SMDX vs SPY
Intech S&P Small-Mid Cap Diversified Alpha ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SMDX or SPY?
Mid Cap Blend against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window. SMDX is less concentrated, with 9.0% of the fund in its ten largest positions against 38.2%.
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 | SMDX | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $125M | $811.2B |
| Dividend Yield | 0.52% | 0.98% |
| Holdings | 1,117 | 1,515 |
| YTD Return | +12.18% | +13.54%Best |
| 1Y Return | +15.08% | +16.25%Best |
| 3Y Return (annualized) | - | +23.72% |
| 5Y Return (annualized) | - | +13.95% |
| Volatility (annualized) | 12.8%Tie | 12.8%Tie |
| Max Drawdown | -14.5%Best | -16.2% |
| $10,000 over 1.6 years | $12,983 | $13,229Best |
| Top 10 Weight | 9.0%Best | 38.2% |
| Fund Family | Intech ETF | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Mar 1, 2025 | Jan 22, 1993 |
Volatility and max drawdown, and the $10,000 over 1.6 years row, are measured over the window both funds cover: Feb 28, 2025 to Oct 2, 2026 (1.6 years).
SMDX 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 1.6 years both funds cover.
SMDX vs SPY Performance
Intech S&P Small-Mid Cap Diversified Alpha ETF (SMDX) is an ETF from Intech ETF and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SMDX returned +15.08% while SPY returned +16.25%. Year to date, SMDX is up 12.18% versus a gain of 13.54% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SMDX and SPY have been equally volatile, both at 12.8% annualized.
The deepest peak-to-trough decline in our data was -14.5% for SMDX and -16.2% 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 0.70. 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 0.98% for SPY.
Holdings Overlap
We hold position weights for 558 holdings in SMDX and 504 in SPY, totalling 99.9% and 99.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 558 positions we hold weights for in SMDX and 504 in SPY, against full books of 1,117 and 1,515.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for SMDX (99.2% of the fund), and 544 for SMDX that do not appear in SPY (96.9%).
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.
You are not choosing between two funds in isolation.
Whichever of SMDX and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $26 a year on a $10,000 investment.
Which performed better, SMDX or SPY?
Over the past year SMDX returned +15.08% vs +16.25% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), SMDX annualized +17.72% vs +19.11% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SMDX or SPY?
SMDX and SPY have been equally volatile, both at 12.8% annualized. Worst drawdown: SMDX -14.5% vs SPY -16.2%.
Should I hold both SMDX and SPY?
SMDX and SPY have a monthly-return correlation of 0.70, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, SMDX or SPY?
SMDX yields 0.52% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than SMDX?
SPY has a lower expense ratio. SPY led over 1Y and the full window. SMDX is less concentrated, with 9.0% of the fund in its ten largest positions against 38.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.