MDYG vs. QQQJ

Last updated Jun 23, 2026

MDYG (SPDR S&P 400 Mid Cap Growth ETF) and QQQJ (Invesco NASDAQ Next Gen 100 ETF) are both Mid Cap Growth Equities funds - MDYG tracks the S&P MidCap 400 Growth Index while QQQJ tracks the NASDAQ Next Generation 100 Index. Both are passively managed. Over the past 5 years, MDYG returned 8.79%/yr vs 6.66%/yr for QQQJ. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

MDYG vs. QQQJ - 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 Invesco NASDAQ Next Gen 100 ETF (QQQJ). 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 20.44% return and QQQJ slightly higher at 21.43%.

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%

QQQJ

• 1D: 0.18%
• 1M: 3.40%
• YTD: 21.43%
• 6M: 18.32%
• 1Y: 44.44%
• 3Y*: 21.75%
• 5Y*: 6.66%
• 10Y*: —

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

MDYG vs. QQQJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MDYG SPDR S&P 400 Mid Cap Growth ETF	20.44%	7.22%	15.84%	17.30%	-18.92%	18.46%	12.79%
QQQJ Invesco NASDAQ Next Gen 100 ETF	21.43%	20.44%	15.36%	13.68%	-28.25%	9.76%	15.34%

Correlation

The correlation between MDYG and QQQJ is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 13, 2020	0.89

The correlation between MDYG and QQQJ has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

MDYG vs. QQQJ - Sectors Allocation Comparison

Sectors	MDYG	QQQJ
Industrials	30.2%	11.1%
Technology	24.8%	40.4%
Healthcare	13.7%	18.7%
Consumer Cyclical	7.5%	11.3%
Financial Services	6.7%	2.0%
Real Estate	5.3%	-
Basic Materials	3.5%	2.6%
Energy	3.2%	1.0%
Utilities	2.0%	2.6%
Consumer Defensive	1.8%	2.6%
Communication Services	1.4%	7.8%

Return for Risk

MDYG vs. QQQJ — 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

QQQJ

QQQJ Risk / Return Rank: 76
QQQJ Sharpe Ratio Rank: 77
QQQJ Sortino Ratio Rank: 72
QQQJ Omega Ratio Rank: 72
QQQJ Calmar Ratio Rank: 76
QQQJ Martin Ratio Rank: 81

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. QQQJ - 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 Invesco NASDAQ Next Gen 100 ETF (QQQJ). 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	QQQJ	Difference
Sharpe ratio: Return per unit of total volatility	1.86	2.36	-0.49
Sortino ratio: Return per unit of downside risk	2.64	3.12	-0.49
Omega ratio: Gain probability vs. loss probability	1.32	1.41	-0.08
Calmar ratio: Return relative to maximum drawdown	3.30	3.77	-0.47
Martin ratio: Return relative to average drawdown	13.10	15.67	-2.56

MDYG vs. QQQJ - Sharpe Ratio Comparison

The current MDYG Sharpe Ratio is 1.86, which is comparable to the QQQJ Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of MDYG and QQQJ, 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. QQQJ - Drawdown Comparison

The maximum MDYG drawdown since its inception was -58.44%, which is greater than QQQJ's maximum drawdown of -39.57%. Use the drawdown chart below to compare losses from any high point for MDYG and QQQJ.

Drawdown Indicators

	MDYG	QQQJ	Difference
Max Drawdown Largest peak-to-trough decline	-58.44%	-39.57%	-18.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-11.84%	+1.93%
Max Drawdown (3Y) Largest decline over 3 years	-25.45%	-22.46%	-2.99%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-39.57%	+10.31%
Max Drawdown (10Y) Largest decline over 10 years	-39.27%	—	—
Current Drawdown Current decline from peak	0.00%	-2.13%	+2.13%
Average Drawdown Average peak-to-trough decline	-8.01%	-15.63%	+7.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	2.84%	-0.35%

Volatility

MDYG vs. QQQJ - Volatility Comparison

The current volatility for SPDR S&P 400 Mid Cap Growth ETF (MDYG) is 5.61%, while Invesco NASDAQ Next Gen 100 ETF (QQQJ) has a volatility of 7.13%. This indicates that MDYG experiences smaller price fluctuations and is considered to be less risky than QQQJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYG	QQQJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	7.13%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	13.81%	15.65%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	17.59%	18.99%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.70%	22.17%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	22.11%	-1.01%

MDYG vs. QQQJ - Expense Ratio Comparison

Both MDYG and QQQJ 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. QQQJ - Dividend Comparison

MDYG's dividend yield for the trailing twelve months is around 0.74%, less than QQQJ's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QQQJ Invesco NASDAQ Next Gen 100 ETF	0.75%	0.85%	0.77%	0.67%	0.76%	0.91%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MDYG and QQQJ in my portfolio?

MDYG and QQQJ have a correlation of 0.87, 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 QQQJ?

QQQJ has higher volatility (7.13%) compared to MDYG (5.61%). In terms of maximum drawdown, MDYG dropped -58.44% vs QQQJ's -39.57%.

Which ETF is better, MDYG or QQQJ?

On 5-year performance, MDYG leads with 8.79% vs 6.66% for QQQJ. Both ETFs have the same 0.15% expense ratio. 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 QQQJ?

Over the 5-year period, MDYG has performed better with a 8.79% return vs 6.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYG or QQQJ?

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

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

MDYG and QQQJ have nearly identical dividend yields, around 0.74%.

What is the main difference between MDYG and QQQJ?

MDYG tracks S&P MidCap 400 Growth Index, while QQQJ tracks NASDAQ Next Generation 100 Index. They also come from different issuers: State Street and Invesco.

Which has better risk-adjusted returns?

QQQJ currently has the higher Sharpe Ratio (2.36 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.