XMVM vs. MDY

Last updated Jun 4, 2026

XMVM (Invesco S&P MidCap Value with Momentum ETF) and MDY (SPDR S&P MidCap 400 ETF) are both exchange-traded funds - XMVM is a Momentum fund tracking the S&P MidCap 400 High Momentum Value Index, while MDY is a Small Cap Growth Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 10 years, XMVM returned 11.74%/yr vs 11.04%/yr for MDY. Their correlation of 0.89 suggests significant overlap in exposure. XMVM charges 0.39%/yr vs 0.23%/yr for MDY.

Performance

XMVM vs. MDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P MidCap Value with Momentum ETF (XMVM) and SPDR S&P MidCap 400 ETF (MDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMVM achieves a 8.00% return, which is significantly lower than MDY's 13.91% return. Over the past 10 years, XMVM has outperformed MDY with an annualized return of 11.74%, while MDY has yielded a comparatively lower 11.04% annualized return.

XMVM

• 1D: -0.51%
• 1M: 0.18%
• YTD: 8.00%
• 6M: 10.89%
• 1Y: 29.16%
• 3Y*: 18.89%
• 5Y*: 9.63%
• 10Y*: 11.74%

MDY

• 1D: -0.09%
• 1M: 3.81%
• YTD: 13.91%
• 6M: 14.15%
• 1Y: 25.00%
• 3Y*: 15.77%
• 5Y*: 7.92%
• 10Y*: 11.04%

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

XMVM vs. MDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMVM Invesco S&P MidCap Value with Momentum ETF	8.00%	18.46%	11.73%	16.31%	-8.21%	35.15%	5.68%	30.38%	-9.62%	2.79%
MDY SPDR S&P MidCap 400 ETF	13.91%	7.19%	13.64%	16.07%	-13.28%	24.53%	13.50%	25.78%	-11.29%	15.93%

Correlation

The correlation between XMVM and MDY is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 4, 2005	0.89

The correlation between XMVM and MDY shifts across timeframes, from 0.80 (1 year) to 0.92 (5 years), reflecting how their relationship changes across market environments.

XMVM vs. MDY - Sectors Allocation Comparison

Sectors	XMVM	MDY
Financial Services	41.8%	13.9%
Consumer Cyclical	14.5%	10.8%
Utilities	9.9%	3.1%
Industrials	8.6%	25.1%
Energy	8.3%	5.6%
Consumer Defensive	7.3%	3.8%
Real Estate	4.3%	7.7%
Technology	3.6%	15.4%
Communication Services	1.0%	1.0%
Basic Materials	0.8%	4.8%
Healthcare	0.7%	8.7%

Return for Risk

XMVM vs. MDY — Risk / Return Rank

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

XMVM

XMVM Risk / Return Rank: 57
XMVM Sharpe Ratio Rank: 55
XMVM Sortino Ratio Rank: 57
XMVM Omega Ratio Rank: 54
XMVM Calmar Ratio Rank: 64
XMVM Martin Ratio Rank: 56

MDY

MDY Risk / Return Rank: 50
MDY Sharpe Ratio Rank: 46
MDY Sortino Ratio Rank: 46
MDY Omega Ratio Rank: 44
MDY Calmar Ratio Rank: 56
MDY Martin Ratio Rank: 58

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.

XMVM vs. MDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap Value with Momentum ETF (XMVM) 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.

	XMVM	MDY	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.63	+0.28
Sortino ratio: Return per unit of downside risk	2.77	2.39	+0.38
Omega ratio: Gain probability vs. loss probability	1.34	1.29	+0.05
Calmar ratio: Return relative to maximum drawdown	3.19	2.85	+0.35
Martin ratio: Return relative to average drawdown	9.86	10.38	-0.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMVM vs. MDY - Sharpe Ratio Comparison

The current XMVM Sharpe Ratio is 1.91, which is comparable to the MDY Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of XMVM 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.

Sharpe Ratios by Period

	XMVM	MDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	1.63	+0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.40	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.52	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.53	-0.10

Drawdowns

XMVM vs. MDY - Drawdown Comparison

The maximum XMVM drawdown since its inception was -62.83%, which is greater than MDY's maximum drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for XMVM and MDY.

Drawdown Indicators

	XMVM	MDY	Difference
Max Drawdown Largest peak-to-trough decline	-62.83%	-55.33%	-7.50%
Max Drawdown (1Y) Largest decline over 1 year	-9.18%	-8.82%	-0.36%
Max Drawdown (3Y) Largest decline over 3 years	-24.12%	-24.03%	-0.09%
Max Drawdown (5Y) Largest decline over 5 years	-24.12%	-24.03%	-0.09%
Max Drawdown (10Y) Largest decline over 10 years	-45.07%	-42.22%	-2.85%
Current Drawdown Current decline from peak	-1.21%	-0.09%	-1.12%
Average Drawdown Average peak-to-trough decline	-10.27%	-7.03%	-3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	2.42%	+0.55%

Volatility

XMVM vs. MDY - Volatility Comparison

The current volatility for Invesco S&P MidCap Value with Momentum ETF (XMVM) is 3.38%, while SPDR S&P MidCap 400 ETF (MDY) has a volatility of 4.33%. This indicates that XMVM 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.

Volatility by Period

	XMVM	MDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.38%	4.33%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	11.28%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	15.37%	15.48%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.54%	19.77%	+1.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.80%	21.19%	+1.61%

XMVM vs. MDY - Expense Ratio Comparison

XMVM has a 0.39% expense ratio, which is higher than MDY's 0.23% expense ratio.

Dividends

XMVM vs. MDY - Dividend Comparison

XMVM's dividend yield for the trailing twelve months is around 1.96%, more than MDY's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MDY SPDR S&P MidCap 400 ETF	1.04%	1.15%	1.18%	1.21%	1.37%	0.96%	1.12%	1.34%	1.39%	1.18%	1.31%	1.35%
XMVM Invesco S&P MidCap Value with Momentum ETF	1.96%	2.07%	1.43%	1.57%	1.76%	1.10%	1.37%	1.73%	2.87%	2.22%	2.27%	2.58%

Frequently Asked Questions

Can I hold both XMVM and MDY in my portfolio?

XMVM and MDY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMVM or MDY?

MDY has higher volatility (4.33%) compared to XMVM (3.38%). In terms of maximum drawdown, XMVM dropped -62.83% vs MDY's -55.33%.

Which ETF is better, XMVM or MDY?

On 10-year performance, XMVM leads with 11.74% vs 11.04% for MDY. On fees, MDY is cheaper at 0.23% per year. On volatility, XMVM has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMVM or MDY?

Over the 10-year period, XMVM has performed better with a 11.74% return vs 11.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMVM or MDY?

MDY is cheaper with a 0.23% expense ratio, compared with 0.39% for XMVM.

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

XMVM has the higher dividend yield at 1.96%, compared with 1.04% for MDY.

What is the main difference between XMVM and MDY?

XMVM is categorized as Momentum, while MDY is Small Cap Growth Equities. XMVM tracks S&P MidCap 400 High Momentum Value Index, while MDY tracks S&P MidCap 400 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.39% for XMVM and 0.23% for MDY.

Which has better risk-adjusted returns?

XMVM currently has the higher Sharpe Ratio (1.91 vs 1.63), 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.