SLYV vs. MDYG

Last updated Jun 14, 2026

SLYV (SPDR S&P 600 Small Cap Value ETF) and MDYG (SPDR S&P 400 Mid Cap Growth ETF) are both exchange-traded funds - SLYV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index, while MDYG is a Mid Cap Growth Equities fund tracking the S&P MidCap 400 Growth Index. Both are passively managed. Over the past 10 years, SLYV returned 10.65%/yr vs 11.74%/yr for MDYG. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

SLYV vs. MDYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P 600 Small Cap Value ETF (SLYV) and SPDR S&P 400 Mid Cap Growth ETF (MDYG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SLYV having a 19.47% return and MDYG slightly lower at 18.87%. Over the past 10 years, SLYV has underperformed MDYG with an annualized return of 10.65%, while MDYG has yielded a comparatively higher 11.74% annualized return.

SLYV

• 1D: 1.09%
• 1M: 6.39%
• YTD: 19.47%
• 6M: 16.63%
• 1Y: 41.92%
• 3Y*: 14.32%
• 5Y*: 6.28%
• 10Y*: 10.65%

MDYG

• 1D: 0.58%
• 1M: 2.26%
• YTD: 18.87%
• 6M: 17.59%
• 1Y: 31.67%
• 3Y*: 16.93%
• 5Y*: 8.21%
• 10Y*: 11.74%

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

SLYV vs. MDYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLYV SPDR S&P 600 Small Cap Value ETF	19.47%	6.54%	7.28%	14.82%	-11.08%	30.57%	2.68%	24.26%	-12.77%	11.74%
MDYG SPDR S&P 400 Mid Cap Growth ETF	18.87%	7.22%	15.84%	17.30%	-18.92%	18.46%	22.57%	26.10%	-10.46%	19.61%

Correlation

The correlation between SLYV and MDYG is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005	0.85

The correlation between SLYV and MDYG has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

SLYV vs. MDYG - Sectors Allocation Comparison

Sectors	SLYV	MDYG
Financial Services	19.5%	6.7%
Consumer Cyclical	15.4%	7.5%
Technology	13.4%	24.8%
Industrials	11.6%	30.2%
Real Estate	8.6%	5.3%
Healthcare	7.3%	13.7%
Energy	7.0%	3.2%
Basic Materials	6.9%	3.5%
Communication Services	4.4%	1.4%
Consumer Defensive	3.8%	1.8%
Utilities	2.1%	2.0%

Return for Risk

SLYV vs. MDYG — Risk / Return Rank

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

SLYV

SLYV Risk / Return Rank: 79
SLYV Sharpe Ratio Rank: 78
SLYV Sortino Ratio Rank: 79
SLYV Omega Ratio Rank: 72
SLYV Calmar Ratio Rank: 86
SLYV Martin Ratio Rank: 81

MDYG

MDYG Risk / Return Rank: 62
MDYG Sharpe Ratio Rank: 57
MDYG Sortino Ratio Rank: 58
MDYG Omega Ratio Rank: 53
MDYG Calmar Ratio Rank: 68
MDYG Martin Ratio Rank: 72

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.

SLYV vs. MDYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 600 Small Cap Value ETF (SLYV) and SPDR S&P 400 Mid Cap Growth ETF (MDYG). 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.

	SLYV	MDYG	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.68	+0.46
Sortino ratio: Return per unit of downside risk	3.06	2.41	+0.65
Omega ratio: Gain probability vs. loss probability	1.37	1.29	+0.07
Calmar ratio: Return relative to maximum drawdown	4.20	2.98	+1.21
Martin ratio: Return relative to average drawdown	13.96	11.86	+2.10

SLYV vs. MDYG - Sharpe Ratio Comparison

The current SLYV Sharpe Ratio is 2.15, which is comparable to the MDYG Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of SLYV and MDYG, 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

SLYV vs. MDYG - Drawdown Comparison

The maximum SLYV drawdown since its inception was -61.15%, roughly equal to the maximum MDYG drawdown of -58.44%. Use the drawdown chart below to compare losses from any high point for SLYV and MDYG.

Drawdown Indicators

	SLYV	MDYG	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-58.44%	-2.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-9.91%	+0.55%
Max Drawdown (3Y) Largest decline over 3 years	-28.68%	-25.45%	-3.23%
Max Drawdown (5Y) Largest decline over 5 years	-28.68%	-29.26%	+0.58%
Max Drawdown (10Y) Largest decline over 10 years	-47.73%	-39.27%	-8.46%
Current Drawdown Current decline from peak	0.00%	-0.48%	+0.48%
Average Drawdown Average peak-to-trough decline	-8.93%	-8.02%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.49%	+0.33%

Volatility

SLYV vs. MDYG - Volatility Comparison

The current volatility for SPDR S&P 600 Small Cap Value ETF (SLYV) is 4.81%, while SPDR S&P 400 Mid Cap Growth ETF (MDYG) has a volatility of 6.17%. This indicates that SLYV experiences smaller price fluctuations and is considered to be less risky than MDYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLYV	MDYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	6.17%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	11.59%	13.87%	-2.28%
Volatility (1Y) Calculated over the trailing 1-year period	18.31%	17.59%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.97%	20.70%	+1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.96%	21.09%	+2.87%

SLYV vs. MDYG - Expense Ratio Comparison

Both SLYV and MDYG 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

SLYV vs. MDYG - Dividend Comparison

SLYV's dividend yield for the trailing twelve months is around 1.75%, more than MDYG's 0.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDYG SPDR S&P 400 Mid Cap Growth ETF	0.61%	0.75%	0.87%	1.20%	1.16%	0.69%	0.71%	1.21%	1.36%	2.23%	1.25%	2.51%
SLYV SPDR S&P 600 Small Cap Value ETF	1.75%	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 SLYV and MDYG in my portfolio?

SLYV and MDYG have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLYV or MDYG?

MDYG has higher volatility (6.17%) compared to SLYV (4.81%). In terms of maximum drawdown, SLYV dropped -61.15% vs MDYG's -58.44%.

Which ETF is better, SLYV or MDYG?

On 10-year performance, MDYG leads with 11.74% vs 10.65% for SLYV. Both ETFs have the same 0.15% expense ratio. On volatility, SLYV has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLYV or MDYG?

Over the 10-year period, MDYG has performed better with a 11.74% return vs 10.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLYV or MDYG?

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

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

SLYV has the higher dividend yield at 1.75%, compared with 0.61% for MDYG.

What is the main difference between SLYV and MDYG?

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

Which has better risk-adjusted returns?

SLYV currently has the higher Sharpe Ratio (2.15 vs 1.68), 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.