IVOO vs MDY: Grades, Fees and Holdings Compared

Vanguard S&P Mid-Cap 400 ETF

IVOOANYSE Arca

State Street SPDR S&P MIDCAP 400 ETF Trust

MDYBNYSE Arca

Overlap

94.2%by weight

Expense ratio

IVOO −0.16pt a year

IVOO0.07%MDY0.23%

Avg volume · 30D

MDY 7.7×the volume

IVOO82.5KMDY636K

10Y return · a year

IVOO +0.2pt

IVOO+10.9%MDY+10.7%

IVOO vs MDY Performance

Oct 29, 2021 – Oct 30, 2026

+41.0%IVOO+39.7%MDY

Expense ratio: IVOO 0.07%, better; MDY 0.23%
Fund size: IVOO $5.7B; MDY $25.8B
1Y total return: IVOO +14.3%, better; MDY +14.0%
Yield (12M): IVOO 1.21%, better; MDY 1.05%
Holdings: IVOO 406; MDY 401
Avg volume (30D): IVOO 82.5K sh; MDY 636K sh, better
NAV per share: IVOO $124.07; MDY $668.72
52W range

ETF.net Grade

Pillar letters and Scores for IVOO, MDY, with each pillar’s weight
Pillar	IVOO	MDY
Cost30% weight	A78Higher	F24
Mission25% weight	A100	A100
Risk15% weight	C52	C52
Tradability15% weight	D32	A93Higher
Holdings10% weight	A74	A83Higher
Durability5% weight	A70	A76Higher

Rank among S&P MidCap 400 funds

How we build Categories ›

Same Category. IVOO and MDY are both graded against the same 11 S&P MidCap 400 funds, so their Grades compare head to head.

S&P MidCap 400⁠

Category · 11 funds

See all 11 ›

IVOO ranks 3rd and MDY 4th of 11 funds in the S&P MidCap 400 Category.

Rank 1ASPMDState Street SPDR Portfolio S&P 400 Mid Cap ETFScore 85
Rank 2AIJHiShares Core S&P Mid-Cap ETFScore 84
Rank 3AIVOOVanguard S&P Mid-Cap 400 ETFScore 71
Rank 4BMDYState Street SPDR S&P MIDCAP 400 ETF TrustScore 66
Rank 5BMDYVState Street SPDR S&P 400 Mid Cap Value ETFScore 65

Our read on each fund

ETF.net Research

IVOOAVanguard S&P Mid-Cap 400 ETF

MDYBState Street SPDR S&P MIDCAP 400 ETF Trust

In short

IVOO Four funds chase the S&P MidCap 400; this is the Vanguard one. About 400 mid-sized US companies at 0.07% a year, less than half what the typical fund on this index charges.

MDY Launched in 1995, MDY was the original one-ticker route into the S&P MidCap 400, and it still trades like a heavyweight. The trade-off: a fee set in an era before same-index clones charged pennies.

Stated mandate

IVOO The fund seeks to follow the performance of the S&P MidCap 400 Index.

MDY The fund seeks to track, before expenses, the price and yield performance of the S&P MidCap 400 Index.

Why people hold it

IVOO 0.07% a year, under half the going rate among funds tracking this same index. On a plain-vanilla wrapper, fee is most of the argument.vanguard.com
Holds roughly 400 mid-sized US companies, the tier above small caps and below the mega-cap names. No stock picking, no tilts, no sector bets.vanguard.com
Tracks the S&P MidCap 400 closely and does exactly what its prospectus says, one of the tighter implementations in this peer group.vanguard.com
Trading since 2010, with distributions paid quarterly. A multi-billion-dollar fund with a long track record behind the ticker.

MDY A 1995 launch makes it one of the oldest ETFs on the US market, and it is still a multi-billion-dollar, actively traded way to own mid-size America.
Tracking is about as tight as this group gets: roughly 400 mid-size US companies, held with minimal drift from the S&P MidCap 400 Index it follows.ssga.com
Built as a 1940 Act unit investment trust, so it holds the index as published rather than a sample, and passes cash through to holders quarterly.

Worth knowing

IVOO Cheaper wrappers on the identical index exist: SPMD at 0.03% and IJH at 0.05%. Small gap, but it is a gap, and the index inside is the same.
Moderately traded rather than the volume king of the S&P 400 group, so spreads deserve a look on large or hurried orders.
All US, all mid-cap. No mega-cap ballast, no international exposure. This is one slice of a portfolio, not the whole plate.

