MDY vs. TMSL

Last updated Aug 2, 2026

MDY (SPDR S&P MidCap 400 ETF) and TMSL (T. Rowe Price Small-Mid Cap ETF) are both Mid Cap Blend Equities funds. MDY is passively managed, while TMSL is actively managed. Over the past 3 years, MDY returned 12.71%/yr vs 17.77%/yr for TMSL. Their 0.96 correlation means they have historically moved very closely together. MDY charges 0.23%/yr vs 0.55%/yr for TMSL.

Performance

MDY vs. TMSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P MidCap 400 ETF (MDY) and T. Rowe Price Small-Mid Cap ETF (TMSL). 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 TMSL's 19.11% 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%

TMSL

• 1D: -0.33%
• 1M: -1.41%
• 6M: 13.24%
• YTD: 19.11%
• 1Y: 31.13%
• 3Y*: 17.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.08%

*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)
MDY SPDR S&P MidCap 400 ETF	$420.06M	$401.19M	$471.25M
TMSL T. Rowe Price Small-Mid Cap ETF	$17.24M	$15.88M	$18.32M

MDY vs. TMSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MDY SPDR S&P MidCap 400 ETF	14.33%	7.19%	13.64%	9.15%
TMSL T. Rowe Price Small-Mid Cap ETF	19.11%	11.95%	15.81%	11.79%

Correlation

The correlation between MDY and TMSL is 0.93, 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.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.96
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.96

The correlation between MDY and TMSL has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.

MDY vs. TMSL - Sectors Allocation Comparison

Sectors	MDY	TMSL
Industrials	21.7%	16.7%
Technology	15.3%	17.5%
Financial Services	14.3%	15.9%
Consumer Cyclical	10.2%	9.6%
Healthcare	10.2%	16.9%
Real Estate	7.6%	6.0%
Basic Materials	6.9%	5.7%
Energy	5.2%	6.1%
Consumer Defensive	3.2%	2.2%
Utilities	2.9%	1.9%
Communication Services	1.5%	1.0%

Return for Risk

MDY vs. TMSL — 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

TMSL

TMSL Risk / Return Rank: 73
TMSL Sharpe Ratio Rank: 70
TMSL Sortino Ratio Rank: 72
TMSL Omega Ratio Rank: 68
TMSL Calmar Ratio Rank: 75
TMSL Martin Ratio Rank: 80

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. TMSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) and T. Rowe Price Small-Mid Cap ETF (TMSL). 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	TMSL	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.60	-0.28
Sortino ratio: Return per unit of downside risk	1.98	2.32	-0.34
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	2.34	2.63	-0.29
Martin ratio: Return relative to average drawdown	8.48	10.51	-2.03

MDY vs. TMSL - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 1.32, which is comparable to the TMSL Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of MDY and TMSL, 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. TMSL - Drawdown Comparison

The maximum MDY drawdown since its inception was -55.33%, which is greater than TMSL's maximum drawdown of -24.39%. Use the drawdown chart below to compare losses from any high point for MDY and TMSL.

Drawdown Indicators

	MDY	TMSL	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-24.39%	-30.94%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-11.19%	+2.37%
Max Drawdown (3Y) Largest decline over 3 years	-24.03%	-24.39%	+0.36%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	—	—
Current Drawdown Current decline from peak	-2.42%	-2.49%	+0.07%
Average Drawdown Average peak-to-trough decline	-7.00%	-3.82%	-3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.80%	-0.36%

Volatility

MDY vs. TMSL - Volatility Comparison

The current volatility for SPDR S&P MidCap 400 ETF (MDY) is 3.45%, while T. Rowe Price Small-Mid Cap ETF (TMSL) has a volatility of 4.36%. This indicates that MDY experiences smaller price fluctuations and is considered to be less risky than TMSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDY	TMSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	4.36%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	11.59%	14.96%	-3.37%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	18.45%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	18.49%	+1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.14%	18.49%	+2.65%

MDY vs. TMSL - Expense Ratio Comparison

MDY has a 0.23% expense ratio, which is lower than TMSL's 0.55% expense ratio.

Dividends

MDY vs. TMSL - Dividend Comparison

MDY's dividend yield for the trailing twelve months is around 1.02%, more than TMSL's 0.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TMSL T. Rowe Price Small-Mid Cap ETF	0.48%	0.57%	0.44%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDY and TMSL in my portfolio?

With a correlation of 0.93, MDY and TMSL 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.

Which is riskier, MDY or TMSL?

TMSL has higher volatility (4.36%) compared to MDY (3.45%). In terms of maximum drawdown, MDY dropped -55.33% vs TMSL's -24.39%.

Which ETF is better, MDY or TMSL?

On 3-year performance, TMSL leads with 17.77% vs 12.71% 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 TMSL?

Over the 3-year period, TMSL has performed better with a 17.77% return vs 12.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDY or TMSL?

MDY is cheaper with a 0.23% expense ratio, compared with 0.55% for TMSL.

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

MDY has the higher dividend yield at 1.02%, compared with 0.48% for TMSL.

What is the main difference between MDY and TMSL?

They also come from different issuers: State Street and T. Rowe Price. Their fees differ too: 0.23% for MDY and 0.55% for TMSL.

Which has better risk-adjusted returns?

TMSL currently has the higher Sharpe Ratio (1.60 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.