MDY vs. LSAF

Last updated Aug 2, 2026

MDY (SPDR S&P MidCap 400 ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds - MDY tracks the S&P MidCap 400 Index while LSAF tracks the AlphaFactor US Core Equity Index. Both are passively managed. Over the past 5 years, MDY returned 8.19%/yr vs 10.90%/yr for LSAF. Their correlation of 0.92 means they have usually moved in the same direction. MDY charges 0.23%/yr vs 0.75%/yr for LSAF.

Performance

MDY vs. LSAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P MidCap 400 ETF (MDY) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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 lower than LSAF's 19.96% return.

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%

LSAF

• 1D: -0.55%
• 1M: 2.49%
• 6M: 17.23%
• YTD: 19.96%
• 1Y: 30.03%
• 3Y*: 18.58%
• 5Y*: 10.90%
• 10Y*: —
• ALL TIME*: 11.02%

*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)
LSAF LeaderShares AlphaFactor US Core Equity ETF	$265.84K	$205.64K	$201.86K
MDY SPDR S&P MidCap 400 ETF	$420.06M	$401.19M	$471.25M

MDY vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MDY SPDR S&P MidCap 400 ETF	14.33%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-16.62%
LSAF LeaderShares AlphaFactor US Core Equity ETF	19.96%	12.01%	18.09%	15.48%	-13.12%	22.75%	6.92%	28.35%	-15.47%

Correlation

The correlation between MDY and LSAF is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.92
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018	0.92

The correlation between MDY and LSAF has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.

MDY vs. LSAF - Sectors Allocation Comparison

Sectors	MDY	LSAF
Industrials	21.7%	10.7%
Technology	15.3%	15.4%
Financial Services	14.3%	16.2%
Consumer Cyclical	10.2%	19.9%
Healthcare	10.2%	7.8%
Real Estate	7.6%	2.1%
Basic Materials	6.9%	5.8%
Energy	5.2%	3.3%
Consumer Defensive	3.2%	4.1%
Utilities	2.9%	0.9%
Communication Services	1.5%	4.7%

Return for Risk

MDY vs. LSAF — 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

LSAF

LSAF Risk / Return Rank: 88
LSAF Sharpe Ratio Rank: 85
LSAF Sortino Ratio Rank: 87
LSAF Omega Ratio Rank: 82
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

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. LSAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.03	-0.71
Sortino ratio: Return per unit of downside risk	1.98	2.98	-1.00
Omega ratio: Gain probability vs. loss probability	1.24	1.35	-0.11
Calmar ratio: Return relative to maximum drawdown	2.34	4.41	-2.07
Martin ratio: Return relative to average drawdown	8.48	14.86	-6.38

MDY vs. LSAF - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 1.32, which is lower than the LSAF Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of MDY and LSAF, 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. LSAF - Drawdown Comparison

The maximum MDY drawdown since its inception was -55.33%, which is greater than LSAF's maximum drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for MDY and LSAF.

Drawdown Indicators

	MDY	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-41.67%	-13.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-6.58%	-2.24%
Max Drawdown (3Y) Largest decline over 3 years	-24.03%	-20.26%	-3.77%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-24.94%	+0.91%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	—	—
Current Drawdown Current decline from peak	-2.42%	-1.48%	-0.94%
Average Drawdown Average peak-to-trough decline	-7.00%	-6.21%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	1.95%	+0.49%

Volatility

MDY vs. LSAF - Volatility Comparison

The current volatility for SPDR S&P MidCap 400 ETF (MDY) is 3.45%, while LeaderShares AlphaFactor US Core Equity ETF (LSAF) has a volatility of 4.21%. This indicates that MDY experiences smaller price fluctuations and is considered to be less risky than LSAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDY	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	4.21%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	11.59%	10.49%	+1.10%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	14.36%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	18.38%	+1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.14%	21.73%	-0.59%

MDY vs. LSAF - Expense Ratio Comparison

MDY has a 0.23% expense ratio, which is lower than LSAF's 0.75% expense ratio.

Dividends

MDY vs. LSAF - Dividend Comparison

MDY's dividend yield for the trailing twelve months is around 1.02%, more than LSAF's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.57%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%	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 LSAF in my portfolio?

MDY and LSAF have a correlation of 0.84, 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 LSAF?

LSAF has higher volatility (4.21%) compared to MDY (3.45%). In terms of maximum drawdown, MDY dropped -55.33% vs LSAF's -41.67%.

Which ETF is better, MDY or LSAF?

On 5-year performance, LSAF leads with 10.90% vs 8.19% for MDY. On fees, MDY is cheaper at 0.23% per year. On volatility, MDY has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDY or LSAF?

Over the 5-year period, LSAF has performed better with a 10.90% return vs 8.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDY or LSAF?

MDY is cheaper with a 0.23% expense ratio, compared with 0.75% for LSAF.

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

MDY has the higher dividend yield at 1.02%, compared with 0.57% for LSAF.

What is the main difference between MDY and LSAF?

MDY tracks S&P MidCap 400 Index, while LSAF tracks AlphaFactor US Core Equity Index. They also come from different issuers: State Street and Redwood. Their fees differ too: 0.23% for MDY and 0.75% for LSAF.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.03 vs 1.32), 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.