VO vs. MDY
Compare and contrast key facts about Vanguard Mid-Cap ETF (VO) and SPDR S&P MidCap 400 ETF (MDY).
VO and MDY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VO is a passively managed fund by Vanguard that tracks the performance of the CRSP US Mid Cap Index. It was launched on Jan 26, 2004. MDY is a passively managed fund by State Street that tracks the performance of the S&P MidCap 400 Index. It was launched on May 4, 1995. Both VO and MDY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
VO vs. MDY - Performance Comparison
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VO vs. MDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VO Vanguard Mid-Cap ETF | -0.68% | 11.62% | 15.31% | 16.03% | -18.73% | 24.70% | 18.10% | 30.98% | -9.24% | 19.28% |
MDY SPDR S&P MidCap 400 ETF | 2.49% | 7.19% | 13.64% | 16.07% | -13.28% | 24.53% | 13.50% | 25.78% | -11.29% | 15.93% |
Returns By Period
In the year-to-date period, VO achieves a -0.68% return, which is significantly lower than MDY's 2.49% return. Both investments have delivered pretty close results over the past 10 years, with VO having a 10.67% annualized return and MDY not far behind at 10.25%.
VO
- 1D
- 2.22%
- 1M
- -5.86%
- YTD
- -0.68%
- 6M
- -1.48%
- 1Y
- 12.73%
- 3Y*
- 12.61%
- 5Y*
- 6.66%
- 10Y*
- 10.67%
MDY
- 1D
- 2.96%
- 1M
- -5.29%
- YTD
- 2.49%
- 6M
- 4.11%
- 1Y
- 17.01%
- 3Y*
- 11.76%
- 5Y*
- 6.34%
- 10Y*
- 10.25%
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VO vs. MDY - Expense Ratio Comparison
VO has a 0.04% expense ratio, which is lower than MDY's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
VO vs. MDY — Risk / Return Rank
VO
MDY
VO vs. MDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap ETF (VO) 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.
| VO | MDY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.73 | 0.81 | -0.08 |
Sortino ratioReturn per unit of downside risk | 1.12 | 1.28 | -0.15 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.18 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.05 | 1.23 | -0.18 |
Martin ratioReturn relative to average drawdown | 4.84 | 5.28 | -0.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VO | MDY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | 0.81 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 0.32 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.49 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.51 | -0.03 |
Correlation
The correlation between VO and MDY is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
VO vs. MDY - Dividend Comparison
VO's dividend yield for the trailing twelve months is around 1.51%, more than MDY's 1.15% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VO Vanguard Mid-Cap ETF | 1.51% | 1.52% | 1.49% | 1.52% | 1.60% | 1.12% | 1.45% | 1.48% | 1.82% | 1.35% | 1.45% | 1.47% |
MDY SPDR S&P MidCap 400 ETF | 1.15% | 1.15% | 1.18% | 1.21% | 1.37% | 0.96% | 1.12% | 1.34% | 1.39% | 1.18% | 1.31% | 1.35% |
Drawdowns
VO vs. MDY - Drawdown Comparison
The maximum VO drawdown since its inception was -58.87%, which is greater than MDY's maximum drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for VO and MDY.
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Drawdown Indicators
| VO | MDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.87% | -55.33% | -3.54% |
Max Drawdown (1Y)Largest decline over 1 year | -12.74% | -14.07% | +1.33% |
Max Drawdown (5Y)Largest decline over 5 years | -27.57% | -24.03% | -3.54% |
Max Drawdown (10Y)Largest decline over 10 years | -39.37% | -42.22% | +2.85% |
Current DrawdownCurrent decline from peak | -6.12% | -6.12% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -7.91% | -7.06% | -0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.76% | 3.27% | -0.51% |
Volatility
VO vs. MDY - Volatility Comparison
The current volatility for Vanguard Mid-Cap ETF (VO) is 4.89%, while SPDR S&P MidCap 400 ETF (MDY) has a volatility of 6.52%. This indicates that VO experiences smaller price fluctuations and is considered to be less risky than MDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VO | MDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 6.52% | -1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 9.72% | 11.86% | -2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.57% | 21.09% | -3.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.62% | 19.78% | -2.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.94% | 21.17% | -2.23% |