The symmetric positive definite (SPD) matrices, forming a Riemannian manifold, are commonly used as visual representations. The non-Euclidean geometry of the manifold often makes developing learning algorithms (e.g., classifiers) difficult and complicated. The concept of similarity-based learning has been shown to be effective to address various problems on SPD manifolds. This is mainly because the similaritybased algorithms are agnostic to the geometry and purely work based on the notion of similarities/distances. However, existing similarity-based models on SPD manifolds opt for holistic representations, ignoring characteristics of information captured by SPD matrices. To circumvent this limitation, we propose a novel SPD distance measure for the similarity-based algorithm. Specifically, we introduce the concept of point-to-set transformation, which enables us to learn multiple lower-dimensional and discriminative SPD manifolds from a higher-dimensional one. For lower-dimensional SPD manifolds obtained by the point-to-set transformation, we propose a tailored set-to-set distance measure by making use of the family of alpha-beta divergences. We further propose to learn the point-to-set transformation and the setto-set distance measure jointly, yielding a powerful similaritybased algorithm on SPD manifolds. Our thorough evaluations on several visual recognition tasks (e.g., action classification, face recognition) suggest that our algorithm comfortably outperforms various state-of-the-art algorithms.