ISMD vs SPY
Inspire Small/Mid Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, ISMD or SPY?
Mid Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. ISMD led over 1Y, SPY over 3Y, 5Y and the full window. ISMD is less concentrated, with 8.6% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ISMD | SPY |
|---|---|---|
| Expense Ratio | 0.53% | 0.09%Best |
| AUM | $332M | $804.7B |
| Dividend Yield | 1.13% | 0.98% |
| Holdings | 503 | 505 |
| YTD Return | +19.90%Best | +12.22% |
| 1Y Return | +20.46%Best | +15.43% |
| 3Y Return (annualized) | +17.13% | +22.71%Best |
| 5Y Return (annualized) | +8.60% | +13.64%Best |
| Volatility (annualized) | 21.1% | 15.7%Best |
| Max Drawdown | -45.5% | -34.1%Best |
| $10,000 over 5 years | $15,106 | $18,952Best |
| Top 10 Weight | 8.6%Best | 37.8% |
| Fund Family | Inspire ETFs | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Growth | Large Cap Blend |
| Inception | Feb 27, 2017 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Feb 28, 2017 to Sep 30, 2026 (9.6 years).
ISMD vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 9.6 years both funds cover.
ISMD vs SPY Performance
Inspire Small/Mid Cap ETF (ISMD) is an ETF from Inspire ETFs and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year ISMD returned +20.46% while SPY returned +15.43%. Year to date, ISMD is up 19.90% versus a gain of 12.22% for SPY.
Over three years, ISMD compounded at +17.13% per year against +22.71% for SPY; over five years the annualized figures are +8.60% and +13.64% respectively. Across the full 10-year window we track, SPY has the edge at +13.87% annualized vs +8.40%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ISMD has been the more volatile fund, with annualized monthly volatility of 21.1% compared with 15.7% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -45.5% for ISMD and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
ISMD charges 0.53% per year while SPY charges 0.09%. On a $10,000 position that is $53 vs $9 annually, a gap of $44 per year that compounds over a long holding period. On income, ISMD currently yields 1.13% against 0.98% for SPY.
Holdings Overlap
41.5% of ISMD's money is in holdings SPY also owns. 4.8% of SPY's money is in holdings ISMD also owns.
The two portfolios partly overlap.
81 positions in common, counted across the 298 positions we hold weights for in ISMD and 504 in SPY, against full books of 503 and 505.
What only one of them owns
Our book lists 416 positions for SPY that do not appear in our book for ISMD (94.5% of the fund), and 63 for ISMD that do not appear in SPY (24.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in ISMD | Weight in SPY | Difference |
|---|---|---|---|
| MRNAModerna therapeutics | 1.42% | 0.08% | 1.34% |
| WBDWarner Bros. Discovery, Inc | 1.02% | 0.11% | 0.91% |
| NUENucor Corp. | 0.92% | 0.09% | 0.83% |
| CVNACarvana Co | 0.78% | 0.08% | 0.70% |
| CAHCardinal Health Inc. | 0.76% | 0.09% | 0.67% |
| GRMNGarminltd. | 0.73% | 0.07% | 0.66% |
| BKRBaker Hughes Co | 0.70% | 0.10% | 0.60% |
| EBAYEbay Inc. | 0.71% | 0.07% | 0.64% |
| TRGPTarga Resources Corp Preferred | 0.68% | 0.10% | 0.58% |
| STTState Street Corp. | 0.67% | 0.08% | 0.59% |
41.5% of ISMD is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, ISMD or SPY?
ISMD has an expense ratio of 0.53% while SPY charges 0.09%. SPY is the cheaper option, by $44 a year on a $10,000 investment.
Which performed better, ISMD or SPY?
Over the past year ISMD returned +20.46% vs +15.43% for SPY, so ISMD leads on 1-year performance. Over the longest common window we track (10 years), ISMD annualized +8.40% vs +13.87% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ISMD or SPY?
ISMD has been the more volatile fund at 21.1% annualized versus 15.7% for SPY. Worst drawdown: ISMD -45.5% vs SPY -34.1%.
Should I hold both ISMD and SPY?
ISMD and SPY have a monthly-return correlation of 0.84, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between ISMD and SPY?
41.5% of ISMD's money is in holdings SPY also owns. 4.8% of SPY's is in holdings ISMD also owns. They hold 81 positions in common, counted across the 298 positions we hold weights for in ISMD and 504 in SPY.
Which pays a higher dividend, ISMD or SPY?
ISMD yields 1.13% while SPY yields 0.98%, so ISMD currently pays the higher dividend yield.
Is SPY better than ISMD?
SPY has a lower expense ratio. ISMD led over 1Y, SPY over 3Y, 5Y and the full window. ISMD is less concentrated, with 8.6% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.