SPMD — State Street SPDR Portfolio S&P 400 Mid Cap ETF

SPMD Price Performance — Growth of $10,000

Value of a $10,000 investment in SPMD over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

SPMD Drawdown

The "underwater" chart: SPMD's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The State Street SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) operates within the US Mid Cap category, which ETFValuer tracks with 14 funds. Issued by State Street Investment Management, the fund has accumulated $18.4 billion in assets under management while trading at a price of $65.46. It holds an overall rank of #191 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 63.1. The fund offers a low-cost structure with an expense ratio of 0.03% and provides a dividend yield of 1.20%. The substantial asset size and low fee structure suggest significant investor adoption relative to the broader mid-cap landscape. Despite its high ranking position, the fund's metrics reflect a moderate profile within its specific category constraints.

Recent price action shows negative momentum over the shortest horizons, with the fund down 1.74% over one day and 1.31% over one week. This short-term weakness extended into the one-month period, where returns fell by 2.34%, contrasting with a positive 3.86% gain over three months. The trend shifted toward stronger gains over longer durations, as the fund posted a 7.86% return over six months and a 12.23% year-to-date increase. Over the past year, the fund delivered a 17.87% return, while the three-year annualized performance stands at 45.45%. This trajectory indicates a divergence where short-term volatility has given way to sustained growth over the medium and long term. The data points to a recovery pattern following the initial declines seen in the daily and weekly periods.

The fund carries a Moderate volatility label and a beta of 1.00, indicating that its price movements generally align with the broader market's magnitude. A Sharpe ratio of 0.82 suggests the fund has generated a moderate amount of excess return per unit of risk taken over the measured period. However, the maximum drawdown of -24.08% highlights the potential for significant temporary losses during market downturns. This combination of a beta of 1.00 and a deep drawdown implies the fund fully participates in market declines without the cushion of lower volatility. The Sharpe ratio of 0.82 reflects that despite these drawdowns, the fund has managed to generate positive risk-adjusted returns over the longer timeframe. Investors should expect behavior that mirrors market swings with a moderate level of risk-adjusted efficiency.

AI-generated summary based on the data on this page.

SPMD Top Holdings

Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 9.1% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how SPMD's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With SPMD

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with SPMD's top 10 — MDYG overlaps most, holding 9 of the same companies as SPMD's top 10 (8.4% of SPMD's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.61% (as of 2026-07-28) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.21 (as of 2026-07-28) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

SPMD Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.03% and average daily volume is 1.6M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $18.4B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: SPMD is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

SPMD Performance History

How SPMD Compares to Other US Mid Cap ETFs