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Home » Watch Reviews » The Speedmaster 38: Hands-On With Omega’s Modern Reduced

The Speedmaster 38: Hands-On With Omega’s Modern Reduced

October 14, 2026 by Matthew Catellier Leave a Comment

The Speedmaster 38: Hands-On With Omega's Modern Reduced

Everyone loves a good Speedy, but not everyone has the wrist for the original iconic Speedmaster Moonwatch Professional, that’s only available in 42mm. Omega has always had our backs though, by offering what originally was known as the Speedmaster Reduced, launched back in 1988 with reference ST 375.0032. This eventually morphed into the Speedmaster 38 launched in 2017, a model that was not so well received due to its Omega De Ville inspired elliptical subdials, which many collectors felt was a step in the wrong direction in terms of the watches association to the original Moonwatch.

Fast forward to today, and it appears that Omega has its ear firmly pressed against the echoes of the watch community, by releasing an updated Speedmaster 38 that is now the closest iteration in comparison with both the Speedmaster Reduced and the modern Moonwatch. We’ve had the new Speedmaster 38 in Moonshine gold on steel with us in the studio for about 3 weeks now, which has been ample time to get a good feel for it, and it’s been an absolute joy to experience on wrist.

Association with the Moonwatch

Omega Speedmaster 38 Dial Macro

The Speedmaster 38 is quite similar to the Moonwatch Professional in appearance, and for all intents and purposes, that is essentially the idea that Omega is going for with this new collection. The Speedmaster 38 is closer in comparison to a reduced size Moonwatch Professional than say an entirely new collection of dedicated racing chronographs. It has no individualization that would categorize it as some form of race care inspired chronograph beyond the already established racing heritage of the Speedmaster line, rather it simply takes popular facets of the Moonwatch and conveys them in a smaller reduced package.

Omega Speedmaster 38 Engraved Caseback

Not only is the size of the watch reduced down to 38mm in diameter, with a compact 44.96mm lug to lug distance, and 18mm lug width, but the overall styling on the dial has also been significantly reduced. The dial may retain most of the overtly obvious design cues from the Moonwatch, such as the three-register subdial layout, thin baton markers, and long clinical minute hashes adorning the dial track – but it’s been altered in a way that makes it slightly more jewelry oriented rather than sporty, or instrument inspired like the Moonwatch.

There’s no denying that the dial itself is very close to perfect for a classy chronograph watch. It has everything you could ask for in terms of readability, and this particular Moonshine gold variant kicks it up a notch with stunning yellow gold minute, hour, and chronograph hands, that have a really beautiful contrast against the opaline PVD coated background. You’ll also noticed that Omega placed a very discreet date window at 6 o’clock inside the 12-hour subdial, something you do not get on the Moonwatch, and for some people this could be a huge deciding factor between the two watches, of course if sizing is not a paramount issue.

Most importantly, the subdials are now perfectly round on this latest variant, and the bezel has been significantly adjusted to be closer in appearance and function to that of the Moonwatch. The bezel on the Moonshine Gold version we have here is actually a very deep green, that at times can almost appear to be black. The tachymeter scale itself now has horizontally engraved numerals rather than the previous lengthwise style, and they seem to be a little easier to read due to the now wider bezel. A neat little vintage touch is the “dot over ninety”, which has the dot above the number 90 on the scale rather than beside it, traditionally used on early Speedmasters and the current Moonwatch.

Experience on Wrist

Omega Speedmaster 38 Wrist Shot

I have to say, that despite its 14.75mm thickness, it wears extremely well on my 6.5 inch wrist. Yes, it does indeed pop up from my wrist more than you’d expect from a watch with a 38mm case size, but it has a certain charm to it. The additional thickness draws eyes to the wrist, in a way that a thin dress watch will not, but I found it to be surprisingly comfortable, and the compact case diameter allows for free movement of the wrist without interference from the crown and pushers.

Omega Speedmaster 38 Macro Wrist Shot

The watch weighs in at 138 grams, which to some people could sound like a lot considering its size, and it kind of is, but with the bracelet properly secured on wrist it felt great. The double dome sapphire crystal also does not help with the weight, so there’s a few factors here that come together to make the watch a little heavier than usual. Omega noticed this and took extra precaution to balance the weight well, so in my personal experience the watch was not heavy to the point of being a burden, but rather slightly noticeable, with a high quality hefty feeling.

Omega Speedmaster 38 Thickness Case

While everyone was clamouring on release day about the watches thickness, many missed the fact that the new Speedmaster 38 collection received a bracelet makeover. The current bracelet now has the loved five-link Moonwatch style construction, and on our particular reference here the two narrow central links are solid 18k Moonshine gold. In addition to the now more articulating 5-link bracelet, Omega has also added the comfort-release clasp, which I found worked very well as I played with the 2.3mm of adjustable room. As mentioned earlier, due to the 18mm lug width, the bracelet is now also thinner, and it tappers from 18mm down to 15mm at the clasp, lending the watch a very tailored appearance on wrist.

Movement

Speedmaster 38 in hand Photo

Since the Speedmaster 38 is the smaller sibling to the Moonwatch, my review has been somewhat comparative in that regard. The largest difference between the two watches is actually hidden inside the watch, and I say hidden because the Speedy 38 has a closed caseback, with the iconic embossed seahorse. Inside the watch is the Omega Co-Axial calibre 3330, an excellent automatic chronograph movement, albeit very different to the legendary calibre 3861 inside the Moonwatch Professional.

For one, the movement is automatic instead of manual wind only, and while both movements are Co-Axial, the 3330 is COSC certified and the 3861 is a METAS Master Chronometer. In a way, the Speedy 38 has the technically superior chronograph control, with the use of a column wheel rather than a cam. Ignoring the fact that the 3330 is somewhat ETA/Valjoux derived, you’d believe that many collectors would gravitate towards it over the older architecture of the calibre 3861 – but that’s not how Omega collectors and watch enthusiasts in general function, often preferring the more historically significant 3861 in almost all situations.

As much as I think the 3330 is an excellent movement, I still would have loved to have seen how Omega could have modified it somewhat to be thinner on this iteration, allowing them to reduce the case thickness on this already very nicely balanced watch. The actual tactile function of the chronograph was very satisfying to use, with a smooth start, stop, and reset.

Filed Under: Featured, Luxury, Sports, Watch Reviews Tagged With: Automatic Watches, Chronographs

About Matthew Catellier

Matthew Catellier has been a professional watch journalist for over a decade. He is the founder of The Watch Review Blog and has authored articles for Forbes and many other publications. Matt is an expert on mechanical watches, and is widely considered a specialist in vintage and modern Rolex. Follow him on Instagram @watchreviewblog.

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