MDY It charges 0.23%, above the cohort median and several times what same-index options like SPMD (0.03%) and IJH (0.05%) cost. Identical index, different bill.
The trust structure cannot lend out holdings or reinvest dividends between quarterly payouts, small frictions that newer open-end fund structures avoid.
Pure mid-cap exposure, no large-cap ballast: the swings here tend to run wider than a broad S&P 500 or total-market fund.

Full IVOO profile⁠

Full MDY profile⁠

IVOO vs MDY Holdings

How IVOO and MDY differ

Overlap by weight

94.2%

Shared holdings make up 98.6% of MDY and 98.0% of IVOO.

Level by level

Holdings398 in both94.2%
Sector11 Sectors95.0%
Countryby domicile98.1%
Asset classEquity100%

Sector

Sector weights in IVOO and MDY, widest gap first
Sector	More in IVOOMore in MDY	IVOO	MDY
Technology	IVOO +4.0 points	18.1%	14.1%
Financials	MDY +1.8 points	13.5%	15.3%
Materials	MDY +1.0 points	4.9%	5.9%
Industrials	MDY +1.0 points	22.2%	23.2%
Real Estate	IVOO +0.9 points	7.9%	7.0%
Energy	MDY +0.4 points	5.3%	5.7%
Utilities	MDY +0.5 points	2.8%	3.3%
Consumer Staples	MDY +0.2 points	3.2%	3.4%
Consumer Discretionary	MDY +0.2 points	10.1%	10.3%
Health Care	IVOO +0.1 points	10.4%	10.4%
Communication	MDY +0.1 points	1.5%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in IVOO and MDY, widest gap first
Country	More in IVOOMore in MDY	IVOO	MDY
United States	IVOO +1.9 points	100.0%	98.1%
United Kingdom	MDY +1.4 points	0.0%	1.4%
Other countries (3)	MDY +0.5 points	0.0%	0.5%

Concentration

Weight in the 10 largest Holdings

IVOO7.8%
MDY7.4%

Securities held

IVOO401
MDY401

Asset class

IVOO: Equity
MDY: Equity

Holdings

Only in IVOO3
In both398
Only in MDY3

Only in IVOO

3 securities, 1.8% of IVOO by weight

Twilio Inc1.32%
SLCMT11420.47%
Olin Corp0.05%

Only in MDY

3 securities, 1.4% of MDY by weight

U.S. Dollar0.95%
Corteva Inc0.22%
FormFactor Inc.0.22%

Weight gaps

The 100 widest of 398 Holdings in both funds.

