MDY vs. LIRAX

Last updated Jun 14, 2026

MDY (SPDR S&P MidCap 400 ETF) and LIRAX (BlackRock LifePath Index Retirement Fund Investor A Shares) are both funds - MDY is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while LIRAX is a Target Retirement Date fund managed by BlackRock. Over the past 10 years, MDY returned 11.33%/yr vs 5.66%/yr for LIRAX. A 0.79 correlation means they provide meaningful diversification when combined. MDY charges 0.23%/yr vs 0.44%/yr for LIRAX.

Performance

MDY vs. LIRAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P MidCap 400 ETF (MDY) and BlackRock LifePath Index Retirement Fund Investor A Shares (LIRAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDY achieves a 15.28% return, which is significantly higher than LIRAX's 4.83% return. Over the past 10 years, MDY has outperformed LIRAX with an annualized return of 11.33%, while LIRAX has yielded a comparatively lower 5.66% annualized return.

MDY

• 1D: 0.71%
• 1M: 3.51%
• YTD: 15.28%
• 6M: 13.84%
• 1Y: 27.52%
• 3Y*: 15.07%
• 5Y*: 7.99%
• 10Y*: 11.33%

LIRAX

• 1D: 1.17%
• 1M: -0.00%
• YTD: 4.83%
• 6M: 5.33%
• 1Y: 12.84%
• 3Y*: 9.39%
• 5Y*: 3.57%
• 10Y*: 5.66%

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

MDY vs. LIRAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDY SPDR S&P MidCap 400 ETF	15.28%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%
LIRAX BlackRock LifePath Index Retirement Fund Investor A Shares	4.83%	12.09%	5.84%	11.22%	-15.49%	6.42%	11.05%	15.60%	-3.79%	10.43%

Correlation

The correlation between MDY and LIRAX is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since May 31, 2011	0.79

The correlation between MDY and LIRAX has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

Return for Risk

MDY vs. LIRAX — Risk / Return Rank

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

MDY

MDY Risk / Return Rank: 59
MDY Sharpe Ratio Rank: 54
MDY Sortino Ratio Rank: 57
MDY Omega Ratio Rank: 52
MDY Calmar Ratio Rank: 67
MDY Martin Ratio Rank: 67

LIRAX

LIRAX Risk / Return Rank: 79
LIRAX Sharpe Ratio Rank: 78
LIRAX Sortino Ratio Rank: 78
LIRAX Omega Ratio Rank: 78
LIRAX Calmar Ratio Rank: 77
LIRAX Martin Ratio Rank: 84

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. LIRAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) and BlackRock LifePath Index Retirement Fund Investor A Shares (LIRAX). 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	LIRAX	Difference
Sharpe ratio: Return per unit of total volatility	1.62	2.15	-0.53
Sortino ratio: Return per unit of downside risk	2.37	3.06	-0.69
Omega ratio: Gain probability vs. loss probability	1.29	1.42	-0.13
Calmar ratio: Return relative to maximum drawdown	2.91	2.95	-0.04
Martin ratio: Return relative to average drawdown	10.60	12.83	-2.23

MDY vs. LIRAX - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 1.62, which is comparable to the LIRAX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of MDY and LIRAX, 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. LIRAX - Drawdown Comparison

The maximum MDY drawdown since its inception was -55.33%, which is greater than LIRAX's maximum drawdown of -20.67%. Use the drawdown chart below to compare losses from any high point for MDY and LIRAX.

Drawdown Indicators

	MDY	LIRAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-20.67%	-34.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-4.29%	-4.53%
Max Drawdown (3Y) Largest decline over 3 years	-24.03%	-7.63%	-16.40%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-20.67%	-3.36%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	-20.67%	-21.55%
Current Drawdown Current decline from peak	0.00%	-0.83%	+0.83%
Average Drawdown Average peak-to-trough decline	-7.02%	-2.94%	-4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	0.98%	+1.44%

Volatility

MDY vs. LIRAX - Volatility Comparison

SPDR S&P MidCap 400 ETF (MDY) has a higher volatility of 5.04% compared to BlackRock LifePath Index Retirement Fund Investor A Shares (LIRAX) at 2.57%. This indicates that MDY's price experiences larger fluctuations and is considered to be riskier than LIRAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDY	LIRAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	2.57%	+2.47%
Volatility (6M) Calculated over the trailing 6-month period	11.68%	4.92%	+6.76%
Volatility (1Y) Calculated over the trailing 1-year period	15.83%	5.89%	+9.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.82%	7.87%	+11.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.21%	7.53%	+13.68%

MDY vs. LIRAX - Expense Ratio Comparison

MDY has a 0.23% expense ratio, which is lower than LIRAX's 0.44% expense ratio.

Dividends

MDY vs. LIRAX - Dividend Comparison

MDY's dividend yield for the trailing twelve months is around 1.03%, less than LIRAX's 3.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LIRAX BlackRock LifePath Index Retirement Fund Investor A Shares	3.37%	3.53%	1.82%	2.37%	2.42%	2.42%	1.70%	2.22%	2.18%	1.99%	2.23%	2.67%
MDY SPDR S&P MidCap 400 ETF	1.03%	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 LIRAX in my portfolio?

MDY and LIRAX have a correlation of 0.76, 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 LIRAX?

MDY has higher volatility (5.04%) compared to LIRAX (2.57%). In terms of maximum drawdown, MDY dropped -55.33% vs LIRAX's -20.67%.

Which has better risk-adjusted returns?

LIRAX currently has the higher Sharpe Ratio (2.15 vs 1.62), 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.