VO vs. SPMD
VO (Vanguard Mid-Cap ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - VO tracks the CRSP US Mid Cap Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, VO returned 11.98%/yr vs 11.93%/yr for SPMD. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.03% expense ratio.
Performance
VO vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, VO achieves a 10.84% return, which is significantly lower than SPMD's 15.34% return. Both investments have delivered pretty close results over the past 10 years, with VO having a 11.98% annualized return and SPMD not far behind at 11.93%.
VO
- 1D
- 0.44%
- 1M
- 2.61%
- YTD
- 10.84%
- 6M
- 9.30%
- 1Y
- 17.12%
- 3Y*
- 16.43%
- 5Y*
- 7.68%
- 10Y*
- 11.98%
SPMD
- 1D
- 0.61%
- 1M
- 3.31%
- YTD
- 15.34%
- 6M
- 13.06%
- 1Y
- 24.69%
- 3Y*
- 16.37%
- 5Y*
- 8.42%
- 10Y*
- 11.93%
VO vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VO Vanguard Mid-Cap ETF | 10.84% | 11.62% | 15.31% | 16.03% | -18.73% | 24.70% | 18.10% | 30.98% | -9.24% | 19.28% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.34% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between VO and SPMD is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.90 |
The correlation between VO and SPMD has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.
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Return for Risk
VO vs. SPMD — Risk / Return Rank
VO
SPMD
VO vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) 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.
| VO | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.28 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 2.80 | -0.69 |
| Martin ratioReturn relative to average drawdown | 7.94 | 10.26 | -2.33 |
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Drawdowns
VO vs. SPMD - Drawdown Comparison
The maximum VO drawdown since its inception was -58.87%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for VO and SPMD.
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Drawdown Indicators
| VO | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.87% | -57.62% | -1.25% |
Max Drawdown (1Y)Largest decline over 1 year | -8.17% | -8.86% | +0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -19.02% | -24.08% | +5.06% |
Max Drawdown (5Y)Largest decline over 5 years | -27.57% | -24.08% | -3.49% |
Max Drawdown (10Y)Largest decline over 10 years | -39.37% | -41.86% | +2.49% |
Current DrawdownCurrent decline from peak | -0.85% | -0.53% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -7.84% | -8.10% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 2.41% | -0.25% |
Volatility
VO vs. SPMD - Volatility Comparison
The current volatility for Vanguard Mid-Cap ETF (VO) is 4.41%, while SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) has a volatility of 4.69%. This indicates that VO 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
| VO | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 4.69% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 9.84% | 11.78% | -1.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.78% | 15.89% | -3.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.66% | 19.72% | -2.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.93% | 21.18% | -2.25% |
VO vs. SPMD - Expense Ratio Comparison
Both VO and SPMD have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VO vs. SPMD - Dividend Comparison
VO's dividend yield for the trailing twelve months is around 1.35%, more 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% |
VO Vanguard Mid-Cap ETF | 1.35% | 1.52% | 1.49% | 1.52% | 1.60% | 1.12% | 1.45% | 1.48% | 1.82% | 1.35% | 1.45% | 1.47% |
Frequently Asked Questions
With a correlation of 0.92, VO and SPMD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPMD has higher volatility (4.69%) compared to VO (4.41%). In terms of maximum drawdown, VO dropped -58.87% vs SPMD's -57.62%.
On 10-year performance, VO leads with 11.98% vs 11.93% for SPMD. Both ETFs have the same 0.03% expense ratio. On volatility, VO has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VO has performed better with a 11.98% return vs 11.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VO and SPMD have the same expense ratio: 0.03% per year.
VO has the higher dividend yield at 1.35%, compared with 1.22% for SPMD.
VO tracks CRSP US Mid Cap Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: Vanguard and State Street.
SPMD currently has the higher Sharpe Ratio (1.56 vs 1.35), 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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