Holding weights in IVOO and MDY, widest gap first
Holding	More in IVOOMore in MDY	IVOO	MDY
TransUnionTRU	MDY +0.14 points	0.27%	0.41%
Carpenter Technology CorpCRS	IVOO +0.15 points	0.57%	0.42%
Onto Innovation IncONTO	IVOO +0.13 points	0.44%	0.31%
nVent Electric PLCNVT	IVOO +0.12 points	0.76%	0.64%
SiTime CorpSITM	IVOO +0.12 points	0.44%	0.32%
Coeur Mining IncCDE	IVOO +0.12 points	0.53%	0.41%
TTM Technologies IncTTMI	IVOO +0.12 points	0.38%	0.26%
Sterling Infrastructure IncSTRL	IVOO +0.11 points	0.44%	0.33%
Semtech CorpSMTC	IVOO +0.11 points	0.49%	0.38%
MKS IncMKSI	IVOO +0.11 points	0.53%	0.42%
Range Resources CorpRRC	MDY +0.11 points	0.25%	0.36%
Lattice Semiconductor CorpLSCC	IVOO +0.10 points	0.52%	0.42%
DigitalOcean Holdings IncDOCN	IVOO +0.10 points	0.38%	0.28%
Ovintiv IncOVV	MDY +0.09 points	0.47%	0.56%
Permian Resources CorpPR	MDY +0.09 points	0.52%	0.61%
FabrinetFN	IVOO +0.09 points	0.45%	0.36%
Corcept Therapeutics IncCORT	IVOO +0.09 points	0.32%	0.23%
MACOM Technology Solutions Holdings IncMTSI	IVOO +0.08 points	0.58%	0.50%
ATI IncATI	IVOO +0.08 points	0.76%	0.68%
MasTec IncMTZ	IVOO +0.07 points	0.39%	0.32%
Sanmina CorpSANM	IVOO +0.07 points	0.34%	0.27%
Viavi Solutions IncVIAV	IVOO +0.06 points	0.30%	0.23%
Docusign IncDOCU	MDY +0.07 points	0.38%	0.45%
Curtiss-Wright CorpCW	IVOO +0.07 points	0.59%	0.52%
Reliance IncRS	MDY +0.06 points	0.58%	0.64%
Vicor CorpVICR	IVOO +0.06 points	0.21%	0.15%
Manhattan Associates IncMANH	MDY +0.06 points	0.34%	0.40%
Antero Resources CorpAR	MDY +0.06 points	0.30%	0.36%
API Group CorpAPG	MDY +0.05 points	0.44%	0.49%
Hecla Mining CoHL	IVOO +0.06 points	0.34%	0.28%
Maplebear IncCART	MDY +0.06 points	0.20%	0.26%
Rambus IncRMBS	IVOO +0.06 points	0.34%	0.28%
Burlington Stores IncBURL	IVOO +0.05 points	0.49%	0.44%
Halozyme Therapeutics IncHALO	MDY +0.06 points	0.37%	0.43%
SharkNinja IncSN	MDY +0.06 points	0.44%	0.50%
Advanced Energy Industries IncAEIS	IVOO +0.06 points	0.33%	0.27%
IES Holdings IncIESC	IVOO +0.06 points	0.18%	0.12%
Jazz Pharmaceuticals PLCJAZZ	IVOO +0.05 points	0.44%	0.39%
Sprouts Farmers Market IncSFM	IVOO +0.05 points	0.18%	0.13%
Jones Lang LaSalle IncJLL	MDY +0.05 points	0.41%	0.46%
Ryder System IncR	MDY +0.05 points	0.26%	0.31%
US Foods Holding CorpUSFD	MDY +0.05 points	0.59%	0.64%
BorgWarner IncBWA	IVOO +0.05 points	0.36%	0.31%
Cleveland-Cliffs IncCLF	MDY +0.05 points	0.18%	0.23%
CNH Industrial NVCNH	IVOO +0.05 points	0.33%	0.28%
Graco IncGGG	IVOO +0.05 points	0.37%	0.32%
Carlisle Cos IncCSL	MDY +0.05 points	0.37%	0.42%
United Therapeutics CorpUTHR	MDY +0.05 points	0.68%	0.73%
Amkor Technology IncAMKR	IVOO +0.04 points	0.19%	0.15%
Booz Allen Hamilton Holding CorpBAH	MDY +0.04 points	0.25%	0.29%
Exelixis IncEXEL	MDY +0.04 points	0.42%	0.47%
Texas Roadhouse IncTXRH	MDY +0.04 points	0.30%	0.34%
HubSpot IncHUBS	MDY +0.04 points	0.30%	0.34%
Mueller Industries IncMLI	IVOO +0.04 points	0.39%	0.35%
Applied Industrial Technologies IncAIT	IVOO +0.04 points	0.36%	0.32%
Crocs IncCROX	MDY +0.04 points	0.17%	0.21%
BJ's Wholesale Club Holdings IncBJ	MDY +0.04 points	0.34%	0.38%
Valaris LtdVAL	MDY +0.04 points	0.15%	0.19%
Woodward IncWWD	IVOO +0.04 points	0.57%	0.53%
Qualys IncQLYS	MDY +0.04 points	0.19%	0.23%
Option Care Health IncOPCH	MDY +0.04 points	0.10%	0.14%
VF CorpVFC	MDY +0.04 points	0.14%	0.18%
Bath & Body Works IncBBWI	MDY +0.04 points	0.09%	0.13%
Evercore IncEVR	MDY +0.04 points	0.29%	0.33%
Talen Energy CorpTLN	MDY +0.03 points	0.41%	0.44%
Abercrombie & Fitch CoANF	MDY +0.03 points	0.18%	0.21%
FTI Consulting IncFCN	MDY +0.03 points	0.11%	0.14%
FirstCash Holdings IncFCFS	IVOO +0.04 points	0.25%	0.21%
Okta IncOKTA	MDY +0.03 points	1.02%	1.05%
Darling Ingredients IncDAR	IVOO +0.03 points	0.28%	0.25%
Viper Energy IncVNOM	MDY +0.03 points	0.23%	0.26%
Guidewire Software IncGWRE	MDY +0.03 points	0.35%	0.38%
TechnipFMC PLCFTI	IVOO +0.03 points	0.78%	0.75%
Dycom Industries IncDY	IVOO +0.03 points	0.24%	0.21%
Five Below IncFIVE	MDY +0.03 points	0.36%	0.39%
Bentley Systems IncBSY	MDY +0.03 points	0.15%	0.18%
Landstar System IncLSTR	IVOO +0.03 points	0.17%	0.14%
Tetra Tech IncTTEK	MDY +0.03 points	0.25%	0.28%
CACI International IncCACI	MDY +0.03 points	0.40%	0.43%
Crown Holdings IncCCK	MDY +0.03 points	0.33%	0.36%
MP Materials CorpMP	IVOO +0.03 points	0.21%	0.18%
Wingstop IncWING	MDY +0.03 points	0.08%	0.11%
Lamar Advertising CoLAMR	MDY +0.03 points	0.37%	0.40%
Arrowhead Pharmaceuticals IncARWR	IVOO +0.03 points	0.27%	0.24%
H&R Block IncHRB	MDY +0.03 points	0.15%	0.17%
SLM CorpSLM	IVOO +0.03 points	0.13%	0.10%
Paylocity Holding CorpPCTY	MDY +0.02 points	0.18%	0.20%
NewMarket CorpNEU	IVOO +0.02 points	0.20%	0.18%
Brinker International IncEAT	MDY +0.03 points	0.24%	0.27%
Hyatt Hotels CorpH	MDY +0.03 points	0.19%	0.22%
Toast IncTOST	MDY +0.02 points	0.44%	0.46%
ExlService Holdings IncEXLS	MDY +0.03 points	0.15%	0.18%
Churchill Downs IncCHDN	MDY +0.02 points	0.15%	0.17%
HealthEquity IncHQY	MDY +0.02 points	0.22%	0.24%
Chord Energy CorpCHRD	MDY +0.02 points	0.22%	0.24%
American Financial Group Inc/OHAFG	MDY +0.02 points	0.28%	0.30%
RB Global IncRBA	MDY +0.03 points	0.44%	0.47%
Alcoa CorpAA	IVOO +0.03 points	0.33%	0.30%
Genpact LtdG	MDY +0.02 points	0.15%	0.17%
Coca-Cola Consolidated IncCOKE	MDY +0.03 points	0.31%	0.34%

