MDYV vs. SLYV

Last updated Jun 4, 2026

MDYV (SPDR S&P 400 Mid Cap Value ETF) and SLYV (SPDR S&P 600 Small Cap Value ETF) are both exchange-traded funds - MDYV is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Value Index, while SLYV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index. Both are passively managed. Over the past 10 years, MDYV returned 10.40%/yr vs 10.18%/yr for SLYV. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

MDYV vs. SLYV - 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 SPDR S&P 600 Small Cap Value ETF (SLYV). 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 SLYV's 15.25% return. Both investments have delivered pretty close results over the past 10 years, with MDYV having a 10.40% annualized return and SLYV not far behind at 10.18%.

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%

SLYV

• 1D: -1.18%
• 1M: 2.30%
• YTD: 15.25%
• 6M: 14.70%
• 1Y: 37.01%
• 3Y*: 14.08%
• 5Y*: 5.66%
• 10Y*: 10.18%

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

MDYV vs. SLYV - 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%
SLYV SPDR S&P 600 Small Cap Value ETF	15.25%	6.54%	7.28%	14.82%	-11.08%	30.57%	2.68%	24.26%	-12.77%	11.74%

Correlation

The correlation between MDYV and SLYV 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	0.95
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 16, 2005	0.86

The correlation between MDYV and SLYV shifts across timeframes, from 0.86 (all time) to 0.96 (5 years), reflecting how their relationship changes across market environments.

MDYV vs. SLYV - Sectors Allocation Comparison

Sectors	MDYV	SLYV
Financial Services	21.8%	19.8%
Industrials	18.8%	11.6%
Consumer Cyclical	13.5%	15.9%
Real Estate	9.6%	8.7%
Technology	9.3%	11.3%
Energy	7.4%	7.6%
Basic Materials	6.0%	7.1%
Consumer Defensive	5.5%	3.8%
Utilities	4.2%	2.2%
Healthcare	3.5%	7.5%
Communication Services	0.5%	4.4%

Return for Risk

MDYV vs. SLYV — 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

SLYV

SLYV Risk / Return Rank: 65
SLYV Sharpe Ratio Rank: 59
SLYV Sortino Ratio Rank: 62
SLYV Omega Ratio Rank: 56
SLYV Calmar Ratio Rank: 77
SLYV Martin Ratio Rank: 70

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. SLYV - 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 SPDR S&P 600 Small Cap Value ETF (SLYV). 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	SLYV	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.05	-0.68
Sortino ratio: Return per unit of downside risk	2.07	2.95	-0.88
Omega ratio: Gain probability vs. loss probability	1.24	1.35	-0.11
Calmar ratio: Return relative to maximum drawdown	1.97	3.97	-2.00
Martin ratio: Return relative to average drawdown	6.78	13.09	-6.31
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. SLYV - Sharpe Ratio Comparison

The current MDYV Sharpe Ratio is 1.37, which is lower than the SLYV Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of MDYV and SLYV, 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	SLYV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.37	2.05	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.26	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.43	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.46	-0.05

Drawdowns

MDYV vs. SLYV - Drawdown Comparison

The maximum MDYV drawdown since its inception was -60.71%, roughly equal to the maximum SLYV drawdown of -61.15%. Use the drawdown chart below to compare losses from any high point for MDYV and SLYV.

Drawdown Indicators

	MDYV	SLYV	Difference
Max Drawdown Largest peak-to-trough decline	-60.71%	-61.15%	+0.44%
Max Drawdown (1Y) Largest decline over 1 year	-10.53%	-9.36%	-1.17%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-28.68%	+6.10%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-28.68%	+6.10%
Max Drawdown (10Y) Largest decline over 10 years	-45.90%	-47.73%	+1.83%
Current Drawdown Current decline from peak	-0.38%	-1.18%	+0.80%
Average Drawdown Average peak-to-trough decline	-8.62%	-8.94%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.83%	+0.23%

Volatility

MDYV vs. SLYV - Volatility Comparison

The current volatility for SPDR S&P 400 Mid Cap Value ETF (MDYV) is 3.93%, while SPDR S&P 600 Small Cap Value ETF (SLYV) has a volatility of 4.42%. This indicates that MDYV experiences smaller price fluctuations and is considered to be less risky than SLYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYV	SLYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	4.42%	-0.49%
Volatility (6M) Calculated over the trailing 6-month period	10.56%	11.46%	-0.90%
Volatility (1Y) Calculated over the trailing 1-year period	15.25%	18.26%	-3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	21.96%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	23.96%	-2.06%

MDYV vs. SLYV - Expense Ratio Comparison

Both MDYV and SLYV have an expense ratio of 0.15%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

MDYV vs. SLYV - Dividend Comparison

MDYV's dividend yield for the trailing twelve months is around 1.73%, less than SLYV's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SLYV SPDR S&P 600 Small Cap Value ETF	1.82%	2.02%	2.30%	2.11%	1.47%	1.94%	1.40%	1.67%	2.14%	5.53%	2.18%	6.55%

Frequently Asked Questions

Can I hold both MDYV and SLYV in my portfolio?

With a correlation of 0.95, MDYV and SLYV 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 SLYV?

SLYV has higher volatility (4.42%) compared to MDYV (3.93%). In terms of maximum drawdown, MDYV dropped -60.71% vs SLYV's -61.15%.

Which ETF is better, MDYV or SLYV?

On 10-year performance, MDYV leads with 10.40% vs 10.18% for SLYV. Both ETFs have the same 0.15% expense ratio. On volatility, MDYV has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MDYV or SLYV?

Over the 10-year period, MDYV has performed better with a 10.40% return vs 10.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYV or SLYV?

MDYV and SLYV have the same expense ratio: 0.15% per year.

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

SLYV has the higher dividend yield at 1.82%, compared with 1.73% for MDYV.

What is the main difference between MDYV and SLYV?

MDYV is categorized as Mid Cap Value Equities, while SLYV is Small Cap Value Equities. MDYV tracks S&P MidCap 400 Value Index, while SLYV tracks S&P SmallCap 600 Value Index.

Which has better risk-adjusted returns?

SLYV currently has the higher Sharpe Ratio (2.05 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.