MDYV vs. FVD

Last updated Jun 4, 2026

MDYV (SPDR S&P 400 Mid Cap Value ETF) and FVD (First Trust Value Line Dividend Index Fund) are both Mid Cap Value Equities funds - MDYV tracks the S&P MidCap 400 Value Index while FVD tracks the Value Line Dividend Index. Both are passively managed. Over the past 10 years, MDYV returned 10.40%/yr vs 8.30%/yr for FVD. A 0.76 correlation means they provide meaningful diversification when combined. MDYV charges 0.15%/yr vs 0.61%/yr for FVD.

Performance

MDYV vs. FVD - 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 First Trust Value Line Dividend Index Fund (FVD). 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 higher than FVD's 2.21% return. Over the past 10 years, MDYV has outperformed FVD with an annualized return of 10.40%, while FVD has yielded a comparatively lower 8.30% annualized return.

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%

FVD

• 1D: -0.59%
• 1M: -1.04%
• YTD: 2.21%
• 6M: 2.80%
• 1Y: 6.84%
• 3Y*: 8.25%
• 5Y*: 5.20%
• 10Y*: 8.30%

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

MDYV vs. FVD - 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%
FVD First Trust Value Line Dividend Index Fund	2.21%	8.16%	10.04%	4.11%	-5.18%	25.08%	-0.02%	26.58%	-3.49%	12.51%

Correlation

The correlation between MDYV and FVD is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Nov 16, 2005	0.76

The correlation between MDYV and FVD has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

MDYV vs. FVD - Sectors Allocation Comparison

Sectors	MDYV	FVD
Financial Services	21.8%	19.1%
Industrials	18.8%	14.2%
Consumer Cyclical	13.5%	5.6%
Real Estate	9.6%	8.1%
Technology	9.3%	6.1%
Energy	7.4%	4.0%
Basic Materials	6.0%	2.1%
Consumer Defensive	5.5%	11.6%
Utilities	4.2%	18.4%
Healthcare	3.5%	7.8%
Communication Services	0.5%	3.0%

Return for Risk

MDYV vs. FVD — 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

FVD

FVD Risk / Return Rank: 21
FVD Sharpe Ratio Rank: 21
FVD Sortino Ratio Rank: 21
FVD Omega Ratio Rank: 19
FVD Calmar Ratio Rank: 21
FVD Martin Ratio Rank: 21

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. FVD - 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 First Trust Value Line Dividend Index Fund (FVD). 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	FVD	Difference
Sharpe ratio: Return per unit of total volatility	1.37	0.72	+0.64
Sortino ratio: Return per unit of downside risk	2.07	1.12	+0.96
Omega ratio: Gain probability vs. loss probability	1.24	1.13	+0.12
Calmar ratio: Return relative to maximum drawdown	1.97	0.95	+1.02
Martin ratio: Return relative to average drawdown	6.78	2.58	+4.21
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. FVD - Sharpe Ratio Comparison

The current MDYV Sharpe Ratio is 1.37, which is higher than the FVD Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of MDYV and FVD, 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	FVD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	0.72	+0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.41	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.54	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.58	-0.16

Drawdowns

MDYV vs. FVD - Drawdown Comparison

The maximum MDYV drawdown since its inception was -60.71%, which is greater than FVD's maximum drawdown of -51.00%. Use the drawdown chart below to compare losses from any high point for MDYV and FVD.

Drawdown Indicators

	MDYV	FVD	Difference
Max Drawdown Largest peak-to-trough decline	-60.71%	-51.00%	-9.71%
Max Drawdown (1Y) Largest decline over 1 year	-10.53%	-7.23%	-3.30%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-11.97%	-10.61%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-16.41%	-6.17%
Max Drawdown (10Y) Largest decline over 10 years	-45.90%	-35.25%	-10.65%
Current Drawdown Current decline from peak	-0.38%	-5.96%	+5.58%
Average Drawdown Average peak-to-trough decline	-8.62%	-5.44%	-3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.66%	+0.40%

Volatility

MDYV vs. FVD - Volatility Comparison

SPDR S&P 400 Mid Cap Value ETF (MDYV) has a higher volatility of 3.93% compared to First Trust Value Line Dividend Index Fund (FVD) at 2.62%. This indicates that MDYV's price experiences larger fluctuations and is considered to be riskier than FVD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYV	FVD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	2.62%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	10.56%	6.73%	+3.83%
Volatility (1Y) Calculated over the trailing 1-year period	15.25%	9.50%	+5.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	12.76%	+6.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	15.44%	+6.46%

MDYV vs. FVD - Expense Ratio Comparison

MDYV has a 0.15% expense ratio, which is lower than FVD's 0.61% expense ratio.

Dividends

MDYV vs. FVD - Dividend Comparison

MDYV's dividend yield for the trailing twelve months is around 1.73%, less than FVD's 2.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FVD First Trust Value Line Dividend Index Fund	2.31%	2.36%	2.23%	2.34%	2.20%	1.75%	2.31%	2.03%	2.50%	2.10%	2.04%	2.34%
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 FVD in my portfolio?

MDYV and FVD have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MDYV or FVD?

MDYV has higher volatility (3.93%) compared to FVD (2.62%). In terms of maximum drawdown, MDYV dropped -60.71% vs FVD's -51.00%.

Which ETF is better, MDYV or FVD?

On 10-year performance, MDYV leads with 10.40% vs 8.30% for FVD. On fees, MDYV is cheaper at 0.15% per year. On volatility, FVD has been the lower-risk option at 2.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDYV or FVD?

Over the 10-year period, MDYV has performed better with a 10.40% return vs 8.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYV or FVD?

MDYV is cheaper with a 0.15% expense ratio, compared with 0.61% for FVD.

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

FVD has the higher dividend yield at 2.31%, compared with 1.73% for MDYV.

What is the main difference between MDYV and FVD?

MDYV tracks S&P MidCap 400 Value Index, while FVD tracks Value Line Dividend Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.15% for MDYV and 0.61% for FVD.

Which has better risk-adjusted returns?

MDYV currently has the higher Sharpe Ratio (1.37 vs 0.72), 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.