MDYG vs. IMCG

Last updated Jun 3, 2026

MDYG (SPDR S&P 400 Mid Cap Growth ETF) and IMCG (iShares Morningstar Mid-Cap Growth ETF) are both Mid Cap Growth Equities funds - MDYG tracks the S&P MidCap 400 Growth Index while IMCG tracks the Morningstar US Mid Cap Broad Growth Index. Both are passively managed. Over the past 10 years, MDYG returned 11.56%/yr vs 14.49%/yr for IMCG. Their correlation of 0.90 suggests significant overlap in exposure. MDYG charges 0.15%/yr vs 0.06%/yr for IMCG.

Performance

MDYG vs. IMCG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 400 Mid Cap Growth ETF (MDYG) and iShares Morningstar Mid-Cap Growth ETF (IMCG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDYG achieves a 18.89% return, which is significantly lower than IMCG's 20.36% return. Over the past 10 years, MDYG has underperformed IMCG with an annualized return of 11.56%, while IMCG has yielded a comparatively higher 14.49% annualized return.

MDYG

• 1D: 0.71%
• 1M: 5.46%
• YTD: 18.89%
• 6M: 19.67%
• 1Y: 31.29%
• 3Y*: 17.97%
• 5Y*: 8.74%
• 10Y*: 11.56%

IMCG

• 1D: 1.73%
• 1M: 8.63%
• YTD: 20.36%
• 6M: 19.45%
• 1Y: 25.02%
• 3Y*: 19.02%
• 5Y*: 8.90%
• 10Y*: 14.49%

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

MDYG vs. IMCG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDYG SPDR S&P 400 Mid Cap Growth ETF	18.89%	7.22%	15.84%	17.30%	-18.92%	18.46%	22.57%	26.10%	-10.46%	19.61%
IMCG iShares Morningstar Mid-Cap Growth ETF	20.36%	6.55%	18.14%	20.73%	-25.79%	15.39%	45.64%	35.70%	-3.68%	25.57%

Correlation

The correlation between MDYG and IMCG is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 16, 2005	0.90

The correlation between MDYG and IMCG has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

MDYG vs. IMCG - Sectors Allocation Comparison

Sectors	MDYG	IMCG
Industrials	30.9%	26.6%
Technology	21.5%	30.4%
Healthcare	13.7%	7.4%
Consumer Cyclical	8.1%	10.0%
Financial Services	7.1%	9.1%
Real Estate	5.6%	3.4%
Energy	3.7%	2.1%
Basic Materials	3.7%	4.5%
Consumer Defensive	2.1%	1.2%
Utilities	2.0%	2.7%
Communication Services	1.5%	2.6%

Return for Risk

MDYG vs. IMCG — Risk / Return Rank

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

MDYG

MDYG Risk / Return Rank: 58
MDYG Sharpe Ratio Rank: 53
MDYG Sortino Ratio Rank: 54
MDYG Omega Ratio Rank: 51
MDYG Calmar Ratio Rank: 63
MDYG Martin Ratio Rank: 68

IMCG

IMCG Risk / Return Rank: 48
IMCG Sharpe Ratio Rank: 46
IMCG Sortino Ratio Rank: 46
IMCG Omega Ratio Rank: 43
IMCG Calmar Ratio Rank: 49
IMCG Martin Ratio Rank: 55

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.

MDYG vs. IMCG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 400 Mid Cap Growth ETF (MDYG) and iShares Morningstar Mid-Cap Growth ETF (IMCG). 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.

	MDYG	IMCG	Difference
Sharpe ratio Return per unit of total volatility	1.84	1.62	+0.23
Sortino ratio Return per unit of downside risk	2.63	2.31	+0.32
Omega ratio Gain probability vs. loss probability	1.32	1.28	+0.04
Calmar ratio Return relative to maximum drawdown	3.17	2.48	+0.69
Martin ratio Return relative to average drawdown	12.69	9.66	+3.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDYG vs. IMCG - Sharpe Ratio Comparison

The current MDYG Sharpe Ratio is 1.84, which is comparable to the IMCG Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of MDYG and IMCG, 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

	MDYG	IMCG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.62	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.44	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.71	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.54	-0.06

Drawdowns

MDYG vs. IMCG - Drawdown Comparison

The maximum MDYG drawdown since its inception was -58.44%, roughly equal to the maximum IMCG drawdown of -58.96%. Use the drawdown chart below to compare losses from any high point for MDYG and IMCG.

Drawdown Indicators

	MDYG	IMCG	Difference
Max Drawdown Largest peak-to-trough decline	-58.44%	-58.96%	+0.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-10.17%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-25.45%	-21.92%	-3.53%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-35.08%	+5.82%
Max Drawdown (10Y) Largest decline over 10 years	-39.27%	-35.08%	-4.19%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.03%	-9.22%	+1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.61%	-0.14%

Volatility

MDYG vs. IMCG - Volatility Comparison

SPDR S&P 400 Mid Cap Growth ETF (MDYG) has a higher volatility of 5.25% compared to iShares Morningstar Mid-Cap Growth ETF (IMCG) at 4.62%. This indicates that MDYG's price experiences larger fluctuations and is considered to be riskier than IMCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYG	IMCG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	4.62%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	13.24%	12.57%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.05%	15.53%	+1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.62%	20.17%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.06%	20.52%	+0.54%

MDYG vs. IMCG - Expense Ratio Comparison

MDYG has a 0.15% expense ratio, which is higher than IMCG's 0.06% 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

MDYG vs. IMCG - Dividend Comparison

MDYG's dividend yield for the trailing twelve months is around 0.61%, less than IMCG's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMCG iShares Morningstar Mid-Cap Growth ETF	0.65%	0.78%	0.78%	0.85%	0.91%	0.41%	0.09%	0.30%	0.35%	0.45%	0.52%	0.38%
MDYG SPDR S&P 400 Mid Cap Growth ETF	0.61%	0.75%	0.87%	1.20%	1.16%	0.69%	0.71%	1.21%	1.36%	2.23%	1.25%	2.51%

Frequently Asked Questions

Can I hold both MDYG and IMCG in my portfolio?

With a correlation of 0.92, MDYG and IMCG 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, MDYG or IMCG?

MDYG has higher volatility (5.25%) compared to IMCG (4.62%). In terms of maximum drawdown, MDYG dropped -58.44% vs IMCG's -58.96%.

Which ETF is better, MDYG or IMCG?

On 10-year performance, IMCG leads with 14.49% vs 11.56% for MDYG. On fees, IMCG is cheaper at 0.06% per year. On volatility, IMCG has been the lower-risk option at 4.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDYG or IMCG?

Over the 10-year period, IMCG has performed better with a 14.49% return vs 11.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYG or IMCG?

IMCG is cheaper with a 0.06% expense ratio, compared with 0.15% for MDYG.

Which ETF pays a higher dividend yield, MDYG or IMCG?

IMCG has the higher dividend yield at 0.65%, compared with 0.61% for MDYG.

What is the main difference between MDYG and IMCG?

MDYG tracks S&P MidCap 400 Growth Index, while IMCG tracks Morningstar US Mid Cap Broad Growth Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.15% for MDYG and 0.06% for IMCG.

Which has better risk-adjusted returns?

MDYG currently has the higher Sharpe Ratio (1.84 vs 1.62), 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.