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^MID vs. SPY
Performance
Return for Risk
Drawdowns
Volatility

^MID vs. SPY

Last updated Jun 4, 2026

^MID (S&P Mid Cap 400 Index) is an index, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, ^MID returned 9.59%/yr vs 15.49%/yr for SPY. Their correlation of 0.85 suggests significant overlap in exposure.

Performance

^MID vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in S&P Mid Cap 400 Index (^MID) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ^MID achieves a 13.49% return, which is significantly higher than SPY's 10.91% return. Over the past 10 years, ^MID has underperformed SPY with an annualized return of 9.59%, while SPY has yielded a comparatively higher 15.49% annualized return.

^MID

1D
-0.10%
1M
3.74%
YTD
13.49%
6M
13.56%
1Y
23.75%
3Y*
14.40%
5Y*
6.57%
10Y*
9.59%

SPY

1D
-0.70%
1M
5.05%
YTD
10.91%
6M
10.91%
1Y
27.98%
3Y*
22.35%
5Y*
13.83%
10Y*
15.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

^MID vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
^MID
S&P Mid Cap 400 Index		13.49%5.90%12.20%14.45%-14.48%23.21%11.81%24.05%-12.50%14.45%
SPY
State Street SPDR S&P 500 ETF		10.91%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between ^MID and SPY is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.76

Correlation (3Y)
Calculated over the trailing 3-year period

0.78

Correlation (5Y)
Calculated over the trailing 5-year period

0.84

Correlation (10Y)
Calculated over the trailing 10-year period

0.85

Correlation (All Time)
Calculated using the full available price history since Feb 1, 1993

0.85

The correlation between ^MID and SPY has been stable across timeframes, ranging from 0.76 to 0.85 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

S&P Mid Cap 400 Index

State Street SPDR S&P 500 ETF

Often compared with ^MID:
^MID vs. ^OEX^MID vs. ^NDX^MID vs. ^IXIC
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

^MID vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
^MID
^MID Risk / Return Rank: 5858
Overall Rank
^MID Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
^MID Sortino Ratio Rank: 5656
Sortino Ratio Rank
^MID Omega Ratio Rank: 5555
Omega Ratio Rank
^MID Calmar Ratio Rank: 6363
Calmar Ratio Rank
^MID Martin Ratio Rank: 6464
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7070
Overall Rank
SPY Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6969
Sortino Ratio Rank
SPY Omega Ratio Rank: 7070
Omega Ratio Rank
SPY Calmar Ratio Rank: 6262
Calmar Ratio Rank
SPY Martin Ratio Rank: 7575
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^MID vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for S&P Mid Cap 400 Index (^MID) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

^MIDSPYDifference
Sharpe ratioReturn per unit of total volatility
1.55
2.38

-0.83

Sortino ratioReturn per unit of downside risk
2.27
3.24

-0.96

Omega ratioGain probability vs. loss probability

1.27

1.43

-0.16

Calmar ratioReturn relative to maximum drawdown

2.66

3.16

-0.50

Martin ratioReturn relative to average drawdown

9.58

14.72

-5.14

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^MID vs. SPY - Sharpe Ratio Comparison

The current ^MID Sharpe Ratio is 1.55, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of ^MID and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

^MIDSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.55

2.38

-0.83

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.34

0.82

-0.48

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

0.87

-0.41

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.59

-0.01

Drawdowns

^MID vs. SPY - Drawdown Comparison

The maximum ^MID drawdown since its inception was -56.32%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ^MID and SPY.

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Drawdown Indicators

^MIDSPYDifference

Max Drawdown

Largest peak-to-trough decline

-56.32%

-55.19%

-1.13%

Max Drawdown (1Y)

Largest decline over 1 year

-8.96%

-8.88%

-0.08%

Max Drawdown (3Y)

Largest decline over 3 years

-24.46%

-18.76%

-5.70%

Max Drawdown (5Y)

Largest decline over 5 years

-24.46%

-24.50%

+0.04%

Max Drawdown (10Y)

Largest decline over 10 years

-42.14%

-33.72%

-8.42%

Current Drawdown

Current decline from peak

-0.10%

-0.70%

+0.60%

Average Drawdown

Average peak-to-trough decline

-7.13%

-9.05%

+1.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.48%

1.91%

+0.57%

Volatility

^MID vs. SPY - Volatility Comparison

S&P Mid Cap 400 Index (^MID) has a higher volatility of 4.37% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that ^MID's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

^MIDSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.37%

2.84%

+1.53%

Volatility (6M)

Calculated over the trailing 6-month period

11.28%

8.90%

+2.38%

Volatility (1Y)

Calculated over the trailing 1-year period

15.43%

11.83%

+3.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.64%

17.05%

+2.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.00%

17.94%

+3.06%

Frequently Asked Questions

^MID and SPY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

^MID has higher volatility (4.37%) compared to SPY (2.84%). In terms of maximum drawdown, ^MID dropped -56.32% vs SPY's -55.19%.

SPY currently has the higher Sharpe Ratio (2.38 vs 1.55), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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