MIDU vs. MDY

Last updated Jun 4, 2026

MIDU (Direxion Daily Mid Cap Bull 3X Shares) and MDY (SPDR S&P MidCap 400 ETF) are both exchange-traded funds - MIDU is a Leveraged Equities fund tracking the S&P MidCap 400 Index (300%), while MDY is a Small Cap Growth Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, MIDU returned 11.92%/yr vs 11.04%/yr for MDY. With a 0.99 correlation, they move nearly in lockstep. MIDU charges 1.06%/yr vs 0.23%/yr for MDY.

Performance

MIDU vs. MDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Mid Cap Bull 3X Shares (MIDU) and SPDR S&P MidCap 400 ETF (MDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MIDU achieves a 37.63% return, which is significantly higher than MDY's 13.91% return. Over the past 10 years, MIDU has outperformed MDY with an annualized return of 11.92%, while MDY has yielded a comparatively lower 11.04% annualized return.

MIDU

• 1D: -0.19%
• 1M: 10.56%
• YTD: 37.63%
• 6M: 36.96%
• 1Y: 65.54%
• 3Y*: 26.41%
• 5Y*: 2.59%
• 10Y*: 11.92%

MDY

• 1D: -0.09%
• 1M: 3.81%
• YTD: 13.91%
• 6M: 14.15%
• 1Y: 25.00%
• 3Y*: 15.77%
• 5Y*: 7.92%
• 10Y*: 11.04%

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

MIDU vs. MDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIDU Direxion Daily Mid Cap Bull 3X Shares	37.63%	-2.75%	20.32%	27.79%	-49.27%	72.89%	-18.31%	77.38%	-39.21%	46.86%
MDY SPDR S&P MidCap 400 ETF	13.91%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%

Correlation

The correlation between MIDU and MDY is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 9, 2009	0.99

The correlation between MIDU and MDY has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

MIDU vs. MDY - Sectors Allocation Comparison

Sectors	MIDU	MDY
Industrials	25.0%	25.1%
Technology	15.7%	15.4%
Financial Services	14.4%	13.9%
Consumer Cyclical	10.7%	10.8%
Healthcare	8.6%	8.7%
Real Estate	7.5%	7.7%
Energy	5.5%	5.6%
Basic Materials	4.8%	4.8%
Consumer Defensive	3.8%	3.8%
Utilities	3.1%	3.1%
Communication Services	1.0%	1.0%

Return for Risk

MIDU vs. MDY — Risk / Return Rank

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

MIDU

MIDU Risk / Return Rank: 43
MIDU Sharpe Ratio Rank: 39
MIDU Sortino Ratio Rank: 39
MIDU Omega Ratio Rank: 37
MIDU Calmar Ratio Rank: 52
MIDU Martin Ratio Rank: 50

MDY

MDY Risk / Return Rank: 50
MDY Sharpe Ratio Rank: 46
MDY Sortino Ratio Rank: 46
MDY Omega Ratio Rank: 44
MDY Calmar Ratio Rank: 56
MDY Martin Ratio Rank: 58

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.

MIDU vs. MDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Mid Cap Bull 3X Shares (MIDU) and SPDR S&P MidCap 400 ETF (MDY). 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.

	MIDU	MDY	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.63	-0.20
Sortino ratio: Return per unit of downside risk	2.04	2.39	-0.35
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	2.55	2.85	-0.29
Martin ratio: Return relative to average drawdown	8.47	10.38	-1.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MIDU vs. MDY - Sharpe Ratio Comparison

The current MIDU Sharpe Ratio is 1.42, which is comparable to the MDY Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of MIDU and MDY, 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

	MIDU	MDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	1.63	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.40	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.52	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.53	-0.18

Drawdowns

MIDU vs. MDY - Drawdown Comparison

The maximum MIDU drawdown since its inception was -86.26%, which is greater than MDY's maximum drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for MIDU and MDY.

Drawdown Indicators

	MIDU	MDY	Difference
Max Drawdown Largest peak-to-trough decline	-86.26%	-55.33%	-30.93%
Max Drawdown (1Y) Largest decline over 1 year	-25.80%	-8.82%	-16.98%
Max Drawdown (3Y) Largest decline over 3 years	-60.41%	-24.03%	-36.38%
Max Drawdown (5Y) Largest decline over 5 years	-64.14%	-24.03%	-40.11%
Max Drawdown (10Y) Largest decline over 10 years	-86.26%	-42.22%	-44.04%
Current Drawdown Current decline from peak	-4.20%	-0.09%	-4.11%
Average Drawdown Average peak-to-trough decline	-22.44%	-7.03%	-15.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	2.42%	+5.34%

Volatility

MIDU vs. MDY - Volatility Comparison

Direxion Daily Mid Cap Bull 3X Shares (MIDU) has a higher volatility of 12.93% compared to SPDR S&P MidCap 400 ETF (MDY) at 4.33%. This indicates that MIDU's price experiences larger fluctuations and is considered to be riskier than MDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIDU	MDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.93%	4.33%	+8.60%
Volatility (6M) Calculated over the trailing 6-month period	33.72%	11.28%	+22.44%
Volatility (1Y) Calculated over the trailing 1-year period	46.41%	15.48%	+30.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.44%	19.77%	+39.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.60%	21.19%	+42.41%

MIDU vs. MDY - Expense Ratio Comparison

MIDU has a 1.06% expense ratio, which is higher than MDY's 0.23% expense ratio.

Dividends

MIDU vs. MDY - Dividend Comparison

MIDU's dividend yield for the trailing twelve months is around 0.65%, less than MDY's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDY SPDR S&P MidCap 400 ETF	1.04%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%
MIDU Direxion Daily Mid Cap Bull 3X Shares	0.65%	1.04%	1.10%	1.43%	0.11%	0.00%	0.06%	0.71%	0.70%	2.67%	1.89%	0.00%

Frequently Asked Questions

Can I hold both MIDU and MDY in my portfolio?

With a correlation of 1.00, MIDU and MDY 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, MIDU or MDY?

MIDU has higher volatility (12.93%) compared to MDY (4.33%). In terms of maximum drawdown, MIDU dropped -86.26% vs MDY's -55.33%.

Which ETF is better, MIDU or MDY?

On 10-year performance, MIDU leads with 11.92% vs 11.04% for MDY. On fees, MDY is cheaper at 0.23% per year. On volatility, MDY has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MIDU or MDY?

Over the 10-year period, MIDU has performed better with a 11.92% return vs 11.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MIDU or MDY?

MDY is cheaper with a 0.23% expense ratio, compared with 1.06% for MIDU.

Which ETF pays a higher dividend yield, MIDU or MDY?

MDY has the higher dividend yield at 1.04%, compared with 0.65% for MIDU.

What is the main difference between MIDU and MDY?

MIDU is categorized as Leveraged Equities, while MDY is Small Cap Growth Equities. MIDU tracks S&P MidCap 400 Index (300%), while MDY tracks S&P MidCap 400 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.06% for MIDU and 0.23% for MDY.

Which has better risk-adjusted returns?

MDY currently has the higher Sharpe Ratio (1.63 vs 1.42), 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.