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MDYG vs. IVW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MDYG vs. IVW

Last updated Aug 2, 2026
Documentation

MDYG (SPDR S&P 400 Mid Cap Growth ETF) and IVW (iShares S&P 500 Growth ETF) are both exchange-traded funds - MDYG is a Mid Cap Growth Equities fund tracking the S&P MidCap 400 Growth Index, while IVW is a Large Cap Growth Equities fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, MDYG returned 10.93%/yr vs 17.24%/yr for IVW. Their correlation of 0.80 means they have usually moved in the same direction. MDYG charges 0.15%/yr vs 0.18%/yr for IVW.

Performance

MDYG vs. IVW - 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 S&P 500 Growth ETF (IVW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MDYG achieves a 15.86% return, which is significantly higher than IVW's 9.92% return. Over the past 10 years, MDYG has underperformed IVW with an annualized return of 10.93%, while IVW has yielded a comparatively higher 17.24% annualized return.

MDYG

1D
-0.08%
1M
-2.79%
6M
11.45%
YTD
15.86%
1Y
22.86%
3Y*
13.90%
5Y*
7.45%
10Y*
10.93%
ALL TIME*
10.28%

IVW

1D
1.44%
1M
-0.12%
6M
9.37%
YTD
9.92%
1Y
21.55%
3Y*
23.84%
5Y*
13.12%
10Y*
17.24%
ALL TIME*
8.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IVW

iShares S&P 500 Growth ETF
$179.67M$190.15M$300.66M

MDYG

SPDR S&P 400 Mid Cap Growth ETF
$9.81M$8.69M$9.37M

MDYG vs. IVW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MDYG
SPDR S&P 400 Mid Cap Growth ETF		15.86%7.22%15.84%17.30%-18.92%18.46%22.57%26.10%-10.46%19.61%
IVW
iShares S&P 500 Growth ETF		9.92%21.95%35.82%29.83%-29.50%31.80%33.19%30.77%-0.21%27.21%

Correlation

The correlation between MDYG and IVW is 0.70, 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.

0.70

Correlation (3Y)
Balances recent behavior with more history.

0.70

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.77

Correlation (10Y)
Provides a long-term view across more market conditions.

0.78

Correlation (All Time)
Calculated using the full available price history since Nov 15, 2005

0.80

The correlation between MDYG and IVW has been stable across timeframes, ranging from 0.70 to 0.80 - a consistent structural relationship.

MDYG vs. IVW - Sectors Allocation Comparison

Sectors
MDYG
IVW

Industrials

30.6%
6.4%

Technology

23.9%
52.3%

Healthcare

13.6%
6.2%

Consumer Cyclical

7.3%
8.6%

Financial Services

6.7%
8.7%

Real Estate

5.2%
0.6%

Basic Materials

4.1%
0.3%

Energy

3.0%
0.1%

Communication Services

2.2%
15.6%

Utilities

1.8%
0.4%

Consumer Defensive

1.6%
1.0%

Industrials

MDYG
30.6%
IVW
6.4%

Technology

MDYG
23.9%
IVW
52.3%

Healthcare

MDYG
13.6%
IVW
6.2%

Consumer Cyclical

MDYG
7.3%
IVW
8.6%

Financial Services

MDYG
6.7%
IVW
8.7%

Real Estate

MDYG
5.2%
IVW
0.6%

Basic Materials

MDYG
4.1%
IVW
0.3%

Energy

MDYG
3.0%
IVW
0.1%

Communication Services

MDYG
2.2%
IVW
15.6%

Utilities

MDYG
1.8%
IVW
0.4%

Consumer Defensive

MDYG
1.6%
IVW
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P 400 Mid Cap Growth ETF

iShares S&P 500 Growth ETF

Often compared with MDYG:
MDYG vs. IMCGMDYG vs. IVOVMDYG vs. SPYGMDYG vs. VOMDYG vs. VOTMDYG vs. XMVMMDYG vs. SCHD
Often compared with IVW:
IVW vs. IVVIVW vs. IVEIVW vs. QQQIVW vs. SPYIVW vs. VOOIVW vs. VOOGIVW vs. SPYG

Return for Risk

MDYG vs. IVW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
MDYG
MDYG Risk / Return Rank: 5454
Overall Rank
MDYG Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
MDYG Sortino Ratio Rank: 5050
Sortino Ratio Rank
MDYG Omega Ratio Rank: 4646
Omega Ratio Rank
MDYG Calmar Ratio Rank: 6161
Calmar Ratio Rank
MDYG Martin Ratio Rank: 6565
Martin Ratio Rank
IVW
IVW Risk / Return Rank: 4242
Overall Rank
IVW Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
IVW Sortino Ratio Rank: 4343
Sortino Ratio Rank
IVW Omega Ratio Rank: 4141
Omega Ratio Rank
IVW Calmar Ratio Rank: 4040
Calmar Ratio Rank
IVW Martin Ratio Rank: 4646
Martin Ratio Rank
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.

