IJR vs. MDY

Last updated Jun 14, 2026

IJR (iShares Core S&P Small-Cap ETF) and MDY (SPDR S&P MidCap 400 ETF) are both exchange-traded funds - IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while MDY is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, IJR returned 11.16%/yr vs 11.33%/yr for MDY. Their correlation of 0.94 suggests significant overlap in exposure. IJR charges 0.06%/yr vs 0.23%/yr for MDY.

Performance

IJR vs. MDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P Small-Cap ETF (IJR) and SPDR S&P MidCap 400 ETF (MDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IJR achieves a 19.73% return, which is significantly higher than MDY's 15.28% return. Both investments have delivered pretty close results over the past 10 years, with IJR having a 11.16% annualized return and MDY not far ahead at 11.33%.

IJR

• 1D: 0.97%
• 1M: 5.53%
• YTD: 19.73%
• 6M: 16.47%
• 1Y: 37.01%
• 3Y*: 14.75%
• 5Y*: 6.25%
• 10Y*: 11.16%

MDY

• 1D: 0.71%
• 1M: 3.51%
• YTD: 15.28%
• 6M: 13.84%
• 1Y: 27.52%
• 3Y*: 15.07%
• 5Y*: 7.99%
• 10Y*: 11.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IJR vs. MDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IJR iShares Core S&P Small-Cap ETF	19.73%	5.89%	8.63%	16.06%	-16.20%	26.58%	11.28%	22.82%	-8.51%	13.15%
MDY SPDR S&P MidCap 400 ETF	15.28%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%

Correlation

The correlation between IJR and MDY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 26, 2000	0.94

The correlation between IJR and MDY has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

IJR vs. MDY - Sectors Allocation Comparison

Sectors	IJR	MDY
Financial Services	16.0%	13.9%
Industrials	16.0%	25.1%
Technology	15.9%	15.4%
Consumer Cyclical	12.5%	10.8%
Healthcare	11.0%	8.7%
Real Estate	7.5%	7.7%
Energy	6.8%	5.6%
Basic Materials	4.7%	4.8%
Communication Services	3.2%	1.0%
Consumer Defensive	3.2%	3.8%
Utilities	1.9%	3.1%

Return for Risk

IJR vs. MDY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IJR

IJR Risk / Return Rank: 74
IJR Sharpe Ratio Rank: 69
IJR Sortino Ratio Rank: 72
IJR Omega Ratio Rank: 64
IJR Calmar Ratio Rank: 84
IJR Martin Ratio Rank: 79

MDY

MDY Risk / Return Rank: 59
MDY Sharpe Ratio Rank: 54
MDY Sortino Ratio Rank: 57
MDY Omega Ratio Rank: 52
MDY Calmar Ratio Rank: 67
MDY Martin Ratio Rank: 67

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.

IJR vs. MDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P Small-Cap ETF (IJR) and SPDR S&P MidCap 400 ETF (MDY). 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.

	IJR	MDY	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.62	+0.32
Sortino ratio: Return per unit of downside risk	2.80	2.37	+0.43
Omega ratio: Gain probability vs. loss probability	1.33	1.29	+0.05
Calmar ratio: Return relative to maximum drawdown	3.97	2.91	+1.06
Martin ratio: Return relative to average drawdown	13.35	10.60	+2.75

IJR vs. MDY - Sharpe Ratio Comparison

The current IJR Sharpe Ratio is 1.94, which is comparable to the MDY Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of IJR and MDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IJR vs. MDY - Drawdown Comparison

The maximum IJR drawdown since its inception was -58.15%, which is greater than MDY's maximum drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for IJR and MDY.

Drawdown Indicators

	IJR	MDY	Difference
Max Drawdown Largest peak-to-trough decline	-58.15%	-55.33%	-2.82%
Max Drawdown (1Y) Largest decline over 1 year	-8.68%	-8.82%	+0.14%
Max Drawdown (3Y) Largest decline over 3 years	-28.02%	-24.03%	-3.99%
Max Drawdown (5Y) Largest decline over 5 years	-28.02%	-24.03%	-3.99%
Max Drawdown (10Y) Largest decline over 10 years	-44.36%	-42.22%	-2.14%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.27%	-7.02%	-2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.42%	+0.17%

Volatility

IJR vs. MDY - Volatility Comparison

iShares Core S&P Small-Cap ETF (IJR) and SPDR S&P MidCap 400 ETF (MDY) have volatilities of 5.18% and 5.04%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IJR	MDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.18%	5.04%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	11.97%	11.68%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	17.76%	15.83%	+1.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.43%	19.82%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.92%	21.21%	+1.71%

IJR vs. MDY - Expense Ratio Comparison

IJR has a 0.06% expense ratio, which is lower than MDY's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IJR vs. MDY - Dividend Comparison

IJR's dividend yield for the trailing twelve months is around 1.11%, more than MDY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJR iShares Core S&P Small-Cap ETF	1.11%	1.44%	2.05%	1.31%	1.41%	1.53%	1.11%	1.44%	1.58%	1.20%	1.22%	1.48%
MDY SPDR S&P MidCap 400 ETF	1.03%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%

Frequently Asked Questions

Can I hold both IJR and MDY in my portfolio?

With a correlation of 0.94, IJR and MDY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IJR or MDY?

IJR has higher volatility (5.18%) compared to MDY (5.04%). In terms of maximum drawdown, IJR dropped -58.15% vs MDY's -55.33%.

Which ETF is better, IJR or MDY?

On 10-year performance, MDY leads with 11.33% vs 11.16% for IJR. On fees, IJR is cheaper at 0.06% per year. On volatility, MDY has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IJR or MDY?

Over the 10-year period, MDY has performed better with a 11.33% return vs 11.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IJR or MDY?

IJR is cheaper with a 0.06% expense ratio, compared with 0.23% for MDY.

Which ETF pays a higher dividend yield, IJR or MDY?

IJR has the higher dividend yield at 1.11%, compared with 1.03% for MDY.

What is the main difference between IJR and MDY?

IJR is categorized as Small Cap Blend Equities, while MDY is Mid Cap Blend Equities. IJR tracks S&P SmallCap 600 Index, while MDY tracks S&P MidCap 400 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.06% for IJR and 0.23% for MDY.

Which has better risk-adjusted returns?

IJR currently has the higher Sharpe Ratio (1.94 vs 1.62), 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.