Average Daily Volume
1.25M
Fund Overview
The SPDR S&P MidCap 400 ETF (MDY) seeks to provide investment results that correspond generally to the price and yield performance of the S&P MidCap 400 Index. This ETF offers exposure to mid-sized U.S. companies, which are often considered the 'sweet spot' of the market—large enough to be stable but small enough to offer growth potential. The fund is designed for investors seeking diversified mid-cap equity exposure with the liquidity and transparency of an ETF structure. MDY has been a popular choice for those looking to balance risk and return by investing in companies that have outgrown the small-cap category but have not yet reached large-cap status.
- Asset Class
-
Equity
- Industry
-
N/A
- Annual Dividend Rate
-
- Smart Beta
-
No
- Leveraged / Inverse
-
N/A / No
- Dividend Quality - Yield
-
- N/A
- Currency Hedged
-
No
- Portfolio Turnover
-
20 %
- Dividend Date
-
Why Invest in the MDY ETF?
Potential Benefits
- Provides diversified exposure to mid-cap U.S. equities, which historically have offered a balance between growth potential and stability.
- Tracks the S&P MidCap 400 Index, a well-established benchmark for mid-sized companies.
- Offers liquidity and transparency, typical of SPDR ETFs from State Street Global Advisors.
- Lower expense ratio compared to many actively managed mid-cap funds.
- Mid-cap stocks often outperform large-caps over long periods while being less volatile than small-caps.
Potential Risks
- Mid-cap stocks can be more volatile than large-cap stocks during market downturns.
- Sector concentration risk, as the index may overweight certain industries.
- Performance may lag during periods when large-cap or small-cap stocks outperform.
- Market risk—mid-cap companies may be more sensitive to economic cycles than larger firms.
- Tracking error risk, though minimal, could impact returns relative to the index.
RSI data unavailable or insufficient history.
Monthly Returns (%)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
| 2026 |
+4.0%
|
+4.0%
|
-5.3%
|
+7.7%
|
+2.5%
|
+3.6%
|
-2.4%
|
+0.1%
|
-4.2%
|
+2.8%
|
-
|
-
|
| 2025 |
+3.7%
|
-4.2%
|
-5.5%
|
-2.4%
|
+5.4%
|
+3.6%
|
+1.6%
|
+3.4%
|
+0.4%
|
-0.5%
|
+2.1%
|
0.0%
|
| 2024 |
-1.7%
|
+5.9%
|
+5.6%
|
-6.0%
|
+4.5%
|
-1.7%
|
+5.8%
|
-0.1%
|
+1.1%
|
-0.7%
|
+8.9%
|
-7.2%
|
| 2023 |
+9.3%
|
-1.9%
|
-3.2%
|
-0.8%
|
-3.2%
|
+9.2%
|
+4.1%
|
-3.0%
|
-5.3%
|
-5.3%
|
+8.4%
|
+8.6%
|
| 2022 |
-7.3%
|
+1.1%
|
+1.3%
|
-7.1%
|
+0.7%
|
-9.6%
|
+10.9%
|
-3.2%
|
-9.2%
|
+10.5%
|
+6.0%
|
-5.5%
|
| 2021 |
+1.4%
|
+6.8%
|
+4.9%
|
+4.3%
|
+0.2%
|
-1.1%
|
+0.3%
|
+2.0%
|
-4.0%
|
+5.9%
|
-3.0%
|
+5.2%
|
| 2020 |
-2.6%
|
-9.4%
|
-20.2%
|
+14.0%
|
+7.2%
|
+1.3%
|
+4.7%
|
+3.5%
|
-3.3%
|
+2.2%
|
+14.3%
|
+6.5%
|
| 2019 |
+10.3%
|
+4.3%
|
-0.6%
|
+4.0%
|
-8.1%
|
+7.8%
|
+0.9%
|
-4.1%
|
+3.1%
|
+1.1%
|
+2.9%
|
+2.8%
|
| 2018 |
+2.8%
|
-4.4%
|
+1.0%
|
-0.4%
|
+4.1%
|
+0.4%
|
+1.7%
|
+3.2%
|
-1.1%
|
-9.6%
|
+3.2%
|
-11.3%
|
| 2017 |
+1.6%
|
+2.6%
|
-0.5%
|
+0.8%
|
-0.5%
|
+1.5%
|
+0.9%
|
-1.5%
|
+3.9%
|
+2.2%
|
+3.7%
|
+0.2%
|
< -5%
-5% to -2%
-2% to 0%
0%
0% to +2%
+2% to +5%
> +5%
Top Holdings (by weight)
| Symbol |
Company Name |
Weight |
|
WSM
|
WILLIAMS-SONOMA INC |
0.8 % |
|
IBKR
|
INTERACTIVE BROKERS GROUP INC CLASS A |
0.8 % |
|
EXE
|
EXPAND ENERGY CORP ORDINARY SHARES NEW |
0.7 % |
|
EME
|
EMCOR GROUP INC |
0.7 % |
|
WSO
|
WATSCO INC ORDINARY SHARES |
0.6 % |
|
DT
|
DYNATRACE INC ORDINARY SHARES |
0.6 % |
|
EQH
|
EQUITABLE HOLDINGS INC |
0.6 % |
|
DOCU
|
DOCUSIGN INC |
0.6 % |
|
FNF
|
FIDELITY NATIONAL FINANCIAL INC |
0.6 % |
|
GWRE
|
GUIDEWIRE SOFTWARE INC |
0.6 % |
Top 10 holdings shown, out of 402 total holdings.