All 401 IVOO holdings⁠All 400 MDY holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IVOO vs MDY Cost

Overpaying MDY vs IVOO

$3,279

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IVOO 0.07%
$1,480
MDY 0.23%
$4,759

Amount$10,000

Years30 years

Cost over time

IVOO 0.07%
MDY 0.23%
Overpaying

Year by year

Year	IVOO	MDY	Overpaying
10	$128	$419	$291
20	$503	$1,630	$1,127
30	$1,480	$4,759	$3,279

Expense ratio

0.07%IVOO, cheaper
0.23%MDY

IVOO0.07%MDY0.23%

0.03%0.49%

Middle half of S&P MidCap 400 funds
Median 0.15%

IVOO 3rd cheapest of 11 funds

MDY 9th cheapest of 11 funds

IVOO vs MDY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVOO 1.21%, better; MDY 1.05%
Payout (12M): IVOO $1.50; MDY $7.01
Last payment: IVOO $0.37; MDY $1.60
Ex-dividend: IVOO Sep 23, 2026; MDY Sep 18, 2026
Paid on: IVOO Sep 25, 2026; MDY Oct 30, 2026
Frequency: IVOO Quarterly; MDY Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IVOOQuarterly · 39 paymentsAll IVOO payments⁠

MDYQuarterly · 39 paymentsAll MDY payments⁠

IVOO vs MDY Risk

Fall from peak · 5 years

IVOO
MDY

Risk facts

VolatilityStd dev, 3 years: IVOO 15.2%MDY 15.1%, better
Return per unit of riskSharpe ratio, 3 years: IVOO 0.84, betterMDY 0.83
Worst fallMax drawdown, 5 years: IVOO −24.2%MDY −24.0%, better
Market sensitivityBeta, 5 years: IVOO 1.03MDY 1.02; Market = 1

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