MDYG vs. IWR

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR S&P 400 Mid Cap Growth ETF (MDYG) and iShares Russell Midcap ETF (IWR).

MDYG and IWR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MDYG is a passively managed fund by State Street that tracks the performance of the S&P MidCap 400 Growth Index. It was launched on Nov 8, 2005. IWR is a passively managed fund by iShares that tracks the performance of the Russell Midcap Index. It was launched on Jul 17, 2001. Both MDYG and IWR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

MDYG vs. IWR - 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 Russell Midcap ETF (IWR). The values are adjusted to include any dividend payments, if applicable.

MDYG vs. IWR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDYG SPDR S&P 400 Mid Cap Growth ETF	5.12%	7.22%	15.84%	17.30%	-18.92%	18.46%	22.57%	26.10%	-10.46%	19.61%
IWR iShares Russell Midcap ETF	1.98%	10.37%	15.21%	17.05%	-17.48%	22.44%	16.93%	30.23%	-9.10%	18.25%

Returns By Period

In the year-to-date period, MDYG achieves a 5.12% return, which is significantly higher than IWR's 1.98% return. Both investments have delivered pretty close results over the past 10 years, with MDYG having a 10.61% annualized return and IWR not far ahead at 10.77%.

MDYG

• 1D: 1.12%
• 1M: -5.69%
• YTD: 5.12%
• 6M: 6.18%
• 1Y: 22.14%
• 3Y*: 13.40%
• 5Y*: 5.95%
• 10Y*: 10.61%

IWR

• 1D: 0.70%
• 1M: -4.86%
• YTD: 1.98%
• 6M: 2.12%
• 1Y: 16.21%
• 3Y*: 13.41%
• 5Y*: 6.92%
• 10Y*: 10.77%

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

MDYG vs. IWR - Expense Ratio Comparison

MDYG has a 0.15% expense ratio, which is lower than IWR's 0.19% 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%.

IWR

iShares Russell Midcap ETF

MDYG

SPDR S&P 400 Mid Cap Growth ETF

Return for Risk

MDYG vs. IWR — Risk / Return Rank

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

MDYG

MDYG Risk / Return Rank: 59
MDYG Sharpe Ratio Rank: 54
MDYG Sortino Ratio Rank: 57
MDYG Omega Ratio Rank: 53
MDYG Calmar Ratio Rank: 63
MDYG Martin Ratio Rank: 67

IWR

IWR Risk / Return Rank: 47
IWR Sharpe Ratio Rank: 44
IWR Sortino Ratio Rank: 45
IWR Omega Ratio Rank: 46
IWR Calmar Ratio Rank: 46
IWR 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. IWR - 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 Russell Midcap ETF (IWR). 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	IWR	Difference
Sharpe ratio Return per unit of total volatility	1.00	0.85	+0.15
Sortino ratio Return per unit of downside risk	1.54	1.31	+0.23
Omega ratio Gain probability vs. loss probability	1.21	1.18	+0.02
Calmar ratio Return relative to maximum drawdown	1.69	1.24	+0.45
Martin ratio Return relative to average drawdown	7.23	5.71	+1.52
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. IWR - Sharpe Ratio Comparison

The current MDYG Sharpe Ratio is 1.00, which is comparable to the IWR Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of MDYG and IWR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MDYG	IWR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	0.85	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	0.38	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.56	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.48	-0.02

Correlation

The correlation between MDYG and IWR is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MDYG vs. IWR - Dividend Comparison

MDYG's dividend yield for the trailing twelve months is around 0.69%, less than IWR's 1.27% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDYG SPDR S&P 400 Mid Cap Growth ETF	0.69%	0.75%	0.87%	1.20%	1.16%	0.69%	0.71%	1.21%	1.36%	2.23%	1.25%	2.51%
IWR iShares Russell Midcap ETF	1.27%	1.29%	1.27%	1.43%	1.59%	1.04%	1.28%	1.43%	1.98%	1.52%	1.72%	1.59%

Drawdowns

MDYG vs. IWR - Drawdown Comparison

The maximum MDYG drawdown since its inception was -58.44%, roughly equal to the maximum IWR drawdown of -58.78%. Use the drawdown chart below to compare losses from any high point for MDYG and IWR.

Drawdown Indicators

	MDYG	IWR	Difference
Max Drawdown Largest peak-to-trough decline	-58.44%	-58.78%	+0.34%
Max Drawdown (1Y) Largest decline over 1 year	-13.66%	-13.38%	-0.28%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-26.18%	-3.08%
Max Drawdown (10Y) Largest decline over 10 years	-39.27%	-40.59%	+1.32%
Current Drawdown Current decline from peak	-5.69%	-5.09%	-0.60%
Average Drawdown Average peak-to-trough decline	-8.08%	-7.85%	-0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.18%	2.91%	+0.27%

Volatility

MDYG vs. IWR - Volatility Comparison

SPDR S&P 400 Mid Cap Growth ETF (MDYG) has a higher volatility of 7.89% compared to iShares Russell Midcap ETF (IWR) at 5.48%. This indicates that MDYG's price experiences larger fluctuations and is considered to be riskier than IWR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYG	IWR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.89%	5.48%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	13.31%	10.48%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	22.21%	19.08%	+3.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.55%	18.24%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.99%	19.35%	+1.64%