SPMD vs SPY
State Street SPDR Portfolio S&P 400 Mid Cap ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPMD has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPMD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.09% | |
| AUM | $19.1B | $821.1B | |
| Dividend Yield | 1.23% | 1.01% | |
| Holdings | 403 | 505 | |
| YTD Return | +15.13% | +12.73% | |
| 1Y Return | +19.51% | +20.06% | |
| 3Y Return (annualized) | +15.27% | +21.59% | |
| 5Y Return (annualized) | +8.65% | +12.93% | |
| Volatility (annualized) | 18.6% | 15.3% | |
| Max Drawdown | -60.5% | -56.5% | |
| Fund Family | State Street Investment Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 8, 2005 | Jan 22, 1993 |
SPMD vs SPY Performance
State Street SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is a ETF from State Street Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SPMD returned +19.51% while SPY returned +20.06%. Year to date, SPMD is up 15.13% versus a gain of 12.73% for SPY.
Over three years, SPMD compounded at +15.27% per year against +21.59% for SPY; over five years the annualized figures are +8.65% and +12.93% respectively. Across the full 21-year window we track, SPY has the edge at +8.80% annualized vs +7.34%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPMD has been the more volatile fund, with annualized monthly volatility of 18.6% compared with 15.3% 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 -60.5% for SPMD 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 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPMD charges 0.03% per year while SPY charges 0.09%. On a $10,000 position that is $3 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, SPMD currently yields 1.23% against 1.01% for SPY.
Holdings Overlap
SPMD and SPY share 0 holdings out of 906 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, SPMD or SPY?
SPMD has an expense ratio of 0.03% while SPY charges 0.09%. SPMD is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, SPMD or SPY?
Over the past year SPMD returned +19.51% vs +20.06% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), SPMD annualized +7.34% vs +8.80% for SPY. Past performance does not guarantee future results.
Which is riskier, SPMD or SPY?
SPMD has been the more volatile fund at 18.6% annualized versus 15.3% for SPY. Worst drawdown: SPMD -60.5% vs SPY -56.5%.
Should I hold both SPMD and SPY?
SPMD and SPY have a monthly-return correlation of 0.91, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SPMD and SPY?
SPMD and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 906 unique securities.
Which pays a higher dividend, SPMD or SPY?
SPMD yields 1.23% while SPY yields 1.01%, so SPMD currently pays the higher dividend yield.
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