MDYV vs. EZM

Last updated Jun 4, 2026

MDYV (SPDR S&P 400 Mid Cap Value ETF) and EZM (WisdomTree U.S. MidCap Earnings Fund) are both exchange-traded funds - MDYV is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Value Index, while EZM is a Mid Cap Blend Equities fund tracking the WisdomTree U.S. MidCap Index. Both are passively managed. Over the past 10 years, MDYV returned 10.40%/yr vs 10.64%/yr for EZM. Their correlation of 0.88 suggests significant overlap in exposure. MDYV charges 0.15%/yr vs 0.38%/yr for EZM.

Performance

MDYV vs. EZM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 400 Mid Cap Value ETF (MDYV) and WisdomTree U.S. MidCap Earnings Fund (EZM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDYV achieves a 9.04% return, which is significantly lower than EZM's 10.53% return. Both investments have delivered pretty close results over the past 10 years, with MDYV having a 10.40% annualized return and EZM not far ahead at 10.64%.

MDYV

• 1D: -0.38%
• 1M: 1.78%
• YTD: 9.04%
• 6M: 9.24%
• 1Y: 20.68%
• 3Y*: 13.90%
• 5Y*: 7.48%
• 10Y*: 10.40%

EZM

• 1D: -0.01%
• 1M: 3.02%
• YTD: 10.53%
• 6M: 10.32%
• 1Y: 23.17%
• 3Y*: 15.38%
• 5Y*: 7.96%
• 10Y*: 10.64%

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

MDYV vs. EZM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDYV SPDR S&P 400 Mid Cap Value ETF	9.04%	7.45%	11.48%	15.35%	-7.19%	30.51%	3.68%	25.89%	-11.95%	12.31%
EZM WisdomTree U.S. MidCap Earnings Fund	10.53%	8.42%	10.29%	19.69%	-12.22%	31.00%	5.57%	24.48%	-12.36%	17.37%

Correlation

The correlation between MDYV and EZM is 0.97 - 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	0.97
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	0.98
Correlation (All Time) Calculated using the full available price history since Feb 26, 2007	0.88

The correlation between MDYV and EZM has been stable across timeframes, ranging from 0.88 to 0.98 - a consistent structural relationship.

MDYV vs. EZM - Sectors Allocation Comparison

Sectors	MDYV	EZM
Financial Services	21.8%	19.3%
Industrials	18.8%	16.5%
Consumer Cyclical	13.5%	15.4%
Real Estate	9.6%	4.9%
Technology	9.3%	12.5%
Energy	7.4%	7.2%
Basic Materials	6.0%	4.4%
Consumer Defensive	5.5%	5.4%
Utilities	4.2%	3.3%
Healthcare	3.5%	9.2%
Communication Services	0.5%	1.8%

Return for Risk

MDYV vs. EZM — Risk / Return Rank

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

MDYV

MDYV Risk / Return Rank: 39
MDYV Sharpe Ratio Rank: 38
MDYV Sortino Ratio Rank: 40
MDYV Omega Ratio Rank: 36
MDYV Calmar Ratio Rank: 40
MDYV Martin Ratio Rank: 42

EZM

EZM Risk / Return Rank: 49
EZM Sharpe Ratio Rank: 45
EZM Sortino Ratio Rank: 49
EZM Omega Ratio Rank: 43
EZM Calmar Ratio Rank: 54
EZM Martin Ratio Rank: 53

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.

MDYV vs. EZM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 400 Mid Cap Value ETF (MDYV) and WisdomTree U.S. MidCap Earnings Fund (EZM). 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.

	MDYV	EZM	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.57	-0.20
Sortino ratio: Return per unit of downside risk	2.07	2.40	-0.33
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.04
Calmar ratio: Return relative to maximum drawdown	1.97	2.68	-0.70
Martin ratio: Return relative to average drawdown	6.78	9.07	-2.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDYV vs. EZM - Sharpe Ratio Comparison

The current MDYV Sharpe Ratio is 1.37, which is comparable to the EZM Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of MDYV and EZM, 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

	MDYV	EZM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	1.57	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.39	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.48	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.41	0.00

Drawdowns

MDYV vs. EZM - Drawdown Comparison

The maximum MDYV drawdown since its inception was -60.71%, roughly equal to the maximum EZM drawdown of -59.58%. Use the drawdown chart below to compare losses from any high point for MDYV and EZM.

Drawdown Indicators

	MDYV	EZM	Difference
Max Drawdown Largest peak-to-trough decline	-60.71%	-59.58%	-1.13%
Max Drawdown (1Y) Largest decline over 1 year	-10.53%	-8.70%	-1.83%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-23.53%	+0.95%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-23.53%	+0.95%
Max Drawdown (10Y) Largest decline over 10 years	-45.90%	-47.26%	+1.36%
Current Drawdown Current decline from peak	-0.38%	-0.01%	-0.37%
Average Drawdown Average peak-to-trough decline	-8.62%	-8.27%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.56%	+0.50%

Volatility

MDYV vs. EZM - Volatility Comparison

SPDR S&P 400 Mid Cap Value ETF (MDYV) has a higher volatility of 3.93% compared to WisdomTree U.S. MidCap Earnings Fund (EZM) at 3.55%. This indicates that MDYV's price experiences larger fluctuations and is considered to be riskier than EZM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYV	EZM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	3.55%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	10.56%	10.25%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.25%	14.87%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	20.42%	-0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	22.36%	-0.46%

MDYV vs. EZM - Expense Ratio Comparison

MDYV has a 0.15% expense ratio, which is lower than EZM's 0.38% expense ratio.

Dividends

MDYV vs. EZM - Dividend Comparison

MDYV's dividend yield for the trailing twelve months is around 1.73%, more than EZM's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EZM WisdomTree U.S. MidCap Earnings Fund	1.26%	1.39%	1.22%	1.25%	1.57%	1.08%	1.67%	1.34%	1.57%	1.14%	1.55%	1.30%
MDYV SPDR S&P 400 Mid Cap Value ETF	1.73%	1.72%	1.89%	1.59%	1.90%	1.74%	1.69%	1.83%	2.28%	2.48%	1.83%	4.31%

Frequently Asked Questions

Can I hold both MDYV and EZM in my portfolio?

With a correlation of 0.97, MDYV and EZM 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.

Which is riskier, MDYV or EZM?

MDYV has higher volatility (3.93%) compared to EZM (3.55%). In terms of maximum drawdown, MDYV dropped -60.71% vs EZM's -59.58%.

Which ETF is better, MDYV or EZM?

On 10-year performance, EZM leads with 10.64% vs 10.40% for MDYV. On fees, MDYV is cheaper at 0.15% per year. On volatility, EZM has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDYV or EZM?

Over the 10-year period, EZM has performed better with a 10.64% return vs 10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYV or EZM?

MDYV is cheaper with a 0.15% expense ratio, compared with 0.38% for EZM.

Which ETF pays a higher dividend yield, MDYV or EZM?

MDYV has the higher dividend yield at 1.73%, compared with 1.26% for EZM.

What is the main difference between MDYV and EZM?

MDYV is categorized as Mid Cap Value Equities, while EZM is Mid Cap Blend Equities. MDYV tracks S&P MidCap 400 Value Index, while EZM tracks WisdomTree U.S. MidCap Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.15% for MDYV and 0.38% for EZM.

Which has better risk-adjusted returns?

EZM currently has the higher Sharpe Ratio (1.57 vs 1.37), 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.