MDYV vs. IWS

Last updated Jun 24, 2026

MDYV (SPDR S&P 400 Mid Cap Value ETF) and IWS (iShares Russell Mid-Cap Value ETF) are both Mid Cap Value Equities funds - MDYV tracks the S&P MidCap 400 Value Index while IWS tracks the Russell Midcap Value Index. Both are passively managed. Over the past 10 years, MDYV returned 10.80%/yr vs 10.56%/yr for IWS. Their correlation of 0.87 suggests significant overlap in exposure. MDYV charges 0.15%/yr vs 0.23%/yr for IWS.

Performance

MDYV vs. IWS - 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 iShares Russell Mid-Cap Value ETF (IWS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDYV achieves a 10.67% return, which is significantly lower than IWS's 15.78% return. Both investments have delivered pretty close results over the past 10 years, with MDYV having a 10.80% annualized return and IWS not far behind at 10.56%.

MDYV

• 1D: -0.38%
• 1M: 2.88%
• YTD: 10.67%
• 6M: 9.08%
• 1Y: 20.54%
• 3Y*: 14.24%
• 5Y*: 8.38%
• 10Y*: 10.80%

IWS

• 1D: -1.08%
• 1M: 2.64%
• YTD: 15.78%
• 6M: 14.47%
• 1Y: 26.77%
• 3Y*: 17.23%
• 5Y*: 8.94%
• 10Y*: 10.56%

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

MDYV vs. IWS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDYV SPDR S&P 400 Mid Cap Value ETF	10.67%	7.45%	11.48%	15.35%	-7.19%	30.51%	3.68%	25.89%	-11.95%	12.31%
IWS iShares Russell Mid-Cap Value ETF	15.78%	10.82%	12.91%	12.52%	-12.29%	28.10%	4.83%	26.73%	-12.43%	13.14%

Correlation

The correlation between MDYV and IWS is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
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	0.87

The correlation between MDYV and IWS has been stable across timeframes, ranging from 0.87 to 0.96 - a consistent structural relationship.

MDYV vs. IWS - Sectors Allocation Comparison

Sectors	MDYV	IWS
Financial Services	21.4%	13.7%
Industrials	18.7%	16.2%
Consumer Cyclical	13.9%	8.5%
Technology	10.2%	18.7%
Real Estate	9.6%	8.3%
Energy	6.8%	7.4%
Basic Materials	6.3%	5.3%
Consumer Defensive	4.9%	4.7%
Utilities	4.0%	6.6%
Healthcare	3.8%	7.6%
Communication Services	0.5%	3.1%

Return for Risk

MDYV vs. IWS — Risk / Return Rank

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

MDYV

MDYV Risk / Return Rank: 41
MDYV Sharpe Ratio Rank: 40
MDYV Sortino Ratio Rank: 42
MDYV Omega Ratio Rank: 38
MDYV Calmar Ratio Rank: 41
MDYV Martin Ratio Rank: 43

IWS

IWS Risk / Return Rank: 67
IWS Sharpe Ratio Rank: 64
IWS Sortino Ratio Rank: 65
IWS Omega Ratio Rank: 59
IWS Calmar Ratio Rank: 74
IWS Martin Ratio Rank: 75

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. IWS - 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 iShares Russell Mid-Cap Value ETF (IWS). 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	IWS	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.98	-0.64
Sortino ratio: Return per unit of downside risk	2.04	2.83	-0.78
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	1.96	3.57	-1.61
Martin ratio: Return relative to average drawdown	6.75	13.39	-6.64

MDYV vs. IWS - Sharpe Ratio Comparison

The current MDYV Sharpe Ratio is 1.35, which is lower than the IWS Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of MDYV and IWS, 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. IWS - Drawdown Comparison

The maximum MDYV drawdown since its inception was -60.71%, roughly equal to the maximum IWS drawdown of -62.40%. Use the drawdown chart below to compare losses from any high point for MDYV and IWS.

Drawdown Indicators

	MDYV	IWS	Difference
Max Drawdown Largest peak-to-trough decline	-60.71%	-62.40%	+1.69%
Max Drawdown (1Y) Largest decline over 1 year	-10.53%	-7.53%	-3.00%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-20.57%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-21.23%	-1.35%
Max Drawdown (10Y) Largest decline over 10 years	-45.90%	-43.83%	-2.07%
Current Drawdown Current decline from peak	-1.18%	-1.24%	+0.06%
Average Drawdown Average peak-to-trough decline	-8.60%	-8.00%	-0.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	2.00%	+1.05%

Volatility

MDYV vs. IWS - Volatility Comparison

The current volatility for SPDR S&P 400 Mid Cap Value ETF (MDYV) is 3.91%, while iShares Russell Mid-Cap Value ETF (IWS) has a volatility of 4.37%. This indicates that MDYV experiences smaller price fluctuations and is considered to be less risky than IWS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYV	IWS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	4.37%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	10.72%	10.12%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	15.36%	13.57%	+1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.45%	17.33%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.88%	19.35%	+2.53%

MDYV vs. IWS - Expense Ratio Comparison

MDYV has a 0.15% expense ratio, which is lower than IWS's 0.23% expense ratio. Despite the difference, 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. IWS - Dividend Comparison

MDYV's dividend yield for the trailing twelve months is around 1.71%, more than IWS's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWS iShares Russell Mid-Cap Value ETF	1.34%	1.53%	1.50%	1.76%	1.93%	1.39%	1.87%	1.97%	2.53%	1.96%	2.10%	2.14%
MDYV SPDR S&P 400 Mid Cap Value ETF	1.71%	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 IWS in my portfolio?

With a correlation of 0.95, MDYV and IWS 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 IWS?

IWS has higher volatility (4.37%) compared to MDYV (3.91%). In terms of maximum drawdown, MDYV dropped -60.71% vs IWS's -62.40%.

Which ETF is better, MDYV or IWS?

On 10-year performance, MDYV leads with 10.80% vs 10.56% for IWS. On fees, MDYV is cheaper at 0.15% per year. On volatility, MDYV has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDYV or IWS?

Over the 10-year period, MDYV has performed better with a 10.80% return vs 10.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYV or IWS?

MDYV is cheaper with a 0.15% expense ratio, compared with 0.23% for IWS.

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

MDYV has the higher dividend yield at 1.71%, compared with 1.34% for IWS.

What is the main difference between MDYV and IWS?

MDYV tracks S&P MidCap 400 Value Index, while IWS tracks Russell Midcap Value Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.15% for MDYV and 0.23% for IWS.

Which has better risk-adjusted returns?

IWS currently has the higher Sharpe Ratio (1.98 vs 1.35), 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.