MDYG vs. IVW

Last updated Jun 23, 2026

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 12.05%/yr vs 18.21%/yr for IVW. Their correlation of 0.80 suggests significant overlap in exposure. 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.

Returns By Period

In the year-to-date period, MDYG achieves a 20.44% return, which is significantly higher than IVW's 11.26% return. Over the past 10 years, MDYG has underperformed IVW with an annualized return of 12.05%, while IVW has yielded a comparatively higher 18.21% annualized return.

MDYG

• 1D: 0.58%
• 1M: 4.15%
• YTD: 20.44%
• 6M: 17.53%
• 1Y: 32.56%
• 3Y*: 18.32%
• 5Y*: 8.79%
• 10Y*: 12.05%

IVW

• 1D: -0.78%
• 1M: 0.29%
• YTD: 11.26%
• 6M: 10.89%
• 1Y: 31.38%
• 3Y*: 26.35%
• 5Y*: 14.62%
• 10Y*: 18.21%

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

MDYG vs. IVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDYG SPDR S&P 400 Mid Cap Growth ETF	20.44%	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	11.26%	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 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005	0.80

The correlation between MDYG and IVW shifts across timeframes, from 0.68 (1 year) to 0.80 (all time), reflecting how their relationship changes across market environments.

MDYG vs. IVW - Sectors Allocation Comparison

Sectors	MDYG	IVW
Industrials	30.2%	5.3%
Technology	24.8%	53.0%
Healthcare	13.7%	5.7%
Consumer Cyclical	7.5%	8.4%
Financial Services	6.7%	8.6%
Real Estate	5.3%	0.5%
Basic Materials	3.5%	0.3%
Energy	3.2%	0.1%
Utilities	2.0%	1.2%
Consumer Defensive	1.8%	1.0%
Communication Services	1.4%	15.8%

Return for Risk

MDYG vs. IVW — Risk / Return Rank

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

MDYG

MDYG Risk / Return Rank: 62
MDYG Sharpe Ratio Rank: 57
MDYG Sortino Ratio Rank: 57
MDYG Omega Ratio Rank: 53
MDYG Calmar Ratio Rank: 68
MDYG Martin Ratio Rank: 72

IVW

IVW Risk / Return Rank: 53
IVW Sharpe Ratio Rank: 58
IVW Sortino Ratio Rank: 54
IVW Omega Ratio Rank: 54
IVW Calmar Ratio Rank: 47
IVW Martin Ratio Rank: 54

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. 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.

	MDYG	IVW	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.87	0.00
Sortino ratio: Return per unit of downside risk	2.64	2.51	+0.12
Omega ratio: Gain probability vs. loss probability	1.32	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	3.30	2.29	+1.01
Martin ratio: Return relative to average drawdown	13.10	9.14	+3.97

MDYG vs. IVW - Sharpe Ratio Comparison

The current MDYG Sharpe Ratio is 1.86, which is comparable to the IVW Sharpe Ratio of 1.87. 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.

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.

Drawdown Indicators

	MDYG	IVW	Difference
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	0.00%	-3.23%	+3.23%
Average Drawdown Average peak-to-trough decline	-8.01%	-17.59%	+9.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	3.44%	-0.95%

Volatility

MDYG vs. IVW - Volatility Comparison

The current volatility for SPDR S&P 400 Mid Cap Growth ETF (MDYG) is 5.61%, while iShares S&P 500 Growth ETF (IVW) has a volatility of 6.84%. 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.

Volatility by Period

	MDYG	IVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	6.84%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	13.81%	13.64%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	17.59%	16.92%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.70%	21.32%	-0.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	20.71%	+0.39%

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 0.74%, more than IVW's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVW iShares S&P 500 Growth ETF	0.36%	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	0.74%	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 IVW in my portfolio?

MDYG and IVW have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDYG or IVW?

IVW has higher volatility (6.84%) compared to MDYG (5.61%). In terms of maximum drawdown, MDYG dropped -58.44% vs IVW's -57.33%.

Which ETF is better, MDYG or IVW?

On 10-year performance, IVW leads with 18.21% vs 12.05% for MDYG. On fees, MDYG is cheaper at 0.15% per year. On volatility, MDYG has been the lower-risk option at 5.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDYG or IVW?

Over the 10-year period, IVW has performed better with a 18.21% return vs 12.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYG or IVW?

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

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

MDYG has the higher dividend yield at 0.74%, compared with 0.36% for IVW.

What is the main difference between MDYG and 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.

Which has better risk-adjusted returns?

IVW currently has the higher Sharpe Ratio (1.87 vs 1.86), 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.