MDYG vs. SPYD

Last updated Jun 5, 2026

MDYG (SPDR S&P 400 Mid Cap Growth ETF) and SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) are both exchange-traded funds - MDYG is a Mid Cap Growth Equities fund tracking the S&P MidCap 400 Growth Index, while SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index. Both are passively managed. Over the past 10 years, MDYG returned 11.58%/yr vs 8.63%/yr for SPYD. A 0.71 correlation means they provide meaningful diversification when combined. MDYG charges 0.15%/yr vs 0.07%/yr for SPYD.

Performance

MDYG vs. SPYD - 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 State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDYG achieves a 19.44% return, which is significantly higher than SPYD's 11.64% return. Over the past 10 years, MDYG has outperformed SPYD with an annualized return of 11.58%, while SPYD has yielded a comparatively lower 8.63% annualized return.

MDYG

• 1D: 0.27%
• 1M: 4.57%
• YTD: 19.44%
• 6M: 18.73%
• 1Y: 30.20%
• 3Y*: 18.49%
• 5Y*: 8.66%
• 10Y*: 11.58%

SPYD

• 1D: 1.19%
• 1M: 1.96%
• YTD: 11.64%
• 6M: 12.50%
• 1Y: 18.54%
• 3Y*: 14.97%
• 5Y*: 7.01%
• 10Y*: 8.63%

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

MDYG vs. SPYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDYG SPDR S&P 400 Mid Cap Growth ETF	19.44%	7.22%	15.84%	17.30%	-18.92%	18.46%	22.57%	26.10%	-10.46%	19.61%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	11.64%	4.65%	15.34%	3.91%	-1.17%	32.73%	-11.64%	21.20%	-4.89%	12.67%

Correlation

The correlation between MDYG and SPYD is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 23, 2015	0.71

The correlation between MDYG and SPYD shifts across timeframes, from 0.51 (1 year) to 0.71 (10 years), reflecting how their relationship changes across market environments.

MDYG vs. SPYD - Sectors Allocation Comparison

Sectors	MDYG	SPYD
Industrials	30.9%	2.3%
Technology	21.5%	2.7%
Healthcare	13.7%	5.2%
Consumer Cyclical	8.1%	6.5%
Financial Services	7.1%	12.1%
Real Estate	5.6%	25.8%
Energy	3.7%	9.2%
Basic Materials	3.7%	3.4%
Consumer Defensive	2.1%	16.3%
Utilities	2.0%	11.4%
Communication Services	1.5%	5.1%

Return for Risk

MDYG vs. SPYD — Risk / Return Rank

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

MDYG

MDYG Risk / Return Rank: 58
MDYG Sharpe Ratio Rank: 53
MDYG Sortino Ratio Rank: 54
MDYG Omega Ratio Rank: 51
MDYG Calmar Ratio Rank: 63
MDYG Martin Ratio Rank: 68

SPYD

SPYD Risk / Return Rank: 48
SPYD Sharpe Ratio Rank: 47
SPYD Sortino Ratio Rank: 50
SPYD Omega Ratio Rank: 44
SPYD Calmar Ratio Rank: 55
SPYD Martin Ratio Rank: 47

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. SPYD - 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 State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). 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	SPYD	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.60	+0.18
Sortino ratio: Return per unit of downside risk	2.56	2.41	+0.15
Omega ratio: Gain probability vs. loss probability	1.31	1.27	+0.04
Calmar ratio: Return relative to maximum drawdown	3.06	2.64	+0.42
Martin ratio: Return relative to average drawdown	12.24	7.67	+4.57
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. SPYD - Sharpe Ratio Comparison

The current MDYG Sharpe Ratio is 1.78, which is comparable to the SPYD Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of MDYG and SPYD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MDYG	SPYD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.78	1.60	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	0.44	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.44	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.47	+0.01

Drawdowns

MDYG vs. SPYD - Drawdown Comparison

The maximum MDYG drawdown since its inception was -58.44%, which is greater than SPYD's maximum drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for MDYG and SPYD.

Drawdown Indicators

	MDYG	SPYD	Difference
Max Drawdown Largest peak-to-trough decline	-58.44%	-46.42%	-12.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.91%	-7.05%	-2.86%
Max Drawdown (3Y) Largest decline over 3 years	-25.45%	-16.13%	-9.32%
Max Drawdown (5Y) Largest decline over 5 years	-29.26%	-22.25%	-7.01%
Max Drawdown (10Y) Largest decline over 10 years	-39.27%	-46.42%	+7.15%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.03%	-6.17%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.42%	+0.05%

Volatility

MDYG vs. SPYD - Volatility Comparison

SPDR S&P 400 Mid Cap Growth ETF (MDYG) has a higher volatility of 5.08% compared to State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) at 2.70%. This indicates that MDYG's price experiences larger fluctuations and is considered to be riskier than SPYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYG	SPYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	2.70%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	13.21%	7.73%	+5.48%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	11.67%	+5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.62%	16.14%	+4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.05%	19.78%	+1.27%

MDYG vs. SPYD - Expense Ratio Comparison

MDYG has a 0.15% expense ratio, which is higher than SPYD's 0.07% 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. SPYD - Dividend Comparison

MDYG's dividend yield for the trailing twelve months is around 0.61%, less than SPYD's 4.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDYG SPDR S&P 400 Mid Cap Growth ETF	0.61%	0.75%	0.87%	1.20%	1.16%	0.69%	0.71%	1.21%	1.36%	2.23%	1.25%	2.51%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	4.16%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both MDYG and SPYD in my portfolio?

MDYG and SPYD have a correlation of 0.51, 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 SPYD?

MDYG has higher volatility (5.08%) compared to SPYD (2.70%). In terms of maximum drawdown, MDYG dropped -58.44% vs SPYD's -46.42%.

Which ETF is better, MDYG or SPYD?

On 10-year performance, MDYG leads with 11.58% vs 8.63% for SPYD. On fees, SPYD is cheaper at 0.07% per year. On volatility, SPYD has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDYG or SPYD?

Over the 10-year period, MDYG has performed better with a 11.58% return vs 8.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYG or SPYD?

SPYD is cheaper with a 0.07% expense ratio, compared with 0.15% for MDYG.

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

SPYD has the higher dividend yield at 4.16%, compared with 0.61% for MDYG.

What is the main difference between MDYG and SPYD?

MDYG is categorized as Mid Cap Growth Equities, while SPYD is S&P 500. MDYG tracks S&P MidCap 400 Growth Index, while SPYD tracks S&P 500 High Dividend Index. Their fees differ too: 0.15% for MDYG and 0.07% for SPYD.

Which has better risk-adjusted returns?

MDYG currently has the higher Sharpe Ratio (1.78 vs 1.60), 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.