IVOG vs. MDYG
IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) and MDYG (SPDR S&P 400 Mid Cap Growth ETF) are both Mid Cap Growth Equities funds tracking the S&P MidCap 400 Growth Index, from Vanguard and State Street respectively. Both are passively managed. Over the past 10 years, IVOG returned 11.06%/yr vs 11.05%/yr for MDYG. With a 0.97 correlation, they move nearly in lockstep. IVOG charges 0.10%/yr vs 0.15%/yr for MDYG.
Performance
IVOG vs. MDYG - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with IVOG having a 16.96% return and MDYG slightly lower at 16.88%. Both investments have delivered pretty close results over the past 10 years, with IVOG having a 11.06% annualized return and MDYG not far behind at 11.05%.
IVOG
- 1D
- -1.05%
- 1M
- -1.65%
- 6M
- 11.10%
- YTD
- 16.96%
- 1Y
- 23.29%
- 3Y*
- 14.86%
- 5Y*
- 8.21%
- 10Y*
- 11.06%
MDYG
- 1D
- -0.99%
- 1M
- -1.67%
- 6M
- 11.16%
- YTD
- 16.88%
- 1Y
- 23.22%
- 3Y*
- 14.84%
- 5Y*
- 8.17%
- 10Y*
- 11.05%
IVOG vs. MDYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 16.96% | 7.34% | 15.62% | 17.36% | -19.08% | 18.85% | 22.60% | 26.13% | -10.58% | 19.90% |
MDYG SPDR S&P 400 Mid Cap Growth ETF | 16.88% | 7.22% | 15.84% | 17.30% | -18.92% | 18.46% | 22.57% | 26.10% | -10.46% | 19.61% |
Correlation
The correlation between IVOG and MDYG is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.97 |
The correlation between IVOG and MDYG has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
IVOG vs. MDYG — Risk / Return Rank
IVOG
MDYG
IVOG vs. MDYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) 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.
| IVOG | MDYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.23 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 2.35 | +0.06 |
| Martin ratioReturn relative to average drawdown | 9.23 | 9.17 | +0.06 |
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Drawdowns
IVOG vs. MDYG - Drawdown Comparison
The maximum IVOG drawdown since its inception was -39.32%, smaller than the maximum MDYG drawdown of -58.44%. Use the drawdown chart below to compare losses from any high point for IVOG and MDYG.
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Drawdown Indicators
| IVOG | MDYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.32% | -58.44% | +19.12% |
Max Drawdown (1Y)Largest decline over 1 year | -9.69% | -9.91% | +0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -25.61% | -25.45% | -0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -29.31% | -29.26% | -0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -39.32% | -39.27% | -0.05% |
Current DrawdownCurrent decline from peak | -3.90% | -3.88% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -5.85% | -7.99% | +2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 2.54% | -0.01% |
Volatility
IVOG vs. MDYG - Volatility Comparison
Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) and SPDR S&P 400 Mid Cap Growth ETF (MDYG) have volatilities of 5.56% and 5.56%, 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.
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Volatility by Period
| IVOG | MDYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.56% | 5.56% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 13.92% | 14.00% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.90% | 17.86% | +0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.72% | 20.74% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.59% | 21.06% | -0.47% |
IVOG vs. MDYG - Expense Ratio Comparison
IVOG has a 0.10% expense ratio, which is lower than MDYG's 0.15% 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
IVOG vs. MDYG - Dividend Comparison
IVOG's dividend yield for the trailing twelve months is around 0.55%, less than MDYG's 0.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.55% | 0.64% | 0.79% | 1.15% | 1.05% | 0.47% | 0.74% | 1.17% | 1.01% | 0.93% | 1.11% | 1.04% |
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
With a correlation of 0.99, IVOG and MDYG 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.
MDYG has higher volatility (5.56%) compared to IVOG (5.56%). In terms of maximum drawdown, IVOG dropped -39.32% vs MDYG's -58.44%.
On 10-year performance, IVOG leads with 11.06% vs 11.05% for MDYG. On fees, IVOG is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IVOG has performed better with a 11.06% return vs 11.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVOG is cheaper with a 0.10% expense ratio, compared with 0.15% for MDYG.
MDYG has the higher dividend yield at 0.59%, compared with 0.55% for IVOG.
Both ETFs track S&P MidCap 400 Growth Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.10% for IVOG and 0.15% for MDYG.
IVOG currently has the higher Sharpe Ratio (1.31 vs 1.31), 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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