MDYV vs. SPY

Last updated Jun 24, 2026

MDYV (SPDR S&P 400 Mid Cap Value ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MDYV is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Value Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, MDYV returned 10.80%/yr vs 15.53%/yr for SPY. A 0.75 correlation means they provide meaningful diversification when combined. MDYV charges 0.15%/yr vs 0.09%/yr for SPY.

Performance

MDYV vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 higher than SPY's 8.15% return. Over the past 10 years, MDYV has underperformed SPY with an annualized return of 10.80%, while SPY has yielded a comparatively higher 15.53% annualized return.

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%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

MDYV vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between MDYV and SPY is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005	0.75

The correlation between MDYV and SPY shifts across timeframes, from 0.66 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.

MDYV vs. SPY - Sectors Allocation Comparison

Sectors	MDYV	SPY
Financial Services	21.4%	11.1%
Industrials	18.7%	7.8%
Consumer Cyclical	13.9%	9.9%
Technology	10.2%	39.0%
Real Estate	9.6%	1.8%
Energy	6.8%	3.1%
Basic Materials	6.3%	1.7%
Consumer Defensive	4.9%	4.5%
Utilities	4.0%	2.1%
Healthcare	3.8%	8.3%
Communication Services	0.5%	10.6%

Return for Risk

MDYV vs. SPY — 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

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.90	-0.55
Sortino ratio: Return per unit of downside risk	2.04	2.58	-0.54
Omega ratio: Gain probability vs. loss probability	1.24	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	1.96	2.67	-0.71
Martin ratio: Return relative to average drawdown	6.75	11.92	-5.17

MDYV vs. SPY - Sharpe Ratio Comparison

The current MDYV Sharpe Ratio is 1.35, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of MDYV and SPY, 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. SPY - Drawdown Comparison

The maximum MDYV drawdown since its inception was -60.71%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MDYV and SPY.

Drawdown Indicators

	MDYV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-60.71%	-55.19%	-5.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.53%	-8.88%	-1.65%
Max Drawdown (3Y) Largest decline over 3 years	-22.58%	-18.76%	-3.82%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	-24.50%	+1.92%
Max Drawdown (10Y) Largest decline over 10 years	-45.90%	-33.72%	-12.18%
Current Drawdown Current decline from peak	-1.18%	-3.17%	+1.99%
Average Drawdown Average peak-to-trough decline	-8.60%	-9.04%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	1.98%	+1.07%

Volatility

MDYV vs. SPY - Volatility Comparison

The current volatility for SPDR S&P 400 Mid Cap Value ETF (MDYV) is 3.91%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that MDYV experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDYV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	4.87%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	10.72%	9.85%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	15.36%	12.50%	+2.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.45%	17.15%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.88%	17.95%	+3.93%

MDYV vs. SPY - Expense Ratio Comparison

MDYV has a 0.15% expense ratio, which is higher than SPY's 0.09% 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. SPY - Dividend Comparison

MDYV's dividend yield for the trailing twelve months is around 1.71%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MDYV and SPY in my portfolio?

MDYV and SPY have a correlation of 0.66, 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 SPY?

SPY has higher volatility (4.87%) compared to MDYV (3.91%). In terms of maximum drawdown, MDYV dropped -60.71% vs SPY's -55.19%.

Which ETF is better, MDYV or SPY?

On 10-year performance, SPY leads with 15.53% vs 10.80% for MDYV. On fees, SPY is cheaper at 0.09% 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 SPY?

Over the 10-year period, SPY has performed better with a 15.53% return vs 10.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MDYV or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.15% for MDYV.

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

MDYV has the higher dividend yield at 1.71%, compared with 1.03% for SPY.

What is the main difference between MDYV and SPY?

MDYV is categorized as Mid Cap Value Equities, while SPY is S&P 500. MDYV tracks S&P MidCap 400 Value Index, while SPY tracks S&P 500 Index. Their fees differ too: 0.15% for MDYV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 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.