MVE.AX vs. MVW.AX

Last updated Jul 18, 2026

MVE.AX (VanEck S&P/ASX MidCap ETF) and MVW.AX (VanEck Australian Equal Weight ETF) are both exchange-traded funds - MVE.AX is a Mid Cap Blend Equities fund tracking the VanEck S&P/ASX MidCap Index, while MVW.AX is a Global Equities fund tracking the VanEck Australian Equal Weight Index. Both are passively managed. Over the past 10 years, MVE.AX returned 8.82%/yr vs 7.29%/yr for MVW.AX. A 0.74 correlation means they provide meaningful diversification when combined.

Performance

MVE.AX vs. MVW.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in VanEck S&P/ASX MidCap ETF (MVE.AX) and VanEck Australian Equal Weight ETF (MVW.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MVE.AX achieves a -6.10% return, which is significantly lower than MVW.AX's -0.10% return. Over the past 10 years, MVE.AX has outperformed MVW.AX with an annualized return of 8.82%, while MVW.AX has yielded a comparatively lower 7.29% annualized return.

MVE.AX

• 1D: -1.14%
• 1M: -3.43%
• 6M: -7.79%
• YTD: -6.10%
• 1Y: 0.22%
• 3Y*: 7.09%
• 5Y*: 5.72%
• 10Y*: 8.82%

MVW.AX

• 1D: -0.03%
• 1M: -1.48%
• 6M: -0.10%
• YTD: -0.10%
• 1Y: -0.54%
• 3Y*: 5.70%
• 5Y*: 5.16%
• 10Y*: 7.29%

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

MVE.AX vs. MVW.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MVE.AX VanEck S&P/ASX MidCap ETF	-6.10%	17.59%	10.85%	5.45%	-6.79%	20.90%	19.05%	22.94%	-8.17%	23.25%
MVW.AX VanEck Australian Equal Weight ETF	-0.10%	5.96%	7.39%	9.60%	-2.49%	15.82%	1.72%	23.68%	-5.79%	15.45%

Correlation

The correlation between MVE.AX and MVW.AX is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Mar 4, 2014	0.74

The correlation between MVE.AX and MVW.AX shifts across timeframes, from 0.65 (1 year) to 0.78 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MVE.AX vs. MVW.AX — Risk / Return Rank

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

MVE.AX

MVE.AX Risk / Return Rank: 10
MVE.AX Sharpe Ratio Rank: 11
MVE.AX Sortino Ratio Rank: 10
MVE.AX Omega Ratio Rank: 10
MVE.AX Calmar Ratio Rank: 11
MVE.AX Martin Ratio Rank: 11

MVW.AX

MVW.AX Risk / Return Rank: 10
MVW.AX Sharpe Ratio Rank: 10
MVW.AX Sortino Ratio Rank: 9
MVW.AX Omega Ratio Rank: 9
MVW.AX Calmar Ratio Rank: 10
MVW.AX Martin Ratio Rank: 10

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.

MVE.AX vs. MVW.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck S&P/ASX MidCap ETF (MVE.AX) and VanEck Australian Equal Weight ETF (MVW.AX). 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.

	MVE.AX	MVW.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.01	-0.04	+0.05
Sortino ratio: Return per unit of downside risk	0.14	0.03	+0.11
Omega ratio: Gain probability vs. loss probability	1.02	1.00	+0.01
Calmar ratio: Return relative to maximum drawdown	0.01	-0.05	+0.06
Martin ratio: Return relative to average drawdown	0.03	-0.10	+0.13

MVE.AX vs. MVW.AX - Sharpe Ratio Comparison

The current MVE.AX Sharpe Ratio is 0.01, which is higher than the MVW.AX Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of MVE.AX and MVW.AX, 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

MVE.AX vs. MVW.AX - Drawdown Comparison

The maximum MVE.AX drawdown since its inception was -53.11%, which is greater than MVW.AX's maximum drawdown of -38.80%. Use the drawdown chart below to compare losses from any high point for MVE.AX and MVW.AX.

Drawdown Indicators

	MVE.AX	MVW.AX	Difference
Max Drawdown Largest peak-to-trough decline	-53.11%	-38.80%	-14.31%
Max Drawdown (1Y) Largest decline over 1 year	-15.88%	-11.23%	-4.65%
Max Drawdown (3Y) Largest decline over 3 years	-17.45%	-13.20%	-4.25%
Max Drawdown (5Y) Largest decline over 5 years	-20.77%	-14.94%	-5.83%
Max Drawdown (10Y) Largest decline over 10 years	-40.47%	-38.80%	-1.67%
Current Drawdown Current decline from peak	-9.00%	-5.15%	-3.85%
Average Drawdown Average peak-to-trough decline	-12.59%	-4.03%	-8.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.69%	5.59%	+1.10%

Volatility

MVE.AX vs. MVW.AX - Volatility Comparison

VanEck S&P/ASX MidCap ETF (MVE.AX) has a higher volatility of 3.54% compared to VanEck Australian Equal Weight ETF (MVW.AX) at 2.95%. This indicates that MVE.AX's price experiences larger fluctuations and is considered to be riskier than MVW.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MVE.AX	MVW.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	2.95%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	14.00%	9.82%	+4.18%
Volatility (1Y) Calculated over the trailing 1-year period	16.86%	12.45%	+4.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.44%	14.71%	+1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	15.99%	+0.78%

Dividends

MVE.AX vs. MVW.AX - Dividend Comparison

MVE.AX's dividend yield for the trailing twelve months is around 1.49%, less than MVW.AX's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MVE.AX VanEck S&P/ASX MidCap ETF	1.49%	2.92%	1.78%	1.84%	2.35%	2.45%	3.99%	5.06%	1.22%	3.11%	0.46%	0.71%
MVW.AX VanEck Australian Equal Weight ETF	1.74%	2.82%	2.50%	1.75%	1.83%	2.18%	3.63%	3.55%	0.87%	2.51%	1.92%	1.13%

Frequently Asked Questions

Can I hold both MVE.AX and MVW.AX in my portfolio?

MVE.AX and MVW.AX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between MVE.AX and MVW.AX?

MVE.AX is categorized as Mid Cap Blend Equities, while MVW.AX is Global Equities. MVE.AX tracks VanEck S&P/ASX MidCap Index, while MVW.AX tracks VanEck Australian Equal Weight Index.