MDY vs. FRTY

Last updated Jun 24, 2026

MDY (SPDR S&P MidCap 400 ETF) and FRTY (Alger Mid Cap 40 ETF) are both exchange-traded funds - MDY is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while FRTY is a Mid Cap Growth Equities fund actively managed by Alger Group Holdings LLC. MDY is passively managed, while FRTY is actively managed. Over the past 5 years, MDY returned 8.21%/yr vs 3.57%/yr for FRTY. A 0.70 correlation means they provide meaningful diversification when combined. MDY charges 0.23%/yr vs 0.60%/yr for FRTY.

Performance

MDY vs. FRTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P MidCap 400 ETF (MDY) and Alger Mid Cap 40 ETF (FRTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDY achieves a 14.41% return, which is significantly higher than FRTY's 11.53% return.

MDY

• 1D: -1.01%
• 1M: 2.67%
• YTD: 14.41%
• 6M: 12.36%
• 1Y: 24.68%
• 3Y*: 15.79%
• 5Y*: 8.21%
• 10Y*: 11.40%

FRTY

• 1D: -2.85%
• 1M: 5.63%
• YTD: 11.53%
• 6M: 9.94%
• 1Y: 26.16%
• 3Y*: 23.69%
• 5Y*: 3.57%
• 10Y*: —

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

MDY vs. FRTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MDY SPDR S&P MidCap 400 ETF	14.41%	7.19%	13.64%	16.07%	-13.28%	14.97%
FRTY Alger Mid Cap 40 ETF	11.53%	12.82%	38.86%	16.81%	-42.23%	2.46%

Correlation

The correlation between MDY and FRTY is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 1, 2021	0.70

The correlation between MDY and FRTY has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

MDY vs. FRTY - Sectors Allocation Comparison

Sectors	MDY	FRTY
Industrials	24.8%	26.0%
Technology	17.4%	32.4%
Financial Services	13.3%	5.2%
Consumer Cyclical	10.7%	4.0%
Healthcare	9.1%	20.0%
Real Estate	7.4%	-
Energy	5.0%	6.6%
Basic Materials	4.9%	0.0%
Consumer Defensive	3.4%	1.0%
Utilities	3.0%	1.7%
Communication Services	1.0%	10.7%

Return for Risk

MDY vs. FRTY — Risk / Return Rank

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

MDY

MDY Risk / Return Rank: 52
MDY Sharpe Ratio Rank: 47
MDY Sortino Ratio Rank: 48
MDY Omega Ratio Rank: 44
MDY Calmar Ratio Rank: 59
MDY Martin Ratio Rank: 60

FRTY

FRTY Risk / Return Rank: 27
FRTY Sharpe Ratio Rank: 28
FRTY Sortino Ratio Rank: 27
FRTY Omega Ratio Rank: 26
FRTY Calmar Ratio Rank: 28
FRTY Martin Ratio Rank: 27

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.

MDY vs. FRTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) and Alger Mid Cap 40 ETF (FRTY). 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	FRTY	Difference
Sharpe ratio: Return per unit of total volatility	1.57	0.97	+0.60
Sortino ratio: Return per unit of downside risk	2.31	1.43	+0.88
Omega ratio: Gain probability vs. loss probability	1.28	1.18	+0.10
Calmar ratio: Return relative to maximum drawdown	2.81	1.33	+1.48
Martin ratio: Return relative to average drawdown	10.23	3.43	+6.79

MDY vs. FRTY - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 1.57, which is higher than the FRTY Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of MDY and FRTY, 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. FRTY - Drawdown Comparison

The maximum MDY drawdown since its inception was -55.33%, roughly equal to the maximum FRTY drawdown of -53.15%. Use the drawdown chart below to compare losses from any high point for MDY and FRTY.

Drawdown Indicators

	MDY	FRTY	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-53.15%	-2.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-19.75%	+10.93%
Max Drawdown (3Y) Largest decline over 3 years	-24.03%	-31.48%	+7.45%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-53.15%	+29.12%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	—	—
Current Drawdown Current decline from peak	-1.13%	-2.85%	+1.72%
Average Drawdown Average peak-to-trough decline	-7.02%	-27.71%	+20.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	7.64%	-5.22%

Volatility

MDY vs. FRTY - Volatility Comparison

The current volatility for SPDR S&P MidCap 400 ETF (MDY) is 4.69%, while Alger Mid Cap 40 ETF (FRTY) has a volatility of 10.15%. This indicates that MDY experiences smaller price fluctuations and is considered to be less risky than FRTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDY	FRTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	10.15%	-5.46%
Volatility (6M) Calculated over the trailing 6-month period	11.70%	19.83%	-8.13%
Volatility (1Y) Calculated over the trailing 1-year period	15.81%	26.99%	-11.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	27.43%	-7.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.18%	27.24%	-6.06%

MDY vs. FRTY - Expense Ratio Comparison

MDY has a 0.23% expense ratio, which is lower than FRTY's 0.60% expense ratio.

Dividends

MDY vs. FRTY - Dividend Comparison

MDY's dividend yield for the trailing twelve months is around 1.02%, more than FRTY's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRTY Alger Mid Cap 40 ETF	0.17%	0.19%	0.10%	0.00%	0.00%	5.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 FRTY in my portfolio?

MDY and FRTY have a correlation of 0.64, 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 FRTY?

FRTY has higher volatility (10.15%) compared to MDY (4.69%). In terms of maximum drawdown, MDY dropped -55.33% vs FRTY's -53.15%.

Which ETF is better, MDY or FRTY?

On 5-year performance, MDY leads with 8.21% vs 3.57% for FRTY. On fees, MDY is cheaper at 0.23% per year. On volatility, MDY has been the lower-risk option at 4.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDY or FRTY?

Over the 5-year period, MDY has performed better with a 8.21% return vs 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDY or FRTY?

MDY is cheaper with a 0.23% expense ratio, compared with 0.60% for FRTY.

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

MDY has the higher dividend yield at 1.02%, compared with 0.17% for FRTY.

What is the main difference between MDY and FRTY?

MDY is categorized as Mid Cap Blend Equities, while FRTY is Mid Cap Growth Equities. They also come from different issuers: State Street and Alger Group Holdings LLC. Their fees differ too: 0.23% for MDY and 0.60% for FRTY.

Which has better risk-adjusted returns?

MDY currently has the higher Sharpe Ratio (1.57 vs 0.97), 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.