SPMD vs SPY
State Street SPDR Portfolio S&P 400 Mid Cap ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, SPMD or SPY?
Mid Cap Blend against Large Cap Blend.
SPMD has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. SPMD is less concentrated, with 7.8% 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 | SPMD | SPY |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.09% |
| AUM | $18.4B | $804.7B |
| Dividend Yield | 1.23% | 0.98% |
| Holdings | 404 | 505 |
| YTD Return | +9.97% | +12.09%Best |
| 1Y Return | +11.80% | +16.29%Best |
| 3Y Return (annualized) | +14.08% | +21.20%Best |
| 5Y Return (annualized) | +8.30% | +13.37%Best |
| Volatility (annualized) | 18.6% | 15.1%Best |
| Max Drawdown | -60.5% | -56.5%Best |
| $10,000 over 5 years | $14,898 | $18,728Best |
| Top 10 Weight | 7.8%Best | 37.8% |
| Fund Family | State Street Investment Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Mid Cap Blend | Large Cap Blend |
| Inception | Nov 8, 2005 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 15, 2005 to Sep 18, 2026 (20.8 years).
SPMD 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 20.8 years both funds cover.
SPMD vs SPY Performance
State Street SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is an ETF from State Street Investment Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year SPMD returned +11.80% while SPY returned +16.29%. Year to date, SPMD is up 9.97% versus a gain of 12.09% for SPY.
Over three years, SPMD compounded at +14.08% per year against +21.20% for SPY; over five years the annualized figures are +8.30% and +13.37% respectively. Across the full 21-year window we track, SPY has the edge at +9.52% annualized vs +7.08%.
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 15.1% 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 what each fund did in the worst stretch of the window measured above.
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 0.98% for SPY.
Holdings Overlap
We hold position weights for 401 holdings in SPMD and 504 in SPY, totalling 99.8% and 99.9% 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 401 positions we hold weights for in SPMD and 504 in SPY, against full books of 404 and 505.
What only one of them owns
Our book lists 497 positions for SPY that do not appear in our book for SPMD (99.3% of the fund), and 391 for SPMD that do not appear in SPY (96.1%).
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.
You are not choosing between two funds in isolation.
Whichever of SPMD 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, SPMD or SPY?
SPMD has an expense ratio of 0.03% while SPY charges 0.09%. SPMD is the cheaper option, by $6 a year on a $10,000 investment.
Which performed better, SPMD or SPY?
Over the past year SPMD returned +11.80% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (21 years), SPMD annualized +7.08% vs +9.52% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPMD or SPY?
SPMD has been the more volatile fund at 18.6% annualized versus 15.1% 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. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, SPMD or SPY?
SPMD yields 1.23% while SPY yields 0.98%, so SPMD currently pays the higher dividend yield.
Is SPY better than SPMD?
SPMD has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.91. SPMD is less concentrated, with 7.8% 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.