MDYG vs. IVOG
MDYG (SPDR S&P 400 Mid Cap Growth ETF) and IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) are both exchange-traded funds - MDYG is a Mid Cap Growth Equities fund tracking the S&P MidCap 400 Growth Index, while IVOG is a Small Cap Growth Equities fund tracking the S&P MidCap 400 Growth Index. Both are passively managed. Over the past 10 years, MDYG returned 12.34%/yr vs 12.33%/yr for IVOG. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.15% expense ratio.
Performance
MDYG vs. IVOG - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with MDYG having a 20.08% return and IVOG slightly higher at 20.23%. Both investments have delivered pretty close results over the past 10 years, with MDYG having a 12.34% annualized return and IVOG not far behind at 12.33%.
MDYG
- 1D
- 0.95%
- 1M
- 1.82%
- YTD
- 20.08%
- 6M
- 17.29%
- 1Y
- 30.79%
- 3Y*
- 17.92%
- 5Y*
- 8.32%
- 10Y*
- 12.34%
IVOG
- 1D
- 1.14%
- 1M
- 1.84%
- YTD
- 20.23%
- 6M
- 17.23%
- 1Y
- 31.10%
- 3Y*
- 18.04%
- 5Y*
- 8.36%
- 10Y*
- 12.33%
MDYG vs. IVOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDYG SPDR S&P 400 Mid Cap Growth ETF | 20.08% | 7.22% | 15.84% | 17.30% | -18.92% | 18.46% | 22.57% | 26.10% | -10.46% | 19.61% |
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 20.23% | 7.34% | 15.62% | 17.36% | -19.08% | 18.85% | 22.60% | 26.13% | -10.58% | 19.90% |
Correlation
The correlation between MDYG and IVOG is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010 | 0.97 |
The correlation between MDYG and IVOG has been stable across timeframes, ranging from 0.97 to 0.99 - 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.
Return for Risk
MDYG vs. IVOG — Risk / Return Rank
MDYG
IVOG
MDYG vs. IVOG - 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 Vanguard S&P Mid-Cap 400 Growth ETF (IVOG). 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.
| MDYG | IVOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.31 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 3.23 | -0.11 |
| Martin ratioReturn relative to average drawdown | 12.38 | 12.54 | -0.17 |
Loading charts...
Drawdowns
MDYG vs. IVOG - Drawdown Comparison
The maximum MDYG drawdown since its inception was -58.44%, which is greater than IVOG's maximum drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for MDYG and IVOG.
Loading charts...
Drawdown Indicators
| MDYG | IVOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.44% | -39.32% | -19.12% |
Max Drawdown (1Y)Largest decline over 1 year | -9.91% | -9.69% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -25.45% | -25.61% | +0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -29.26% | -29.31% | +0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -39.27% | -39.32% | +0.05% |
Current DrawdownCurrent decline from peak | -0.30% | -0.36% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -8.01% | -5.86% | -2.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.49% | 2.49% | 0.00% |
Volatility
MDYG vs. IVOG - Volatility Comparison
SPDR S&P 400 Mid Cap Growth ETF (MDYG) and Vanguard S&P Mid-Cap 400 Growth ETF (IVOG) have volatilities of 5.59% and 5.55%, 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.
Loading charts...
Volatility by Period
| MDYG | IVOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.59% | 5.55% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 13.85% | 13.86% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.62% | 17.69% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.71% | 20.70% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.07% | 20.61% | +0.46% |
MDYG vs. IVOG - Expense Ratio Comparison
Both MDYG and IVOG have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
MDYG vs. IVOG - Dividend Comparison
MDYG's dividend yield for the trailing twelve months is around 0.57%, more than IVOG's 0.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IVOG Vanguard S&P Mid-Cap 400 Growth ETF | 0.54% | 0.64% | 0.79% | 1.15% | 1.05% | 0.47% | 0.74% | 1.17% | 1.01% | 0.93% | 1.11% | 1.04% |
MDYG SPDR S&P 400 Mid Cap Growth ETF | 0.57% | 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
With a correlation of 0.99, MDYG and IVOG 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.
MDYG has higher volatility (5.59%) compared to IVOG (5.55%). In terms of maximum drawdown, MDYG dropped -58.44% vs IVOG's -39.32%.
On 10-year performance, MDYG leads with 12.34% vs 12.33% for IVOG. Both ETFs have the same 0.15% expense ratio. 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, MDYG has performed better with a 12.34% return vs 12.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MDYG and IVOG have the same expense ratio: 0.15% per year.
MDYG has the higher dividend yield at 0.57%, compared with 0.54% for IVOG.
MDYG is categorized as Mid Cap Growth Equities, while IVOG is Small Cap Growth Equities. Both ETFs track S&P MidCap 400 Growth Index. They also come from different issuers: State Street and Vanguard.
IVOG currently has the higher Sharpe Ratio (1.77 vs 1.76), 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.
Find the right allocation for MDYG and IVOG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer