MDYV vs. IVOV

Last updated Aug 2, 2026

MDYV (SPDR S&P 400 Mid Cap Value ETF) and IVOV (Vanguard S&P Mid-Cap 400 Value ETF) are both Mid Cap Value Equities funds tracking the S&P MidCap 400 Value Index, from State Street and Vanguard respectively. Both are passively managed. Over the past 10 years, MDYV returned 10.59%/yr vs 10.61%/yr for IVOV. Their correlation of 0.93 means they have usually moved in the same direction. MDYV charges 0.15%/yr vs 0.10%/yr for IVOV.

Performance

MDYV vs. IVOV - 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 Vanguard S&P Mid-Cap 400 Value ETF (IVOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MDYV having a 13.25% return and IVOV slightly lower at 13.17%. Both investments have delivered pretty close results over the past 10 years, with MDYV having a 10.59% annualized return and IVOV not far ahead at 10.61%.

MDYV

• 1D: -0.22%
• 1M: 0.75%
• 6M: 8.78%
• YTD: 13.25%
• 1Y: 22.67%
• 3Y*: 11.89%
• 5Y*: 9.11%
• 10Y*: 10.59%
• ALL TIME*: 9.10%

IVOV

• 1D: -0.27%
• 1M: 0.84%
• 6M: 8.73%
• YTD: 13.17%
• 1Y: 22.84%
• 3Y*: 11.95%
• 5Y*: 9.15%
• 10Y*: 10.61%
• ALL TIME*: 11.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IVOV Vanguard S&P Mid-Cap 400 Value ETF	$975.54K	$1.11M	$1.64M
MDYV SPDR S&P 400 Mid Cap Value ETF	$12.18M	$9.03M	$7.86M

MDYV vs. IVOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDYV SPDR S&P 400 Mid Cap Value ETF	13.25%	7.45%	11.48%	15.35%	-7.19%	30.51%	3.68%	25.89%	-11.95%	12.31%
IVOV Vanguard S&P Mid-Cap 400 Value ETF	13.17%	7.61%	11.53%	15.38%	-7.20%	30.50%	3.70%	25.91%	-12.13%	12.22%

Correlation

The correlation between MDYV and IVOV is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	0.99
Correlation (All Time) Calculated using the full available price history since Sep 9, 2010	0.93

The correlation between MDYV and IVOV has been stable across timeframes, ranging from 0.93 to 1.00 - a consistent structural relationship.

MDYV vs. IVOV - Sectors Allocation Comparison

Sectors	MDYV	IVOV
Financial Services	22.2%	21.8%
Industrials	16.3%	19.2%
Consumer Cyclical	13.6%	13.9%
Real Estate	9.8%	9.5%
Technology	9.5%	10.3%
Basic Materials	7.5%	5.7%
Energy	6.7%	6.3%
Consumer Defensive	5.0%	4.8%
Healthcare	4.6%	3.8%
Utilities	4.0%	4.0%
Communication Services	0.8%	0.8%

Return for Risk

MDYV vs. IVOV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MDYV

MDYV Risk / Return Rank: 58
MDYV Sharpe Ratio Rank: 58
MDYV Sortino Ratio Rank: 63
MDYV Omega Ratio Rank: 56
MDYV Calmar Ratio Rank: 55
MDYV Martin Ratio Rank: 58

IVOV

IVOV Risk / Return Rank: 59
IVOV Sharpe Ratio Rank: 60
IVOV Sortino Ratio Rank: 65
IVOV Omega Ratio Rank: 56
IVOV Calmar Ratio Rank: 56
IVOV Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MDYV vs. IVOV - 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 Vanguard S&P Mid-Cap 400 Value ETF (IVOV). 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.

	MDYV	IVOV	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.40	-0.02
Sortino ratio: Return per unit of downside risk	2.10	2.13	-0.03
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.96	1.98	-0.02
Martin ratio: Return relative to average drawdown	6.98	7.05	-0.07

MDYV vs. IVOV - Sharpe Ratio Comparison

The current MDYV Sharpe Ratio is 1.38, which is comparable to the IVOV Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of MDYV and IVOV, 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

MDYV vs. IVOV - Drawdown Comparison

The maximum MDYV drawdown since its inception was -60.71%, which is greater than IVOV's maximum drawdown of -45.99%. Use the drawdown chart below to compare losses from any high point for MDYV and IVOV.

Drawdown Indicators

	MDYV	IVOV	Difference
Max Drawdown Largest peak-to-trough decline	-60.71%	-45.99%	-14.72%
Max Drawdown (1Y) Largest decline over 1 year	-10.53%	-10.58%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-22.61%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-22.61%	+0.03%
Max Drawdown (10Y) Largest decline over 10 years	-45.90%	-45.99%	+0.09%
Current Drawdown Current decline from peak	-1.24%	-1.21%	-0.03%
Average Drawdown Average peak-to-trough decline	-8.56%	-5.38%	-3.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	2.97%	-0.01%

Volatility

MDYV vs. IVOV - Volatility Comparison

SPDR S&P 400 Mid Cap Value ETF (MDYV) and Vanguard S&P Mid-Cap 400 Value ETF (IVOV) have volatilities of 3.39% and 3.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYV	IVOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	3.31%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	10.36%	10.36%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	15.00%	14.98%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.29%	19.26%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.83%	21.65%	+0.18%

MDYV vs. IVOV - Expense Ratio Comparison

MDYV has a 0.15% expense ratio, which is higher than IVOV's 0.10% 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

MDYV vs. IVOV - Dividend Comparison

MDYV's dividend yield for the trailing twelve months is around 1.67%, more than IVOV's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVOV Vanguard S&P Mid-Cap 400 Value ETF	1.61%	1.82%	1.74%	1.52%	1.97%	1.78%	2.42%	1.75%	1.87%	1.55%	1.51%	1.66%
MDYV SPDR S&P 400 Mid Cap Value ETF	1.67%	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 IVOV in my portfolio?

With a correlation of 1.00, MDYV and IVOV 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 IVOV?

MDYV has higher volatility (3.39%) compared to IVOV (3.31%). In terms of maximum drawdown, MDYV dropped -60.71% vs IVOV's -45.99%.

Which ETF is better, MDYV or IVOV?

On 10-year performance, IVOV leads with 10.61% vs 10.59% for MDYV. On fees, IVOV is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDYV or IVOV?

Over the 10-year period, IVOV has performed better with a 10.61% return vs 10.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYV or IVOV?

IVOV is cheaper with a 0.10% expense ratio, compared with 0.15% for MDYV.

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

MDYV has the higher dividend yield at 1.67%, compared with 1.61% for IVOV.

What is the main difference between MDYV and IVOV?

Both ETFs track S&P MidCap 400 Value Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.15% for MDYV and 0.10% for IVOV.

Which has better risk-adjusted returns?

IVOV currently has the higher Sharpe Ratio (1.40 vs 1.38), 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.