MDY vs. XMVM

Last updated Aug 2, 2026

MDY (SPDR S&P MidCap 400 ETF) and XMVM (Invesco S&P MidCap Value with Momentum ETF) are both exchange-traded funds - MDY is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while XMVM is a Momentum fund tracking the S&P MidCap 400 High Momentum Value Index. Both are passively managed. Over the past 10 years, MDY returned 10.79%/yr vs 12.44%/yr for XMVM. Their correlation of 0.89 means they have usually moved in the same direction. MDY charges 0.23%/yr vs 0.39%/yr for XMVM.

Performance

MDY vs. XMVM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P MidCap 400 ETF (MDY) and Invesco S&P MidCap Value with Momentum ETF (XMVM). 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 XMVM's 17.44% return. Over the past 10 years, MDY has underperformed XMVM with an annualized return of 10.79%, while XMVM has yielded a comparatively higher 12.44% annualized 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%

XMVM

• 1D: -0.53%
• 1M: 5.11%
• 6M: 13.72%
• YTD: 17.44%
• 1Y: 38.27%
• 3Y*: 17.47%
• 5Y*: 12.42%
• 10Y*: 12.44%
• ALL TIME*: 9.70%

*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
XMVM Invesco S&P MidCap Value with Momentum ETF	$2.16M	$2.04M	$1.98M

MDY vs. XMVM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDY SPDR S&P MidCap 400 ETF	14.33%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%
XMVM Invesco S&P MidCap Value with Momentum ETF	17.44%	18.46%	11.73%	16.31%	-8.21%	35.15%	5.68%	30.38%	-9.62%	2.79%

Correlation

The correlation between MDY and XMVM is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.90
Correlation (All Time) Calculated using the full available price history since Mar 3, 2005	0.89

The correlation between MDY and XMVM shifts across timeframes, from 0.73 (1 year) to 0.91 (5 years), reflecting how their relationship changes across market environments.

MDY vs. XMVM - Sectors Allocation Comparison

Sectors	MDY	XMVM
Industrials	21.7%	11.7%
Technology	15.3%	5.1%
Financial Services	14.3%	37.9%
Consumer Cyclical	10.2%	14.8%
Healthcare	10.2%	2.5%
Real Estate	7.6%	4.9%
Basic Materials	6.9%	0.8%
Energy	5.2%	13.5%
Consumer Defensive	3.2%	1.2%
Utilities	2.9%	8.5%
Communication Services	1.5%	0.9%

Return for Risk

MDY vs. XMVM — 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

XMVM

XMVM Risk / Return Rank: 91
XMVM Sharpe Ratio Rank: 92
XMVM Sortino Ratio Rank: 93
XMVM Omega Ratio Rank: 91
XMVM Calmar Ratio Rank: 90
XMVM Martin Ratio Rank: 87

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. XMVM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) and Invesco S&P MidCap Value with Momentum ETF (XMVM). 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	XMVM	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.42	-1.10
Sortino ratio: Return per unit of downside risk	1.98	3.49	-1.51
Omega ratio: Gain probability vs. loss probability	1.24	1.43	-0.19
Calmar ratio: Return relative to maximum drawdown	2.34	3.91	-1.57
Martin ratio: Return relative to average drawdown	8.48	12.52	-4.04

MDY vs. XMVM - Sharpe Ratio Comparison

The current MDY Sharpe Ratio is 1.32, which is lower than the XMVM Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of MDY and XMVM, 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. XMVM - Drawdown Comparison

The maximum MDY drawdown since its inception was -55.33%, smaller than the maximum XMVM drawdown of -62.83%. Use the drawdown chart below to compare losses from any high point for MDY and XMVM.

Drawdown Indicators

	MDY	XMVM	Difference
Max Drawdown Largest peak-to-trough decline	-55.33%	-62.83%	+7.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-9.18%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-24.03%	-24.12%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-24.03%	-24.12%	+0.09%
Max Drawdown (10Y) Largest decline over 10 years	-42.22%	-45.07%	+2.85%
Current Drawdown Current decline from peak	-2.42%	-0.71%	-1.71%
Average Drawdown Average peak-to-trough decline	-7.00%	-10.20%	+3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	2.86%	-0.42%

Volatility

MDY vs. XMVM - Volatility Comparison

SPDR S&P MidCap 400 ETF (MDY) and Invesco S&P MidCap Value with Momentum ETF (XMVM) have volatilities of 3.45% and 3.29%, 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.

Volatility by Period

	MDY	XMVM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	3.29%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	11.59%	9.25%	+2.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	14.85%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	21.24%	-1.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.14%	22.74%	-1.60%

MDY vs. XMVM - Expense Ratio Comparison

MDY has a 0.23% expense ratio, which is lower than XMVM's 0.39% expense ratio.

Dividends

MDY vs. XMVM - Dividend Comparison

MDY's dividend yield for the trailing twelve months is around 1.02%, less than XMVM's 1.79% 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%
XMVM Invesco S&P MidCap Value with Momentum ETF	1.79%	2.07%	1.43%	1.57%	1.76%	1.10%	1.37%	1.73%	2.87%	2.22%	2.27%	2.58%

Frequently Asked Questions

Can I hold both MDY and XMVM in my portfolio?

MDY and XMVM have a correlation of 0.73, 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 XMVM?

MDY has higher volatility (3.45%) compared to XMVM (3.29%). In terms of maximum drawdown, MDY dropped -55.33% vs XMVM's -62.83%.

Which ETF is better, MDY or XMVM?

On 10-year performance, XMVM leads with 12.44% vs 10.79% for MDY. On fees, MDY is cheaper at 0.23% per year. On volatility, XMVM has been the lower-risk option at 3.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDY or XMVM?

Over the 10-year period, XMVM has performed better with a 12.44% return vs 10.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDY or XMVM?

MDY is cheaper with a 0.23% expense ratio, compared with 0.39% for XMVM.

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

XMVM has the higher dividend yield at 1.79%, compared with 1.02% for MDY.

What is the main difference between MDY and XMVM?

MDY is categorized as Mid Cap Blend Equities, while XMVM is Momentum. MDY tracks S&P MidCap 400 Index, while XMVM tracks S&P MidCap 400 High Momentum Value Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.23% for MDY and 0.39% for XMVM.

Which has better risk-adjusted returns?

XMVM currently has the higher Sharpe Ratio (2.42 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.