MDY vs. AUEIX

Last updated Aug 2, 2026

MDY (SPDR S&P MidCap 400 ETF) and AUEIX (AQR Large Cap Defensive Style Fund) are both funds - MDY is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while AUEIX is a Large Cap Blend Equities fund managed by AQR. Over the past 10 years, MDY returned 10.79%/yr vs 10.72%/yr for AUEIX. Their correlation of 0.80 means they have usually moved in the same direction. MDY charges 0.23%/yr vs 0.37%/yr for AUEIX.

Performance

MDY vs. AUEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P MidCap 400 ETF (MDY) and AQR Large Cap Defensive Style Fund (AUEIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDY achieves a 14.33% return, which is significantly higher than AUEIX's 7.82% return. Both investments have delivered pretty close results over the past 10 years, with MDY having a 10.79% annualized return and AUEIX not far behind at 10.72%.

MDY

• 1D: -0.13%
• 1M: -1.06%
• 6M: 9.90%
• YTD: 14.33%
• 1Y: 22.39%
• 3Y*: 12.71%
• 5Y*: 8.19%
• 10Y*: 10.79%
• ALL TIME*: 11.29%

AUEIX

• 1D: 0.58%
• 1M: 1.28%
• 6M: 4.68%
• YTD: 7.82%
• 1Y: 10.25%
• 3Y*: 10.69%
• 5Y*: 5.93%
• 10Y*: 10.72%
• ALL TIME*: 12.09%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AUEIX AQR Large Cap Defensive Style Fund	$0.00	$0.00	$0.00
MDY SPDR S&P MidCap 400 ETF	$420.06M	$401.19M	$471.25M

MDY vs. AUEIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDY SPDR S&P MidCap 400 ETF	14.33%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%
AUEIX AQR Large Cap Defensive Style Fund	7.82%	6.95%	13.85%	9.49%	-13.81%	23.52%	13.10%	28.63%	-0.27%	22.14%

Correlation

The correlation between MDY and AUEIX is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (10Y) Provides a long-term view across more market conditions.	0.78
Correlation (All Time) Calculated using the full available price history since Jul 9, 2012	0.80

Over the past year, the correlation between MDY and AUEIX has dropped to 0.59 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

Return for Risk

MDY vs. AUEIX — Risk / Return Rank

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

MDY

MDY Risk / Return Rank: 61
MDY Sharpe Ratio Rank: 56
MDY Sortino Ratio Rank: 59
MDY Omega Ratio Rank: 54
MDY Calmar Ratio Rank: 68
MDY Martin Ratio Rank: 69

AUEIX

AUEIX Risk / Return Rank: 33
AUEIX Sharpe Ratio Rank: 33
AUEIX Sortino Ratio Rank: 33
AUEIX Omega Ratio Rank: 32
AUEIX Calmar Ratio Rank: 35
AUEIX Martin Ratio Rank: 33

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.

MDY vs. AUEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) and AQR Large Cap Defensive Style Fund (AUEIX). 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.

	MDY	AUEIX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.05	+0.28
Sortino ratio: Return per unit of downside risk	1.98	1.52	+0.46
Omega ratio: Gain probability vs. loss probability	1.24	1.19	+0.05
Calmar ratio: Return relative to maximum drawdown	2.34	1.45	+0.89
Martin ratio: Return relative to average drawdown	8.48	4.81	+3.67

MDY vs. AUEIX - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 1.32, which is comparable to the AUEIX Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of MDY and AUEIX, 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

MDY vs. AUEIX - Drawdown Comparison

The maximum MDY drawdown since its inception was -55.33%, which is greater than AUEIX's maximum drawdown of -30.82%. Use the drawdown chart below to compare losses from any high point for MDY and AUEIX.

Drawdown Indicators

	MDY	AUEIX	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-30.82%	-24.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-5.91%	-2.91%
Max Drawdown (3Y) Largest decline over 3 years	-24.03%	-10.27%	-13.76%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-22.08%	-1.95%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	-30.82%	-11.40%
Current Drawdown Current decline from peak	-2.42%	-0.31%	-2.11%
Average Drawdown Average peak-to-trough decline	-7.00%	-3.39%	-3.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	1.78%	+0.66%

Volatility

MDY vs. AUEIX - Volatility Comparison

SPDR S&P MidCap 400 ETF (MDY) has a higher volatility of 3.45% compared to AQR Large Cap Defensive Style Fund (AUEIX) at 1.82%. This indicates that MDY's price experiences larger fluctuations and is considered to be riskier than AUEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDY	AUEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	1.82%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	11.59%	6.22%	+5.37%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	8.23%	+7.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	13.00%	+6.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.14%	15.17%	+5.97%

MDY vs. AUEIX - Expense Ratio Comparison

MDY has a 0.23% expense ratio, which is lower than AUEIX's 0.37% expense ratio.

Dividends

MDY vs. AUEIX - Dividend Comparison

MDY's dividend yield for the trailing twelve months is around 1.02%, less than AUEIX's 21.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AUEIX AQR Large Cap Defensive Style Fund	21.05%	22.70%	24.31%	24.28%	10.26%	2.54%	1.29%	1.12%	1.67%	2.36%	1.99%	6.18%
MDY SPDR S&P MidCap 400 ETF	1.02%	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 MDY and AUEIX in my portfolio?

MDY and AUEIX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDY or AUEIX?

MDY has higher volatility (3.45%) compared to AUEIX (1.82%). In terms of maximum drawdown, MDY dropped -55.33% vs AUEIX's -30.82%.

Which has better risk-adjusted returns?

MDY currently has the higher Sharpe Ratio (1.32 vs 1.05), 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.