Related ETFs: MDY vs Peers
Comparison highlights key differences on cost, coverage, and focus within sector ETFs.
Investment Strategy
MDY employs a passive investment strategy designed to track the S&P MidCap 400 Index. This market-cap-weighted index includes 400 mid-sized U.S. companies selected by S&P's index committee based on market size, liquidity, and industry representation. The fund holds all (or a representative sample) of the index constituents in approximately the same proportions as the index. MDY is rebalanced quarterly to align with index changes, and the portfolio consists primarily of common stocks. The fund uses physical replication rather than derivatives to track its benchmark, providing direct exposure to the underlying companies.
Frequently Asked Questions
What is the difference between MDY and SPY?
MDY tracks mid-cap stocks through the S&P MidCap 400 Index, while SPY tracks large-cap stocks via the S&P 500 Index. They provide exposure to different market capitalization segments.
How often does MDY rebalance its holdings?
MDY rebalances quarterly to match changes in the S&P MidCap 400 Index composition, which S&P updates on an as-needed basis.
Does MDY pay dividends?
Yes, MDY pays quarterly dividends derived from the dividend payments of its underlying holdings, with yields typically similar to the broader mid-cap market.
Is MDY suitable for long-term investors?
Yes, MDY can be appropriate for long-term investors seeking mid-cap exposure, though it should be part of a diversified portfolio given the higher volatility of mid-caps compared to large-caps.
How does MDY's expense ratio compare to similar ETFs?
MDY's expense ratio is competitive with other broad mid-cap ETFs, though some newer funds may have slightly lower fees. The difference is typically minimal for most investors.
Industry Overview
The SPDR S&P MidCap 400 ETF (MDY) provides exposure to the mid-cap segment of the U.S. equity market. Mid-cap companies, typically with market capitalizations between $2 billion and $10 billion, are often in a growth phase, offering a blend of stability and expansion potential. Investing in mid-caps can be attractive for those seeking higher growth than large-caps but with less volatility than small-caps. The S&P MidCap 400 Index, which MDY tracks, includes companies across various sectors, providing diversified exposure to this market segment. Mid-cap investing is particularly relevant for investors looking to capitalize on domestic economic growth, as these firms are often more focused on the U.S. market than multinational large-caps.
Alternative Comparison
Compared to similar mid-cap ETFs like IJH (iShares Core S&P Mid-Cap ETF) and VO (Vanguard Mid-Cap ETF), MDY offers nearly identical exposure to the mid-cap space at a competitive expense ratio. While IJH tracks the same S&P MidCap 400 Index as MDY, VO follows the CRSP US Mid Cap Index, which includes more companies (about 350-400 additional holdings) and has a slightly different methodology. MDY's advantage lies in its long track record (launched in 1995) and typically tighter bid-ask spreads due to higher trading volume. Unlike some factor-based mid-cap ETFs (like XMMO which focuses on momentum), MDY provides straightforward, market-cap-weighted exposure to the segment.
Issuer Overview
State Street Global Advisors (SSGA), the issuer of MDY, is one of the largest ETF providers globally, known for its SPDR ETF family. With trillions in assets under management, SSGA has extensive experience in index-based investing and ETF creation. The firm is recognized for its liquidity management, tight tracking to benchmarks, and investor education resources. SSGA's ETFs, including MDY, are widely used by both institutional and individual investors for their transparency and reliability.
Conclusion
The SPDR S&P MidCap 400 ETF (MDY) represents a core holding for investors seeking diversified exposure to U.S. mid-cap equities. With its low-cost structure, tight index tracking, and liquidity, MDY serves as an efficient tool for accessing this important market segment. While mid-caps carry higher risk than large-caps, they have historically offered attractive risk-adjusted returns over the long term. Investors should consider MDY as part of a broader diversified portfolio, particularly those with a multi-cap allocation strategy.
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