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MDY vs. SPMD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MDY vs. SPMD

Last updated Jun 3, 2026

MDY (SPDR S&P MidCap 400 ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - MDY is a Small Cap Growth Equities fund tracking the S&P MidCap 400 Index, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, MDY returned 11.05%/yr vs 11.52%/yr for SPMD. Their correlation of 0.92 suggests significant overlap in exposure. MDY charges 0.23%/yr vs 0.05%/yr for SPMD.

Performance

MDY vs. SPMD - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with MDY having a 14.02% return and SPMD slightly higher at 14.25%. Both investments have delivered pretty close results over the past 10 years, with MDY having a 11.05% annualized return and SPMD not far ahead at 11.52%.

MDY

1D
0.90%
1M
3.28%
YTD
14.02%
6M
15.05%
1Y
26.67%
3Y*
15.81%
5Y*
8.07%
10Y*
11.05%

SPMD

1D
0.92%
1M
3.32%
YTD
14.25%
6M
15.29%
1Y
27.16%
3Y*
16.18%
5Y*
8.34%
10Y*
11.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MDY vs. SPMD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MDY
SPDR S&P MidCap 400 ETF		14.02%7.19%13.64%16.07%-13.28%24.53%13.50%25.78%-11.29%15.93%
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		14.25%7.44%13.91%16.48%-13.13%24.76%13.46%25.19%-10.34%15.12%

Correlation

The correlation between MDY and SPMD is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

1.00

Correlation (5Y)
Calculated over the trailing 5-year period

1.00

Correlation (10Y)
Calculated over the trailing 10-year period

0.98

Correlation (All Time)
Calculated using the full available price history since Nov 16, 2005

0.92

The correlation between MDY and SPMD has been stable across timeframes, ranging from 0.92 to 1.00 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P MidCap 400 ETF

SPDR Portfolio S&P 400 Mid Cap ETF

Often compared with MDY:
MDY vs. SPYMDY vs. IJHMDY vs. IWMMDY vs. VOMDY vs. VOOMDY vs. XMVMMDY vs. XMHQ
Often compared with SPMD:
SPMD vs. VOSPMD vs. SPYSPMD vs. SCHMSPMD vs. IWRSPMD vs. IMCBSPMD vs. SWMCXSPMD vs. RFG

Return for Risk

MDY vs. SPMD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MDY
MDY Risk / Return Rank: 5454
Overall Rank
MDY Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
MDY Sortino Ratio Rank: 5151
Sortino Ratio Rank
MDY Omega Ratio Rank: 4848
Omega Ratio Rank
MDY Calmar Ratio Rank: 6060
Calmar Ratio Rank
MDY Martin Ratio Rank: 6161
Martin Ratio Rank
SPMD
SPMD Risk / Return Rank: 5454
Overall Rank
SPMD Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
SPMD Sortino Ratio Rank: 5252
Sortino Ratio Rank
SPMD Omega Ratio Rank: 4848
Omega Ratio Rank
SPMD Calmar Ratio Rank: 6060
Calmar Ratio Rank
SPMD Martin Ratio Rank: 6262
Martin Ratio Rank
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. SPMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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.

MDYSPMDDifference

Sharpe ratio

Return per unit of total volatility

1.73

1.75

-0.02

Sortino ratio

Return per unit of downside risk

2.52

2.54

-0.02

Omega ratio

Gain probability vs. loss probability

1.31

1.31

0.00

Calmar ratio

Return relative to maximum drawdown

3.01

3.04

-0.03

Martin ratio

Return relative to average drawdown

10.99

11.20

-0.20

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDY vs. SPMD - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 1.73, which is comparable to the SPMD Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of MDY and SPMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

MDYSPMDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.73

1.75

-0.02

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.41

0.43

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.55

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.45

+0.07

Drawdowns

MDY vs. SPMD - Drawdown Comparison

The maximum MDY drawdown since its inception was -55.33%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for MDY and SPMD.

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Drawdown Indicators

MDYSPMDDifference

Max Drawdown

Largest peak-to-trough decline

-55.33%

-57.62%

+2.29%

Max Drawdown (1Y)

Largest decline over 1 year

-8.82%

-8.86%

+0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-24.03%

-24.08%

+0.05%

Max Drawdown (5Y)

Largest decline over 5 years

-24.03%

-24.08%

+0.05%

Max Drawdown (10Y)

Largest decline over 10 years

-42.22%

-41.86%

-0.36%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-7.03%

-8.12%

+1.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.42%

2.41%

+0.01%

Volatility

MDY vs. SPMD - Volatility Comparison

SPDR S&P MidCap 400 ETF (MDY) and SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) have volatilities of 4.40% and 4.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MDYSPMDDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.40%

4.44%

-0.04%

Volatility (6M)

Calculated over the trailing 6-month period

11.30%

11.38%

-0.08%

Volatility (1Y)

Calculated over the trailing 1-year period

15.48%

15.57%

-0.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.77%

19.70%

+0.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.19%

21.19%

0.00%

MDY vs. SPMD - Expense Ratio Comparison

MDY has a 0.23% expense ratio, which is higher than SPMD's 0.05% 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

MDY vs. SPMD - Dividend Comparison

MDY's dividend yield for the trailing twelve months is around 1.04%, less than SPMD's 1.23% yield.

PositionTTM20252024202320222021202020192018201720162015
MDY
SPDR S&P MidCap 400 ETF		1.04%1.15%1.18%1.21%1.37%0.96%1.12%1.34%1.39%1.18%1.31%1.35%
SPMD
SPDR Portfolio S&P 400 Mid Cap ETF		1.23%1.39%1.42%1.47%1.64%1.24%1.30%1.57%1.85%1.97%2.13%5.33%

Frequently Asked Questions

With a correlation of 1.00, MDY and SPMD 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.

SPMD has higher volatility (4.44%) compared to MDY (4.40%). In terms of maximum drawdown, MDY dropped -55.33% vs SPMD's -57.62%.

On 10-year performance, SPMD leads with 11.52% vs 11.05% for MDY. On fees, SPMD is cheaper at 0.05% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPMD has performed better with a 11.52% return vs 11.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPMD is cheaper with a 0.05% expense ratio, compared with 0.23% for MDY.

SPMD has the higher dividend yield at 1.23%, compared with 1.04% for MDY.

MDY is categorized as Small Cap Growth Equities, while SPMD is Mid Cap Blend Equities. Both ETFs track S&P MidCap 400 Index. Their fees differ too: 0.23% for MDY and 0.05% for SPMD.

SPMD currently has the higher Sharpe Ratio (1.75 vs 1.73), 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.

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