XSMC.TO vs. MDY

Last updated Jun 4, 2026

XSMC.TO (iShares S&P U.S. Small-Cap Index ETF) and MDY (SPDR S&P MidCap 400 ETF) are both exchange-traded funds - XSMC.TO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while MDY is a Small Cap Growth Equities fund tracking the S&P MidCap 400 Index. Both are passively managed. Over the past 5 years, XSMC.TO returned 8.32%/yr vs 11.01%/yr for MDY. Their correlation of 0.80 suggests significant overlap in exposure. XSMC.TO charges 0.22%/yr vs 0.23%/yr for MDY.

Performance

XSMC.TO vs. MDY - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P U.S. Small-Cap Index ETF (XSMC.TO) and SPDR S&P MidCap 400 ETF (MDY). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XSMC.TO is traded in CAD, while MDY is traded in USD. To make them comparable, the MDY values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XSMC.TO achieves a 16.67% return, which is significantly higher than MDY's 15.36% return.

XSMC.TO

• 1D: -0.44%
• 1M: 3.55%
• YTD: 16.67%
• 6M: 13.55%
• 1Y: 32.62%
• 3Y*: 15.37%
• 5Y*: 8.32%
• 10Y*: —

MDY

• 1D: 0.32%
• 1M: 5.89%
• YTD: 15.36%
• 6M: 13.71%
• 1Y: 26.61%
• 3Y*: 17.12%
• 5Y*: 11.01%
• 10Y*: 11.84%

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

XSMC.TO vs. MDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XSMC.TO iShares S&P U.S. Small-Cap Index ETF	16.67%	0.80%	17.06%	13.24%	-10.56%	25.12%	8.66%	3.84%
MDY SPDR S&P MidCap 400 ETF	15.36%	2.27%	23.40%	13.52%	-7.10%	23.41%	11.58%	3.71%

Correlation

The correlation between XSMC.TO and MDY is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 13, 2019	0.80

The correlation between XSMC.TO and MDY has been stable across timeframes, ranging from 0.80 to 0.90 - a consistent structural relationship.

XSMC.TO vs. MDY - Sectors Allocation Comparison

Sectors	XSMC.TO	MDY
Financial Services	16.4%	13.9%
Industrials	16.1%	25.1%
Technology	16.0%	15.4%
Consumer Cyclical	12.9%	10.8%
Healthcare	10.8%	8.7%
Real Estate	7.4%	7.7%
Energy	7.0%	5.6%
Basic Materials	4.6%	4.8%
Consumer Defensive	3.4%	3.8%
Communication Services	3.2%	1.0%
Utilities	1.8%	3.1%

Return for Risk

XSMC.TO vs. MDY — Risk / Return Rank

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

XSMC.TO

XSMC.TO Risk / Return Rank: 62
XSMC.TO Sharpe Ratio Rank: 54
XSMC.TO Sortino Ratio Rank: 57
XSMC.TO Omega Ratio Rank: 50
XSMC.TO Calmar Ratio Rank: 77
XSMC.TO Martin Ratio Rank: 73

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.

XSMC.TO vs. MDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P U.S. Small-Cap Index ETF (XSMC.TO) 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.

	XSMC.TO	MDY	Difference
Sharpe ratio Return per unit of total volatility	1.84	1.75	+0.09
Sortino ratio Return per unit of downside risk	2.73	2.54	+0.20
Omega ratio Gain probability vs. loss probability	1.32	1.31	+0.01
Calmar ratio Return relative to maximum drawdown	3.86	3.28	+0.58
Martin ratio Return relative to average drawdown	13.56	12.08	+1.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSMC.TO vs. MDY - Sharpe Ratio Comparison

The current XSMC.TO Sharpe Ratio is 1.84, which is comparable to the MDY Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of XSMC.TO 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

	XSMC.TO	MDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.75	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.63	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.83	-0.37

Drawdowns

XSMC.TO vs. MDY - Drawdown Comparison

The maximum XSMC.TO drawdown since its inception was -37.30%, roughly equal to the maximum MDY drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for XSMC.TO and MDY.

Drawdown Indicators

	XSMC.TO	MDY	Difference
Max Drawdown Largest peak-to-trough decline	-37.30%	-36.83%	-0.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-8.15%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-27.05%	-22.52%	-4.53%
Max Drawdown (5Y) Largest decline over 5 years	-27.05%	-22.52%	-4.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.83%	—
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-8.09%	-4.21%	-3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.21%	+0.20%

Volatility

XSMC.TO vs. MDY - Volatility Comparison

iShares S&P U.S. Small-Cap Index ETF (XSMC.TO) and SPDR S&P MidCap 400 ETF (MDY) have volatilities of 4.12% and 4.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSMC.TO	MDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	4.29%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	11.75%	11.44%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	15.32%	+2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.58%	17.58%	+2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.30%	19.14%	+4.16%

XSMC.TO vs. MDY - Expense Ratio Comparison

XSMC.TO has a 0.22% 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%.

Dividends

XSMC.TO vs. MDY - Dividend Comparison

XSMC.TO's dividend yield for the trailing twelve months is around 0.99%, less 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%
XSMC.TO iShares S&P U.S. Small-Cap Index ETF	0.99%	1.16%	1.74%	1.00%	1.09%	1.19%	0.78%	0.60%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XSMC.TO and MDY in my portfolio?

XSMC.TO and MDY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XSMC.TO or MDY?

On fees, XSMC.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XSMC.TO or MDY?

XSMC.TO is cheaper with a 0.22% expense ratio, compared with 0.23% for MDY.

What is the main difference between XSMC.TO and MDY?

XSMC.TO is categorized as Small Cap Blend Equities, while MDY is Small Cap Growth Equities. XSMC.TO tracks S&P SmallCap 600 Index, while MDY tracks S&P MidCap 400 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.22% for XSMC.TO and 0.23% for MDY.