PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
FEMG vs. MDYG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FEMG vs. MDYG

Last updated Aug 2, 2026
Documentation

FEMG (Fidelity Enhanced Mid Cap Growth ETF) and MDYG (SPDR S&P 400 Mid Cap Growth ETF) are both Mid Cap Growth Equities funds. FEMG is actively managed, while MDYG is passively managed. Their 0.80 correlation means they have sometimes moved together and sometimes differently. FEMG charges 0.23%/yr vs 0.15%/yr for MDYG.

Performance

FEMG vs. MDYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Enhanced Mid Cap Growth ETF (FEMG) and SPDR S&P 400 Mid Cap Growth ETF (MDYG). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

FEMG

1D
-0.28%
1M
-2.67%
6M
—
YTD
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
—

MDYG

1D
-0.08%
1M
-2.79%
6M
11.45%
YTD
15.86%
1Y
22.86%
3Y*
13.90%
5Y*
7.45%
10Y*
10.93%
ALL TIME*
10.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

FEMG

Fidelity Enhanced Mid Cap Growth ETF
$39.20K$43.65K$53.77K

MDYG

SPDR S&P 400 Mid Cap Growth ETF
$9.81M$8.69M$9.37M

FEMG vs. MDYG - Yearly Performance Comparison

2026 (YTD)
FEMG
Fidelity Enhanced Mid Cap Growth ETF		1.87%
MDYG
SPDR S&P 400 Mid Cap Growth ETF		4.93%

Correlation

The correlation between FEMG and MDYG is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (All Time)
Calculated using the full available price history since Apr 30, 2026

0.80

FEMG vs. MDYG - Sectors Allocation Comparison

Sectors
FEMG
MDYG

Technology

31.0%
23.9%

Industrials

19.0%
30.6%

Consumer Cyclical

13.6%
7.3%

Healthcare

12.6%
13.6%

Financial Services

5.3%
6.7%

Energy

4.2%
3.0%

Communication Services

2.8%
2.2%

Utilities

2.6%
1.8%

Real Estate

2.4%
5.2%

Basic Materials

2.2%
4.1%

Consumer Defensive

1.7%
1.6%

Technology

FEMG
31.0%
MDYG
23.9%

Industrials

FEMG
19.0%
MDYG
30.6%

Consumer Cyclical

FEMG
13.6%
MDYG
7.3%

Healthcare

FEMG
12.6%
MDYG
13.6%

Financial Services

FEMG
5.3%
MDYG
6.7%

Energy

FEMG
4.2%
MDYG
3.0%

Communication Services

FEMG
2.8%
MDYG
2.2%

Utilities

FEMG
2.6%
MDYG
1.8%

Real Estate

FEMG
2.4%
MDYG
5.2%

Basic Materials

FEMG
2.2%
MDYG
4.1%

Consumer Defensive

FEMG
1.7%
MDYG
1.6%

Compare stocks, funds, or ETFs

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

Fidelity Enhanced Mid Cap Growth ETF

SPDR S&P 400 Mid Cap Growth ETF

Often compared with FEMG:
FEMG vs. BCSMFEMG vs. NBSMFEMG vs. PAMCFEMG vs. FFOXFEMG vs. JHMMFEMG vs. MIDFEMG vs. BOUT
Often compared with MDYG:
MDYG vs. IMCGMDYG vs. IVOVMDYG vs. SPYGMDYG vs. VOMDYG vs. VOTMDYG vs. XMVMMDYG vs. SCHD

Return for Risk

FEMG vs. MDYG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
FEMG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MDYG
MDYG Risk / Return Rank: 5454
Overall Rank
MDYG Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
MDYG Sortino Ratio Rank: 5050
Sortino Ratio Rank
MDYG Omega Ratio Rank: 4646
Omega Ratio Rank
MDYG Calmar Ratio Rank: 6161
Calmar Ratio Rank
MDYG Martin Ratio Rank: 6565
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FEMG vs. MDYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Enhanced Mid Cap Growth ETF (FEMG) and SPDR S&P 400 Mid Cap Growth ETF (MDYG). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

FEMGMDYGDifference
Sharpe ratioReturn per unit of total volatility

—

1.19

—

Sortino ratioReturn per unit of downside risk

—

1.78

—

Omega ratioGain probability vs. loss probability

—

1.21

—

Calmar ratioReturn relative to maximum drawdown

—

2.14

—

Martin ratioReturn relative to average drawdown

—

7.90

—

FEMG vs. MDYG - Sharpe Ratio Comparison

Loading charts...

Drawdowns

FEMG vs. MDYG - Drawdown Comparison

The maximum FEMG drawdown since its inception was -6.48%, smaller than the maximum MDYG drawdown of -58.44%. Use the drawdown chart below to compare losses from any high point for FEMG and MDYG.

Loading charts...

Drawdown Indicators

FEMGMDYGDifference

Max Drawdown

Largest peak-to-trough decline

-6.48%

-58.44%

+51.96%

Max Drawdown (1Y)

Largest decline over 1 year

—

-9.91%

—

Max Drawdown (3Y)

Largest decline over 3 years

—

-25.45%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-29.26%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.27%

—

Current Drawdown

Current decline from peak

-4.83%

-4.72%

-0.11%

Average Drawdown

Average peak-to-trough decline

-2.06%

-7.98%

+5.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

2.68%

—

Volatility

FEMG vs. MDYG - Volatility Comparison

Loading charts...

Volatility by Period

FEMGMDYGDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

4.53%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

14.11%

—

Volatility (1Y)

Calculated over the trailing 1-year period

16.68%

17.88%

-1.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.68%

20.72%

-4.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.68%

21.08%

-4.40%

FEMG vs. MDYG - Expense Ratio Comparison

FEMG has a 0.23% expense ratio, which is higher than MDYG's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FEMG vs. MDYG - Dividend Comparison

FEMG's dividend yield for the trailing twelve months is around 0.10%, less than MDYG's 0.59% yield.

PositionTTM20252024202320222021202020192018201720162015
FEMG
Fidelity Enhanced Mid Cap Growth ETF		0.10%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
MDYG
SPDR S&P 400 Mid Cap Growth ETF		0.59%0.75%0.87%1.20%1.16%0.69%0.71%1.21%1.36%2.23%1.25%2.51%

Frequently Asked Questions

FEMG and MDYG have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, MDYG is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

MDYG is cheaper with a 0.15% expense ratio, compared with 0.23% for FEMG.

MDYG has the higher dividend yield at 0.59%, compared with 0.10% for FEMG.

They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.23% for FEMG and 0.15% for MDYG.

Portfolio Optimizer

Find the right allocation for FEMG and MDYG

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer