MDYG vs. SPMD
MDYG (SPDR S&P 400 Mid Cap Growth ETF) and SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) are both exchange-traded funds - MDYG is a Mid Cap Growth Equities fund tracking the S&P MidCap 400 Growth Index, while SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, MDYG returned 11.06%/yr vs 11.29%/yr for SPMD. Their correlation of 0.91 suggests significant overlap in exposure. MDYG charges 0.15%/yr vs 0.03%/yr for SPMD.
Performance
MDYG vs. SPMD - Performance Comparison
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Returns By Period
In the year-to-date period, MDYG achieves a 17.08% return, which is significantly higher than SPMD's 15.74% return. Both investments have delivered pretty close results over the past 10 years, with MDYG having a 11.06% annualized return and SPMD not far ahead at 11.29%.
MDYG
- 1D
- -0.40%
- 1M
- -1.93%
- 6M
- 9.40%
- YTD
- 17.08%
- 1Y
- 24.08%
- 3Y*
- 14.59%
- 5Y*
- 8.51%
- 10Y*
- 11.06%
SPMD
- 1D
- 0.48%
- 1M
- 0.09%
- 6M
- 8.74%
- YTD
- 15.74%
- 1Y
- 22.60%
- 3Y*
- 13.85%
- 5Y*
- 9.39%
- 10Y*
- 11.29%
MDYG vs. SPMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDYG SPDR S&P 400 Mid Cap Growth ETF | 17.08% | 7.22% | 15.84% | 17.30% | -18.92% | 18.46% | 22.57% | 26.10% | -10.46% | 19.61% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 15.74% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
Correlation
The correlation between MDYG and SPMD is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.91 |
The correlation between MDYG and SPMD has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.
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Return for Risk
MDYG vs. SPMD — Risk / Return Rank
MDYG
SPMD
MDYG vs. SPMD - 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 SPDR Portfolio S&P 400 Mid Cap ETF (SPMD). 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 | SPMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.26 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 2.56 | -0.12 |
| Martin ratioReturn relative to average drawdown | 9.41 | 9.31 | +0.10 |
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Drawdowns
MDYG vs. SPMD - Drawdown Comparison
The maximum MDYG drawdown since its inception was -58.44%, roughly equal to the maximum SPMD drawdown of -57.62%. Use the drawdown chart below to compare losses from any high point for MDYG and SPMD.
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Drawdown Indicators
| MDYG | SPMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.44% | -57.62% | -0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -9.91% | -8.86% | -1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -25.45% | -24.08% | -1.37% |
Max Drawdown (5Y)Largest decline over 5 years | -29.26% | -24.08% | -5.18% |
Max Drawdown (10Y)Largest decline over 10 years | -39.27% | -41.86% | +2.59% |
Current DrawdownCurrent decline from peak | -3.72% | -1.42% | -2.30% |
Average DrawdownAverage peak-to-trough decline | -7.99% | -8.08% | +0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.56% | 2.43% | +0.13% |
Volatility
MDYG vs. SPMD - Volatility Comparison
SPDR S&P 400 Mid Cap Growth ETF (MDYG) has a higher volatility of 4.55% compared to SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) at 3.60%. This indicates that MDYG's price experiences larger fluctuations and is considered to be riskier than SPMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MDYG | SPMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.55% | 3.60% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 13.97% | 11.73% | +2.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.75% | 15.77% | +1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.73% | 19.68% | +1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.05% | 21.13% | -0.08% |
MDYG vs. SPMD - Expense Ratio Comparison
MDYG has a 0.15% expense ratio, which is higher than SPMD's 0.03% expense ratio. However, 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. SPMD - Dividend Comparison
MDYG's dividend yield for the trailing twelve months is around 0.59%, less than SPMD's 1.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.22% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
With a correlation of 0.96, MDYG and SPMD 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.
MDYG has higher volatility (4.55%) compared to SPMD (3.60%). In terms of maximum drawdown, MDYG dropped -58.44% vs SPMD's -57.62%.
On 10-year performance, SPMD leads with 11.29% vs 11.06% for MDYG. On fees, SPMD is cheaper at 0.03% per year. On volatility, SPMD has been the lower-risk option at 3.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMD has performed better with a 11.29% return vs 11.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.03% expense ratio, compared with 0.15% for MDYG.
SPMD has the higher dividend yield at 1.22%, compared with 0.59% for MDYG.
MDYG is categorized as Mid Cap Growth Equities, while SPMD is Mid Cap Blend Equities. MDYG tracks S&P MidCap 400 Growth Index, while SPMD tracks S&P MidCap 400 Index. Their fees differ too: 0.15% for MDYG and 0.03% for SPMD.
SPMD currently has the higher Sharpe Ratio (1.44 vs 1.36), 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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