MDYG vs. IVOG

Last updated Jun 5, 2026

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 11.58%/yr vs 11.59%/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

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

Returns By Period

The year-to-date returns for both investments are quite close, with MDYG having a 19.44% return and IVOG slightly higher at 19.60%. Both investments have delivered pretty close results over the past 10 years, with MDYG having a 11.58% annualized return and IVOG not far ahead at 11.59%.

MDYG

• 1D: 0.27%
• 1M: 4.57%
• YTD: 19.44%
• 6M: 18.73%
• 1Y: 30.20%
• 3Y*: 18.49%
• 5Y*: 8.66%
• 10Y*: 11.58%

IVOG

• 1D: 0.29%
• 1M: 4.79%
• YTD: 19.60%
• 6M: 18.96%
• 1Y: 30.48%
• 3Y*: 18.62%
• 5Y*: 8.71%
• 10Y*: 11.59%

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

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	19.44%	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	19.60%	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 10, 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.

MDYG vs. IVOG - Sectors Allocation Comparison

Sectors	MDYG	IVOG
Industrials	30.9%	30.9%
Technology	21.5%	21.9%
Healthcare	13.7%	13.5%
Consumer Cyclical	8.1%	8.0%
Financial Services	7.1%	7.3%
Real Estate	5.6%	5.5%
Energy	3.7%	3.7%
Basic Materials	3.7%	3.6%
Consumer Defensive	2.1%	2.1%
Utilities	2.0%	2.0%
Communication Services	1.5%	1.5%

Return for Risk

MDYG vs. IVOG — 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

IVOG

IVOG Risk / Return Rank: 58
IVOG Sharpe Ratio Rank: 53
IVOG Sortino Ratio Rank: 54
IVOG Omega Ratio Rank: 51
IVOG Calmar Ratio Rank: 65
IVOG Martin Ratio Rank: 68

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. 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.

	MDYG	IVOG	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.79	-0.01
Sortino ratio: Return per unit of downside risk	2.56	2.57	-0.01
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	3.06	3.16	-0.10
Martin ratio: Return relative to average drawdown	12.24	12.40	-0.16
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. IVOG - Sharpe Ratio Comparison

The current MDYG Sharpe Ratio is 1.78, which is comparable to the IVOG Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of MDYG and IVOG, 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	IVOG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	1.79	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.42	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.56	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.64	-0.16

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.

Drawdown Indicators

	MDYG	IVOG	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.03%	-5.88%	-2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.46%	+0.01%

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 5.08% and 5.05%, 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

	MDYG	IVOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	5.05%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	13.21%	13.19%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	17.10%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.62%	20.60%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.05%	20.58%	+0.47%

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 0.61%, 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	0.61%	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 IVOG in my portfolio?

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.

Which is riskier, MDYG or IVOG?

MDYG has higher volatility (5.08%) compared to IVOG (5.05%). In terms of maximum drawdown, MDYG dropped -58.44% vs IVOG's -39.32%.

Which ETF is better, MDYG or IVOG?

On 10-year performance, IVOG leads with 11.59% vs 11.58% for MDYG. 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.

Which ETF has performed better, MDYG or IVOG?

Over the 10-year period, IVOG has performed better with a 11.59% return vs 11.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYG or IVOG?

MDYG and IVOG have the same expense ratio: 0.15% per year.

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

MDYG has the higher dividend yield at 0.61%, compared with 0.54% for IVOG.

What is the main difference between MDYG and 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.

Which has better risk-adjusted returns?

IVOG currently has the higher Sharpe Ratio (1.79 vs 1.78), 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.