IVOV vs. MDYV

Last updated Jun 23, 2026

IVOV (Vanguard S&P Mid-Cap 400 Value ETF) and MDYV (SPDR S&P 400 Mid Cap Value ETF) are both Mid Cap Value Equities funds tracking the S&P MidCap 400 Value Index, from Vanguard and State Street respectively. Both are passively managed. Over the past 10 years, IVOV returned 10.90%/yr vs 10.84%/yr for MDYV. Their correlation of 0.93 suggests significant overlap in exposure. IVOV charges 0.10%/yr vs 0.15%/yr for MDYV.

Performance

IVOV vs. MDYV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and SPDR S&P 400 Mid Cap Value ETF (MDYV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IVOV having a 11.06% return and MDYV slightly higher at 11.09%. Both investments have delivered pretty close results over the past 10 years, with IVOV having a 10.90% annualized return and MDYV not far behind at 10.84%.

IVOV

• 1D: 0.18%
• 1M: 3.35%
• YTD: 11.06%
• 6M: 9.05%
• 1Y: 22.35%
• 3Y*: 14.47%
• 5Y*: 8.72%
• 10Y*: 10.90%

MDYV

• 1D: 0.15%
• 1M: 3.27%
• YTD: 11.09%
• 6M: 9.04%
• 1Y: 22.24%
• 3Y*: 14.38%
• 5Y*: 8.68%
• 10Y*: 10.84%

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

IVOV vs. MDYV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IVOV Vanguard S&P Mid-Cap 400 Value ETF	11.06%	7.61%	11.53%	15.38%	-7.20%	30.50%	3.70%	25.91%	-12.13%	12.22%
MDYV SPDR S&P 400 Mid Cap Value ETF	11.09%	7.45%	11.48%	15.35%	-7.19%	30.51%	3.68%	25.89%	-11.95%	12.31%

Correlation

The correlation between IVOV and MDYV is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
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	0.93

The correlation between IVOV and MDYV has been stable across timeframes, ranging from 0.93 to 1.00 - a consistent structural relationship.

IVOV vs. MDYV - Sectors Allocation Comparison

Sectors	IVOV	MDYV
Financial Services	21.0%	21.4%
Industrials	18.5%	18.7%
Consumer Cyclical	13.9%	13.9%
Technology	10.1%	10.2%
Real Estate	9.5%	9.6%
Basic Materials	6.8%	6.3%
Energy	6.8%	6.8%
Consumer Defensive	4.9%	4.9%
Utilities	4.0%	4.0%
Healthcare	3.8%	3.8%
Communication Services	0.5%	0.5%

Return for Risk

IVOV vs. MDYV — Risk / Return Rank

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

IVOV

IVOV Risk / Return Rank: 43
IVOV Sharpe Ratio Rank: 43
IVOV Sortino Ratio Rank: 45
IVOV Omega Ratio Rank: 40
IVOV Calmar Ratio Rank: 44
IVOV Martin Ratio Rank: 45

MDYV

MDYV Risk / Return Rank: 43
MDYV Sharpe Ratio Rank: 43
MDYV Sortino Ratio Rank: 45
MDYV Omega Ratio Rank: 40
MDYV Calmar Ratio Rank: 44
MDYV Martin Ratio Rank: 45

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.

IVOV vs. MDYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and SPDR S&P 400 Mid Cap Value ETF (MDYV). 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.

	IVOV	MDYV	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.45	+0.01
Sortino ratio: Return per unit of downside risk	2.20	2.19	+0.01
Omega ratio: Gain probability vs. loss probability	1.26	1.26	0.00
Calmar ratio: Return relative to maximum drawdown	2.12	2.12	0.00
Martin ratio: Return relative to average drawdown	7.31	7.31	0.00

IVOV vs. MDYV - Sharpe Ratio Comparison

The current IVOV Sharpe Ratio is 1.47, which is comparable to the MDYV Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of IVOV and MDYV, 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

IVOV vs. MDYV - Drawdown Comparison

The maximum IVOV drawdown since its inception was -45.99%, smaller than the maximum MDYV drawdown of -60.71%. Use the drawdown chart below to compare losses from any high point for IVOV and MDYV.

Drawdown Indicators

	IVOV	MDYV	Difference
Max Drawdown Largest peak-to-trough decline	-45.99%	-60.71%	+14.72%
Max Drawdown (1Y) Largest decline over 1 year	-10.58%	-10.53%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-22.61%	-22.58%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-22.61%	-22.58%	-0.03%
Max Drawdown (10Y) Largest decline over 10 years	-45.99%	-45.90%	-0.09%
Current Drawdown Current decline from peak	-0.81%	-0.81%	0.00%
Average Drawdown Average peak-to-trough decline	-5.41%	-8.60%	+3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	3.05%	+0.01%

Volatility

IVOV vs. MDYV - Volatility Comparison

Vanguard S&P Mid-Cap 400 Value ETF (IVOV) and SPDR S&P 400 Mid Cap Value ETF (MDYV) have volatilities of 3.71% and 3.87%, 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

	IVOV	MDYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	3.87%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	10.72%	10.71%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	15.35%	15.39%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.43%	19.45%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.74%	21.91%	-0.17%

IVOV vs. MDYV - Expense Ratio Comparison

IVOV has a 0.10% expense ratio, which is lower than MDYV'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

IVOV vs. MDYV - Dividend Comparison

IVOV's dividend yield for the trailing twelve months is around 1.64%, less than MDYV's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.64%	1.82%	1.74%	1.52%	1.97%	1.78%	2.42%	1.75%	1.87%	1.55%	1.51%	1.66%
MDYV SPDR S&P 400 Mid Cap Value ETF	1.71%	1.72%	1.89%	1.59%	1.90%	1.74%	1.69%	1.83%	2.28%	2.48%	1.83%	4.31%

Frequently Asked Questions

Can I hold both IVOV and MDYV in my portfolio?

With a correlation of 1.00, IVOV and MDYV 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, IVOV or MDYV?

MDYV has higher volatility (3.87%) compared to IVOV (3.71%). In terms of maximum drawdown, IVOV dropped -45.99% vs MDYV's -60.71%.

Which ETF is better, IVOV or MDYV?

On 10-year performance, IVOV leads with 10.90% vs 10.84% for MDYV. On fees, IVOV is cheaper at 0.10% per year. On volatility, IVOV has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVOV or MDYV?

Over the 10-year period, IVOV has performed better with a 10.90% return vs 10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVOV or MDYV?

IVOV is cheaper with a 0.10% expense ratio, compared with 0.15% for MDYV.

Which ETF pays a higher dividend yield, IVOV or MDYV?

MDYV has the higher dividend yield at 2.16%, compared with 1.64% for IVOV.

What is the main difference between IVOV and MDYV?

Both ETFs track S&P MidCap 400 Value Index. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.10% for IVOV and 0.15% for MDYV.

Which has better risk-adjusted returns?

IVOV currently has the higher Sharpe Ratio (1.47 vs 1.45), 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.