SMDX vs SPY
Intech S&P Small-Mid Cap Diversified Alpha ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SMDX delivered stronger 1-year returns. SMDX offers more diversification with 557 holdings.
Side-by-Side Comparison
| Metric | SMDX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $135M | $821.1B | |
| Dividend Yield | 0.52% | 1.01% | |
| Holdings | 557 | 505 | |
| YTD Return | +15.72% | +12.22% | |
| 1Y Return | +23.39% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 12.7% | 15.3% | |
| Max Drawdown | -14.5% | -56.5% | |
| Fund Family | Intech ETF | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 1, 2025 | Jan 22, 1993 |
SMDX vs SPY Performance
Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) is a ETF from Intech ETF and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SMDX returned +23.39% while SPY returned +20.83%. Year to date, SMDX is up 15.72% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 12.7% for SMDX. 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 -14.5% for SMDX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SMDX charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, SMDX currently yields 0.52% against 1.01% for SPY.
Holdings Overlap
SMDX and SPY share 0 holdings out of 1030 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SMDX or SPY?
SMDX has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, SMDX or SPY?
Over the past year SMDX returned +23.39% vs +20.83% for SPY, so SMDX leads on 1-year performance. Over the longest common window we track (2 years), SMDX annualized +21.81% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, SMDX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 12.7% for SMDX. Worst drawdown: SMDX -14.5% vs SPY -56.5%.
Should I hold both SMDX and SPY?
SMDX and SPY have a monthly-return correlation of 0.73, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SMDX and SPY?
SMDX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 1030 unique securities.
Which pays a higher dividend, SMDX or SPY?
SMDX yields 0.52% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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