IWR vs. MDYG

Last updated Jun 5, 2026

IWR (iShares Russell Midcap ETF) and MDYG (SPDR S&P 400 Mid Cap Growth ETF) are both Mid Cap Growth Equities funds - IWR tracks the Russell Midcap Index while MDYG tracks the S&P MidCap 400 Growth Index. Both are passively managed. Over the past 10 years, IWR returned 11.55%/yr vs 11.58%/yr for MDYG. Their correlation of 0.92 suggests significant overlap in exposure. IWR charges 0.19%/yr vs 0.15%/yr for MDYG.

Performance

IWR vs. MDYG - Performance Comparison

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

Returns By Period

In the year-to-date period, IWR achieves a 13.02% return, which is significantly lower than MDYG's 19.12% return. Both investments have delivered pretty close results over the past 10 years, with IWR having a 11.55% annualized return and MDYG not far ahead at 11.58%.

IWR

• 1D: 0.52%
• 1M: 3.28%
• YTD: 13.02%
• 6M: 12.45%
• 1Y: 22.54%
• 3Y*: 17.59%
• 5Y*: 8.11%
• 10Y*: 11.55%

MDYG

• 1D: 0.19%
• 1M: 5.83%
• YTD: 19.12%
• 6M: 19.35%
• 1Y: 29.98%
• 3Y*: 18.05%
• 5Y*: 8.60%
• 10Y*: 11.58%

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

IWR vs. MDYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWR iShares Russell Midcap ETF	13.02%	10.37%	15.21%	17.05%	-17.48%	22.44%	16.93%	30.23%	-9.10%	18.25%
MDYG SPDR S&P 400 Mid Cap Growth ETF	19.12%	7.22%	15.84%	17.30%	-18.92%	18.46%	22.57%	26.10%	-10.46%	19.61%

Correlation

The correlation between IWR and MDYG is 0.93, 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	0.93
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	0.96
Correlation (All Time) Calculated using the full available price history since Nov 16, 2005	0.92

The correlation between IWR and MDYG has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

IWR vs. MDYG - Sectors Allocation Comparison

Sectors	IWR	MDYG
Industrials	18.4%	30.9%
Technology	17.2%	21.5%
Financial Services	12.5%	7.1%
Consumer Cyclical	11.2%	8.1%
Healthcare	8.7%	13.7%
Energy	7.2%	3.7%
Real Estate	7.0%	5.6%
Utilities	6.1%	2.0%
Basic Materials	4.3%	3.7%
Consumer Defensive	4.1%	2.1%
Communication Services	3.4%	1.5%

Return for Risk

IWR vs. MDYG — Risk / Return Rank

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

IWR

IWR Risk / Return Rank: 53
IWR Sharpe Ratio Rank: 50
IWR Sortino Ratio Rank: 51
IWR Omega Ratio Rank: 48
IWR Calmar Ratio Rank: 57
IWR Martin Ratio Rank: 61

MDYG

MDYG Risk / Return Rank: 55
MDYG Sharpe Ratio Rank: 50
MDYG Sortino Ratio Rank: 52
MDYG Omega Ratio Rank: 48
MDYG Calmar Ratio Rank: 60
MDYG Martin Ratio Rank: 66

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.

IWR vs. MDYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) 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.

	IWR	MDYG	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.77	-0.08
Sortino ratio: Return per unit of downside risk	2.44	2.54	-0.10
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio: Return relative to maximum drawdown	2.77	3.04	-0.27
Martin ratio: Return relative to average drawdown	10.70	12.15	-1.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWR vs. MDYG - Sharpe Ratio Comparison

The current IWR Sharpe Ratio is 1.69, which is comparable to the MDYG Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of IWR and MDYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IWR	MDYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	1.77	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.42	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.55	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.48	+0.01

Drawdowns

IWR vs. MDYG - Drawdown Comparison

The maximum IWR drawdown since its inception was -58.78%, roughly equal to the maximum MDYG drawdown of -58.44%. Use the drawdown chart below to compare losses from any high point for IWR and MDYG.

Drawdown Indicators

	IWR	MDYG	Difference
Max Drawdown Largest peak-to-trough decline	-58.78%	-58.44%	-0.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-9.91%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	-21.09%	-25.45%	+4.36%
Max Drawdown (5Y) Largest decline over 5 years	-26.18%	-29.26%	+3.08%
Max Drawdown (10Y) Largest decline over 10 years	-40.59%	-39.27%	-1.32%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.80%	-8.03%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	2.47%	-0.36%

Volatility

IWR vs. MDYG - Volatility Comparison

The current volatility for iShares Russell Midcap ETF (IWR) is 3.16%, while SPDR S&P 400 Mid Cap Growth ETF (MDYG) has a volatility of 5.23%. This indicates that IWR experiences smaller price fluctuations and is considered to be less risky than MDYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWR	MDYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	5.23%	-2.07%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	13.22%	-3.38%
Volatility (1Y) Calculated over the trailing 1-year period	13.36%	17.05%	-3.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	20.62%	-2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	21.05%	-1.69%

IWR vs. MDYG - Expense Ratio Comparison

IWR has a 0.19% 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

IWR vs. MDYG - Dividend Comparison

IWR's dividend yield for the trailing twelve months is around 1.14%, more than MDYG's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWR iShares Russell Midcap ETF	1.14%	1.29%	1.27%	1.43%	1.59%	1.04%	1.28%	1.43%	1.98%	1.52%	1.72%	1.59%
MDYG SPDR S&P 400 Mid Cap Growth ETF	0.61%	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

Can I hold both IWR and MDYG in my portfolio?

With a correlation of 0.93, IWR 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.

Which is riskier, IWR or MDYG?

MDYG has higher volatility (5.23%) compared to IWR (3.16%). In terms of maximum drawdown, IWR dropped -58.78% vs MDYG's -58.44%.

Which ETF is better, IWR or MDYG?

On 10-year performance, MDYG leads with 11.58% vs 11.55% for IWR. On fees, MDYG is cheaper at 0.15% per year. On volatility, IWR has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWR or MDYG?

Over the 10-year period, MDYG has performed better with a 11.58% return vs 11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWR or MDYG?

MDYG is cheaper with a 0.15% expense ratio, compared with 0.19% for IWR.

Which ETF pays a higher dividend yield, IWR or MDYG?

IWR has the higher dividend yield at 1.14%, compared with 0.61% for MDYG.

What is the main difference between IWR and MDYG?

IWR tracks Russell Midcap Index, while MDYG tracks S&P MidCap 400 Growth Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.19% for IWR and 0.15% for MDYG.

Which has better risk-adjusted returns?

MDYG currently has the higher Sharpe Ratio (1.77 vs 1.69), 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.