MMSC vs. MDY

Last updated Aug 2, 2026

MMSC (First Trust Multi-Manager Small Cap Opportunities ETF) and MDY (SPDR S&P MidCap 400 ETF) are both exchange-traded funds - MMSC is a Small Cap Growth Equities fund actively managed by First Trust, while MDY is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index. MMSC is actively managed, while MDY is passively managed. Over the past 3 years, MMSC returned 18.15%/yr vs 12.71%/yr for MDY. Their correlation of 0.89 means they have usually moved in the same direction. MMSC charges 0.95%/yr vs 0.23%/yr for MDY.

Performance

MMSC vs. MDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) and SPDR S&P MidCap 400 ETF (MDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MMSC having a 13.92% return and MDY slightly higher at 14.33%.

MMSC

• 1D: -0.15%
• 1M: -4.59%
• 6M: 8.24%
• YTD: 13.92%
• 1Y: 31.80%
• 3Y*: 18.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.19%

MDY

• 1D: -0.13%
• 1M: -1.06%
• 6M: 9.90%
• YTD: 14.33%
• 1Y: 22.39%
• 3Y*: 12.71%
• 5Y*: 8.19%
• 10Y*: 10.79%
• ALL TIME*: 11.29%

*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)
MDY SPDR S&P MidCap 400 ETF	$420.06M	$401.19M	$471.25M
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	$114.94K	$131.01K	$135.54K

MMSC vs. MDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	13.92%	15.45%	22.19%	18.76%	-30.98%	1.25%
MDY SPDR S&P MidCap 400 ETF	14.33%	7.19%	13.64%	16.07%	-13.28%	5.52%

Correlation

The correlation between MMSC and MDY is 0.85, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.85
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (All Time) Calculated using the full available price history since Oct 14, 2021	0.89

The correlation between MMSC and MDY has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.

MMSC vs. MDY - Sectors Allocation Comparison

Sectors	MMSC	MDY
Industrials	24.2%	21.7%
Technology	22.2%	15.3%
Healthcare	20.8%	10.2%
Consumer Cyclical	10.6%	10.2%
Financial Services	8.2%	14.3%
Energy	6.3%	5.2%
Basic Materials	3.4%	6.9%
Consumer Defensive	1.9%	3.2%
Communication Services	1.0%	1.5%
Real Estate	0.5%	7.6%
Utilities	0.5%	2.9%

Return for Risk

MMSC vs. MDY — Risk / Return Rank

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

MMSC

MMSC Risk / Return Rank: 53
MMSC Sharpe Ratio Rank: 50
MMSC Sortino Ratio Rank: 49
MMSC Omega Ratio Rank: 46
MMSC Calmar Ratio Rank: 60
MMSC Martin Ratio Rank: 61

MDY

MDY Risk / Return Rank: 61
MDY Sharpe Ratio Rank: 56
MDY Sortino Ratio Rank: 59
MDY Omega Ratio Rank: 54
MDY Calmar Ratio Rank: 68
MDY Martin Ratio Rank: 69

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.

MMSC vs. MDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) 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.

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.

	MMSC	MDY	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.32	-0.08
Sortino ratio: Return per unit of downside risk	1.78	1.98	-0.20
Omega ratio: Gain probability vs. loss probability	1.21	1.24	-0.02
Calmar ratio: Return relative to maximum drawdown	2.11	2.34	-0.23
Martin ratio: Return relative to average drawdown	7.33	8.48	-1.15

MMSC vs. MDY - Sharpe Ratio Comparison

The current MMSC Sharpe Ratio is 1.24, which is comparable to the MDY Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of MMSC 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.

Drawdowns

MMSC vs. MDY - Drawdown Comparison

The maximum MMSC drawdown since its inception was -40.82%, smaller than the maximum MDY drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for MMSC and MDY.

Drawdown Indicators

	MMSC	MDY	Difference
Max Drawdown Largest peak-to-trough decline	-40.82%	-55.33%	+14.51%
Max Drawdown (1Y) Largest decline over 1 year	-14.10%	-8.82%	-5.28%
Max Drawdown (3Y) Largest decline over 3 years	-29.76%	-24.03%	-5.73%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.22%	—
Current Drawdown Current decline from peak	-7.71%	-2.42%	-5.29%
Average Drawdown Average peak-to-trough decline	-18.26%	-7.00%	-11.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	2.44%	+1.62%

Volatility

MMSC vs. MDY - Volatility Comparison

First Trust Multi-Manager Small Cap Opportunities ETF (MMSC) has a higher volatility of 6.38% compared to SPDR S&P MidCap 400 ETF (MDY) at 3.45%. This indicates that MMSC'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

	MMSC	MDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.38%	3.45%	+2.93%
Volatility (6M) Calculated over the trailing 6-month period	18.89%	11.59%	+7.30%
Volatility (1Y) Calculated over the trailing 1-year period	24.13%	15.69%	+8.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.52%	19.69%	+4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.52%	21.14%	+3.38%

MMSC vs. MDY - Expense Ratio Comparison

MMSC has a 0.95% expense ratio, which is higher than MDY's 0.23% expense ratio.

Dividends

MMSC vs. MDY - Dividend Comparison

MMSC has not paid dividends to shareholders, while MDY's dividend yield for the trailing twelve months is around 1.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDY SPDR S&P MidCap 400 ETF	1.02%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%
MMSC First Trust Multi-Manager Small Cap Opportunities ETF	0.00%	0.00%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MMSC and MDY in my portfolio?

MMSC and MDY have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMSC or MDY?

MMSC has higher volatility (6.38%) compared to MDY (3.45%). In terms of maximum drawdown, MMSC dropped -40.82% vs MDY's -55.33%.

Which ETF is better, MMSC or MDY?

On 3-year performance, MMSC leads with 18.15% vs 12.71% for MDY. On fees, MDY is cheaper at 0.23% per year. On volatility, MDY has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMSC or MDY?

Over the 3-year period, MMSC has performed better with a 18.15% return vs 12.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMSC or MDY?

MDY is cheaper with a 0.23% expense ratio, compared with 0.95% for MMSC.

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

MDY has the higher dividend yield at 1.02%, compared with 0.00% for MMSC.

What is the main difference between MMSC and MDY?

MMSC is categorized as Small Cap Growth Equities, while MDY is Mid Cap Blend Equities. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.95% for MMSC and 0.23% for MDY.

Which has better risk-adjusted returns?

MDY currently has the higher Sharpe Ratio (1.32 vs 1.24), 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.