MDY vs. USMF

Last updated Jun 5, 2026

MDY (SPDR S&P MidCap 400 ETF) and USMF (WisdomTree US Multifactor Fund) are both Mid Cap Blend Equities funds - MDY tracks the S&P MidCap 400 Index while USMF tracks the WisdomTree US Multifactor Index. Both are passively managed. Over the past 5 years, MDY returned 8.00%/yr vs 7.68%/yr for USMF. Their correlation of 0.87 suggests significant overlap in exposure. MDY charges 0.23%/yr vs 0.28%/yr for USMF.

Performance

MDY vs. USMF - Performance Comparison

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

Returns By Period

In the year-to-date period, MDY achieves a 14.32% return, which is significantly higher than USMF's 4.43% return.

MDY

• 1D: 0.36%
• 1M: 2.86%
• YTD: 14.32%
• 6M: 14.00%
• 1Y: 25.74%
• 3Y*: 16.33%
• 5Y*: 8.00%
• 10Y*: 10.98%

USMF

• 1D: 0.08%
• 1M: 3.17%
• YTD: 4.43%
• 6M: 4.58%
• 1Y: 6.68%
• 3Y*: 14.35%
• 5Y*: 7.68%
• 10Y*: —

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

MDY vs. USMF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDY SPDR S&P MidCap 400 ETF	14.32%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	12.31%
USMF WisdomTree US Multifactor Fund	4.43%	4.60%	19.65%	13.47%	-8.82%	21.26%	12.01%	24.06%	-4.72%	11.27%

Correlation

The correlation between MDY and USMF is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Aug 25, 2017	0.87

The correlation between MDY and USMF shifts across timeframes, from 0.75 (1 year) to 0.89 (5 years), reflecting how their relationship changes across market environments.

MDY vs. USMF - Sectors Allocation Comparison

Sectors	MDY	USMF
Industrials	25.1%	7.8%
Technology	15.4%	35.6%
Financial Services	13.9%	11.8%
Consumer Cyclical	10.8%	11.1%
Healthcare	8.7%	9.3%
Real Estate	7.7%	2.0%
Energy	5.6%	4.1%
Basic Materials	4.8%	0.9%
Consumer Defensive	3.8%	5.2%
Utilities	3.1%	2.0%
Communication Services	1.0%	10.3%

Return for Risk

MDY vs. USMF — Risk / Return Rank

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

MDY

MDY Risk / Return Rank: 54
MDY Sharpe Ratio Rank: 49
MDY Sortino Ratio Rank: 51
MDY Omega Ratio Rank: 48
MDY Calmar Ratio Rank: 60
MDY Martin Ratio Rank: 61

USMF

USMF Risk / Return Rank: 21
USMF Sharpe Ratio Rank: 20
USMF Sortino Ratio Rank: 19
USMF Omega Ratio Rank: 18
USMF Calmar Ratio Rank: 23
USMF Martin Ratio Rank: 24

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. USMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) and WisdomTree US Multifactor Fund (USMF). 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.

	MDY	USMF	Difference
Sharpe ratio: Return per unit of total volatility	1.67	0.62	+1.05
Sortino ratio: Return per unit of downside risk	2.45	0.94	+1.51
Omega ratio: Gain probability vs. loss probability	1.30	1.11	+0.19
Calmar ratio: Return relative to maximum drawdown	2.93	1.04	+1.89
Martin ratio: Return relative to average drawdown	10.68	3.11	+7.57
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. USMF - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 1.67, which is higher than the USMF Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of MDY and USMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MDY	USMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	0.62	+1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.54	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.63	-0.10

Drawdowns

MDY vs. USMF - Drawdown Comparison

The maximum MDY drawdown since its inception was -55.33%, which is greater than USMF's maximum drawdown of -36.24%. Use the drawdown chart below to compare losses from any high point for MDY and USMF.

Drawdown Indicators

	MDY	USMF	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-36.24%	-19.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-6.47%	-2.35%
Max Drawdown (3Y) Largest decline over 3 years	-24.03%	-15.39%	-8.64%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-18.10%	-5.93%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	—	—
Current Drawdown Current decline from peak	0.00%	-0.49%	+0.49%
Average Drawdown Average peak-to-trough decline	-7.03%	-4.16%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	2.15%	+0.27%

Volatility

MDY vs. USMF - Volatility Comparison

SPDR S&P MidCap 400 ETF (MDY) has a higher volatility of 4.18% compared to WisdomTree US Multifactor Fund (USMF) at 2.25%. This indicates that MDY's price experiences larger fluctuations and is considered to be riskier than USMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDY	USMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.18%	2.25%	+1.93%
Volatility (6M) Calculated over the trailing 6-month period	11.28%	7.42%	+3.86%
Volatility (1Y) Calculated over the trailing 1-year period	15.44%	10.79%	+4.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.77%	14.26%	+5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.19%	16.96%	+4.23%

MDY vs. USMF - Expense Ratio Comparison

MDY has a 0.23% expense ratio, which is lower than USMF's 0.28% expense ratio.

Dividends

MDY vs. USMF - Dividend Comparison

MDY's dividend yield for the trailing twelve months is around 1.04%, less than USMF's 1.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USMF WisdomTree US Multifactor Fund	1.31%	1.37%	1.22%	1.33%	1.74%	1.42%	1.34%	1.38%	1.45%	0.67%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDY and USMF in my portfolio?

MDY and USMF have a correlation of 0.75, 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 USMF?

MDY has higher volatility (4.18%) compared to USMF (2.25%). In terms of maximum drawdown, MDY dropped -55.33% vs USMF's -36.24%.

Which ETF is better, MDY or USMF?

On 5-year performance, MDY leads with 8.00% vs 7.68% for USMF. On fees, MDY is cheaper at 0.23% per year. On volatility, USMF has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDY or USMF?

Over the 5-year period, MDY has performed better with a 8.00% return vs 7.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDY or USMF?

MDY is cheaper with a 0.23% expense ratio, compared with 0.28% for USMF.

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

USMF has the higher dividend yield at 1.31%, compared with 1.04% for MDY.

What is the main difference between MDY and USMF?

MDY tracks S&P MidCap 400 Index, while USMF tracks WisdomTree US Multifactor Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.23% for MDY and 0.28% for USMF.

Which has better risk-adjusted returns?

MDY currently has the higher Sharpe Ratio (1.67 vs 0.62), 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.