SLYV vs. MDYV

Last updated Jun 4, 2026

SLYV (SPDR S&P 600 Small Cap Value ETF) and MDYV (SPDR S&P 400 Mid Cap Value ETF) are both exchange-traded funds - SLYV is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Value Index, while MDYV is a Mid Cap Value Equities fund tracking the S&P MidCap 400 Value Index. Both are passively managed. Over the past 10 years, SLYV returned 10.18%/yr vs 10.40%/yr for MDYV. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.15% expense ratio.

Performance

SLYV vs. MDYV - 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 Value ETF (MDYV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLYV achieves a 15.25% return, which is significantly higher than MDYV's 9.04% return. Both investments have delivered pretty close results over the past 10 years, with SLYV having a 10.18% annualized return and MDYV not far ahead at 10.40%.

SLYV

• 1D: -1.18%
• 1M: 2.30%
• YTD: 15.25%
• 6M: 14.70%
• 1Y: 37.01%
• 3Y*: 14.08%
• 5Y*: 5.66%
• 10Y*: 10.18%

MDYV

• 1D: -0.38%
• 1M: 1.78%
• YTD: 9.04%
• 6M: 9.24%
• 1Y: 20.68%
• 3Y*: 13.90%
• 5Y*: 7.48%
• 10Y*: 10.40%

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

SLYV vs. MDYV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLYV SPDR S&P 600 Small Cap Value ETF	15.25%	6.54%	7.28%	14.82%	-11.08%	30.57%	2.68%	24.26%	-12.77%	11.74%
MDYV SPDR S&P 400 Mid Cap Value ETF	9.04%	7.45%	11.48%	15.35%	-7.19%	30.51%	3.68%	25.89%	-11.95%	12.31%

Correlation

The correlation between SLYV and MDYV is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 16, 2005	0.86

The correlation between SLYV and MDYV shifts across timeframes, from 0.86 (all time) to 0.96 (5 years), reflecting how their relationship changes across market environments.

SLYV vs. MDYV - Sectors Allocation Comparison

Sectors	SLYV	MDYV
Financial Services	19.8%	21.8%
Consumer Cyclical	15.9%	13.5%
Industrials	11.6%	18.8%
Technology	11.3%	9.3%
Real Estate	8.7%	9.6%
Energy	7.6%	7.4%
Healthcare	7.5%	3.5%
Basic Materials	7.1%	6.0%
Communication Services	4.4%	0.5%
Consumer Defensive	3.8%	5.5%
Utilities	2.2%	4.2%

Return for Risk

SLYV vs. MDYV — Risk / Return Rank

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

SLYV

SLYV Risk / Return Rank: 65
SLYV Sharpe Ratio Rank: 59
SLYV Sortino Ratio Rank: 62
SLYV Omega Ratio Rank: 56
SLYV Calmar Ratio Rank: 77
SLYV Martin Ratio Rank: 70

MDYV

MDYV Risk / Return Rank: 39
MDYV Sharpe Ratio Rank: 38
MDYV Sortino Ratio Rank: 40
MDYV Omega Ratio Rank: 36
MDYV Calmar Ratio Rank: 40
MDYV Martin Ratio Rank: 42

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. MDYV - 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 Value ETF (MDYV). 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.

	SLYV	MDYV	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.37	+0.68
Sortino ratio: Return per unit of downside risk	2.95	2.07	+0.88
Omega ratio: Gain probability vs. loss probability	1.35	1.24	+0.11
Calmar ratio: Return relative to maximum drawdown	3.97	1.97	+2.00
Martin ratio: Return relative to average drawdown	13.09	6.78	+6.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLYV vs. MDYV - Sharpe Ratio Comparison

The current SLYV Sharpe Ratio is 2.05, which is higher than the MDYV Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of SLYV and MDYV, 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

	SLYV	MDYV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	1.37	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.39	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.48	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.41	+0.05

Drawdowns

SLYV vs. MDYV - Drawdown Comparison

The maximum SLYV drawdown since its inception was -61.15%, roughly equal to the maximum MDYV drawdown of -60.71%. Use the drawdown chart below to compare losses from any high point for SLYV and MDYV.

Drawdown Indicators

	SLYV	MDYV	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-60.71%	-0.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.36%	-10.53%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	-28.68%	-22.58%	-6.10%
Max Drawdown (5Y) Largest decline over 5 years	-28.68%	-22.58%	-6.10%
Max Drawdown (10Y) Largest decline over 10 years	-47.73%	-45.90%	-1.83%
Current Drawdown Current decline from peak	-1.18%	-0.38%	-0.80%
Average Drawdown Average peak-to-trough decline	-8.94%	-8.62%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.83%	3.06%	-0.23%

Volatility

SLYV vs. MDYV - Volatility Comparison

SPDR S&P 600 Small Cap Value ETF (SLYV) has a higher volatility of 4.42% compared to SPDR S&P 400 Mid Cap Value ETF (MDYV) at 3.93%. This indicates that SLYV's price experiences larger fluctuations and is considered to be riskier than MDYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLYV	MDYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	3.93%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	11.46%	10.56%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	18.26%	15.25%	+3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.96%	19.50%	+2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.96%	21.90%	+2.06%

SLYV vs. MDYV - Expense Ratio Comparison

Both SLYV and MDYV 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. MDYV - Dividend Comparison

SLYV's dividend yield for the trailing twelve months is around 1.82%, more than MDYV's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDYV SPDR S&P 400 Mid Cap Value ETF	1.73%	1.72%	1.89%	1.59%	1.90%	1.74%	1.69%	1.83%	2.28%	2.48%	1.83%	4.31%
SLYV SPDR S&P 600 Small Cap Value ETF	1.82%	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 MDYV in my portfolio?

With a correlation of 0.95, SLYV and MDYV 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, SLYV or MDYV?

SLYV has higher volatility (4.42%) compared to MDYV (3.93%). In terms of maximum drawdown, SLYV dropped -61.15% vs MDYV's -60.71%.

Which ETF is better, SLYV or MDYV?

On 10-year performance, MDYV leads with 10.40% vs 10.18% for SLYV. Both ETFs have the same 0.15% expense ratio. On volatility, MDYV has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLYV or MDYV?

Over the 10-year period, MDYV has performed better with a 10.40% return vs 10.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLYV or MDYV?

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

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

SLYV has the higher dividend yield at 1.82%, compared with 1.73% for MDYV.

What is the main difference between SLYV and MDYV?

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

Which has better risk-adjusted returns?

SLYV currently has the higher Sharpe Ratio (2.05 vs 1.37), 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.