MDYG vs. IVW - 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 S&P 500 Growth ETF (IVW). 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.

MDYGIVWDifference
Sharpe ratioReturn per unit of total volatility
1.19
1.07

+0.12

Sortino ratioReturn per unit of downside risk
1.78
1.56

+0.22

Omega ratioGain probability vs. loss probability

1.21

1.19

+0.02

Calmar ratioReturn relative to maximum drawdown

2.14

1.40

+0.74

Martin ratioReturn relative to average drawdown

7.90

5.09

+2.81

MDYG vs. IVW - Sharpe Ratio Comparison

The current MDYG Sharpe Ratio is 1.19, which is comparable to the IVW Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of MDYG and IVW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

MDYG vs. IVW - Drawdown Comparison

The maximum MDYG drawdown since its inception was -58.44%, roughly equal to the maximum IVW drawdown of -57.33%. Use the drawdown chart below to compare losses from any high point for MDYG and IVW.

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Drawdown Indicators

MDYGIVWDifference

Max Drawdown

Largest peak-to-trough decline

-58.44%

-57.33%

-1.11%

Max Drawdown (1Y)

Largest decline over 1 year

-9.91%

-13.75%

+3.84%

Max Drawdown (3Y)

Largest decline over 3 years

-25.45%

-22.15%

-3.30%

Max Drawdown (5Y)

Largest decline over 5 years

-29.26%

-32.72%

+3.46%

Max Drawdown (10Y)

Largest decline over 10 years

-39.27%

-32.72%

-6.55%

Current Drawdown

Current decline from peak

-4.72%

-4.39%

-0.33%

Average Drawdown

Average peak-to-trough decline

-7.98%

-17.53%

+9.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

3.79%

-1.11%

Volatility

MDYG vs. IVW - Volatility Comparison

The current volatility for SPDR S&P 400 Mid Cap Growth ETF (MDYG) is 4.53%, while iShares S&P 500 Growth ETF (IVW) has a volatility of 6.01%. This indicates that MDYG experiences smaller price fluctuations and is considered to be less risky than IVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MDYGIVWDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.53%

6.01%

-1.48%

Volatility (6M)

Calculated over the trailing 6-month period

14.11%

14.74%

-0.63%

Volatility (1Y)

Calculated over the trailing 1-year period

17.88%

17.98%

-0.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.72%

21.48%

-0.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.08%

20.76%

+0.32%

MDYG vs. IVW - Expense Ratio Comparison

MDYG has a 0.15% expense ratio, which is lower than IVW's 0.18% expense ratio. Despite the difference, 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. IVW - Dividend Comparison

MDYG's dividend yield for the trailing twelve months is around 0.59%, more than IVW's 0.37% yield.

PositionTTM20252024202320222021202020192018201720162015
IVW
iShares S&P 500 Growth ETF		0.37%0.40%0.43%1.03%0.92%0.46%0.82%1.63%1.28%1.30%1.51%1.51%
MDYG
SPDR S&P 400 Mid Cap Growth ETF		0.59%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

MDYG and IVW have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IVW has higher volatility (6.01%) compared to MDYG (4.53%). In terms of maximum drawdown, MDYG dropped -58.44% vs IVW's -57.33%.

On 10-year performance, IVW leads with 17.24% vs 10.93% for MDYG. On fees, MDYG is cheaper at 0.15% per year. On volatility, MDYG has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IVW has performed better with a 17.24% return vs 10.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MDYG is cheaper with a 0.15% expense ratio, compared with 0.18% for IVW.

MDYG has the higher dividend yield at 0.59%, compared with 0.37% for IVW.

MDYG is categorized as Mid Cap Growth Equities, while IVW is Large Cap Growth Equities. MDYG tracks S&P MidCap 400 Growth Index, while IVW tracks S&P 500 Growth Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.15% for MDYG and 0.18% for IVW.

MDYG currently has the higher Sharpe Ratio (1.19 vs 1.07), 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.

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