VXF vs. SPMD
VXF (Vanguard Extended Market ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both Mid Cap Blend Equities funds - VXF tracks the S&P Completion Index while SPMD tracks the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, VXF returned 12.08%/yr vs 11.51%/yr for SPMD. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.05% expense ratio.
Performance
VXF vs. SPMD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VXF having a 13.78% return and SPMD slightly higher at 14.16%. Both investments have delivered pretty close results over the past 10 years, with VXF having a 12.08% annualized return and SPMD not far behind at 11.51%.
VXF
- 1D
- -1.02%
- 1M
- 4.75%
- YTD
- 13.78%
- 6M
- 12.61%
- 1Y
- 28.88%
- 3Y*
- 19.75%
- 5Y*
- 6.53%
- 10Y*
- 12.08%
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%
VXF vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VXF Vanguard Extended Market ETF | 13.78% | 11.40% | 16.89% | 25.51% | -26.52% | 12.31% | 32.45% | 27.96% | -9.34% | 18.06% |
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 VXF and SPMD is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2005 | 0.91 |
The correlation between VXF and SPMD has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
VXF vs. SPMD — Risk / Return Rank
VXF
SPMD
VXF vs. SPMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Extended Market ETF (VXF) 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.
| VXF | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 2.89 | -0.05 |
| Martin ratioReturn relative to average drawdown | 10.07 | 10.61 | -0.54 |
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
| VXF | SPMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.69 | 1.65 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 0.42 | -0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.55 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.45 | 0.00 |
Drawdowns
VXF vs. SPMD - Drawdown Comparison
The maximum VXF drawdown since its inception was -58.03%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for VXF and SPMD.
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Drawdown Indicators
| VXF | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.03% | -57.62% | -0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -8.86% | -1.35% |
Max Drawdown (3Y)Largest decline over 3 years | -26.92% | -24.08% | -2.84% |
Max Drawdown (5Y)Largest decline over 5 years | -36.39% | -24.08% | -12.31% |
Max Drawdown (10Y)Largest decline over 10 years | -41.72% | -41.86% | +0.14% |
Current DrawdownCurrent decline from peak | -1.02% | -0.08% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -9.55% | -8.12% | -1.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.87% | 2.41% | +0.46% |
Volatility
VXF vs. SPMD - Volatility Comparison
Vanguard Extended Market ETF (VXF) has a higher volatility of 4.87% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 4.38%. This indicates that VXF'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
| VXF | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.87% | 4.38% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 12.44% | 11.37% | +1.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.22% | 15.57% | +1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.33% | 19.70% | +2.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.29% | 21.18% | +1.11% |
VXF vs. SPMD - Expense Ratio Comparison
Both VXF and SPMD have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VXF vs. SPMD - Dividend Comparison
VXF's dividend yield for the trailing twelve months is around 1.02%, less than SPMD's 1.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VXF Vanguard Extended Market ETF | 1.02% | 1.14% | 1.09% | 1.27% | 1.15% | 1.13% | 1.07% | 1.30% | 1.66% | 1.25% | 1.43% | 1.35% |
Frequently Asked Questions
With a correlation of 0.94, VXF 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.
VXF has higher volatility (4.87%) compared to SPMD (4.38%). In terms of maximum drawdown, VXF dropped -58.03% vs SPMD's -57.62%.
On 10-year performance, VXF leads with 12.08% vs 11.51% for SPMD. Both ETFs have the same 0.05% expense ratio. On volatility, SPMD has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VXF has performed better with a 12.08% return vs 11.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VXF and SPMD have the same expense ratio: 0.05% per year.
SPMD has the higher dividend yield at 1.23%, compared with 1.02% for VXF.
VXF tracks S&P Completion Index, while SPMD tracks S&P MidCap 400 Index. They also come from different issuers: Vanguard and State Street.
VXF currently has the higher Sharpe Ratio (1.69 vs 1.65), 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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