vs. SPMD - Drawdown Comparison
The maximum VFMO drawdown since its inception was -36.77%, smaller than the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for VFMO and SPMD.
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Drawdown Indicators
| VFMO | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.77% | -57.62% | +20.85% |
Max Drawdown (1Y)Largest decline over 1 year | -10.98% | -8.86% | -2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -24.08% | -0.32% |
Max Drawdown (5Y)Largest decline over 5 years | -25.80% | -24.08% | -1.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.86% | — |
Current DrawdownCurrent decline from peak | -4.59% | 0.00% | -4.59% |
Average DrawdownAverage peak-to-trough decline | -7.76% | -8.12% | +0.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 2.41% | +0.51% |
Volatility
VFMO vs. SPMD - Volatility Comparison
Vanguard U.S. Momentum Factor ETF (VFMO) has a higher volatility of 7.54% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 4.23%. This indicates that VFMO'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
| VFMO | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.54% | 4.23% | +3.31% |
Volatility (6M)Calculated over the trailing 6-month period | 17.05% | 11.36% | +5.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.73% | 15.53% | +6.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.79% | 19.70% | +2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.61% | 21.18% | +2.43% |
VFMO vs. SPMD - Expense Ratio Comparison
VFMO has a 0.13% expense ratio, which is higher than SPMD's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VFMO vs. SPMD - Dividend Comparison
VFMO's dividend yield for the trailing twelve months is around 0.65%, less than SPMD's 1.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.22% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
VFMO Vanguard U.S. Momentum Factor ETF | 0.65% | 0.82% | 0.72% | 0.89% | 1.72% | 0.81% | 0.45% | 1.22% | 0.70% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VFMO and SPMD 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.
VFMO has higher volatility (7.54%) compared to SPMD (4.23%). In terms of maximum drawdown, VFMO dropped -36.77% vs SPMD's -57.62%.
On 5-year performance, VFMO leads with 12.96% vs 8.28% for SPMD. On fees, SPMD is cheaper at 0.05% per year. On volatility, SPMD has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VFMO has performed better with a 12.96% return vs 8.28%. 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 0.13% for VFMO.
SPMD has the higher dividend yield at 1.22%, compared with 0.65% for VFMO.
VFMO is categorized as Momentum, while SPMD is Mid Cap Blend Equities. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.13% for VFMO and 0.05% for SPMD.
VFMO currently has the higher Sharpe Ratio (1.77 vs 1.70), 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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