IVOO vs SPMD: Grades, Fees and Holdings Compared

Vanguard S&P Mid-Cap 400 ETF

IVOOANYSE Arca

State Street SPDR Portfolio S&P 400 Mid Cap ETF

SPMDANYSE Arca

Overlap

94.5%by weight

Expense ratio

SPMD −0.04pt a year

IVOO0.07%SPMD0.03%

Avg volume · 30D

SPMD 19.9×the volume

IVOO82.5KSPMD1.64M

10Y return · a year

SPMD +0.2pt

IVOO+10.9%SPMD+11.1%

IVOO vs SPMD Performance

Oct 29, 2021 – Oct 30, 2026

+41.0%IVOO+41.5%SPMD

Expense ratio: IVOO 0.07%; SPMD 0.03%, better
Fund size: IVOO $5.7B; SPMD $18.9B
1Y total return: IVOO +14.3%; SPMD +14.4%, better
Yield (12M): IVOO 1.21%; SPMD 1.31%, better
Holdings: IVOO 406; SPMD 402
Avg volume (30D): IVOO 82.5K sh; SPMD 1.64M sh, better
NAV per share: IVOO $124.07; SPMD $65.00
52W range

ETF.net Grade

Pillar letters and Scores for IVOO, SPMD, with each pillar’s weight
Pillar	IVOO	SPMD
Cost30% weight	A78	A96Higher
Mission25% weight	A100	A100
Risk15% weight	C52	C52
Tradability15% weight	D32	A78Higher
Holdings10% weight	A74	A83Higher
Durability5% weight	A70	A73Higher

Rank among S&P MidCap 400 funds

How we build Categories ›

Same Category. IVOO and SPMD 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 ›

SPMD ranks 1st and IVOO 3rd 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

Our read on each fund

ETF.net Research

IVOOAVanguard S&P Mid-Cap 400 ETF

SPMDAState Street SPDR Portfolio S&P 400 Mid Cap ETF

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.

SPMD Four ETFs track the S&P MidCap 400. This is the cheapest of them at 0.03%, a fraction of what the priciest wrapper on the identical 400 stocks charges. Same index, smaller toll booth.

Stated mandate

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

SPMD The fund seeks to track the total return performance of the S&P MidCap 400 Index before fees and expenses, providing exposure to mid-cap U.S. equities.

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.

SPMD 0.03% a year for the S&P MidCap 400. The other funds tracking that same index charge 0.05% (IJH), 0.07% (IVOO) and 0.23% (MDY).
Boring done well: about 400 mid-cap US stocks, one published S&P index, and tracking measured as among the tightest in its peer group.
A multi-billion-dollar fund that trades actively, so entering and exiting is rarely the hard part.
Stands in the top tier of the S&P MidCap 400 wrappers we grade, driven by fee and tracking rather than any clever twist.

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.

SPMD Mid caps swing harder than mega caps in both directions. Volatility is the softest of this fund's measured marks.
One slice only: US mid-cap equity. No large caps, no small caps, no bonds, nothing overseas.
Cash comes quarterly, not monthly.

Full IVOO profile⁠

Full SPMD profile⁠

IVOO vs SPMD Holdings

How IVOO and SPMD differ

Overlap by weight

94.5%

Shared holdings make up 99.4% of SPMD and 98.0% of IVOO.

Level by level

Holdings398 in both94.5%
Sector11 Sectors95.2%
Countryby domicile98.2%
Asset classEquity100%

Sector

Sector weights in IVOO and SPMD, widest gap first
Sector	More in IVOOMore in SPMD	IVOO	SPMD
Technology	IVOO +3.9 points	18.1%	14.2%
Financials	SPMD +1.8 points	13.5%	15.3%
Materials	SPMD +1.0 points	4.9%	5.9%
Real Estate	IVOO +0.9 points	7.9%	7.0%
Industrials	SPMD +0.9 points	22.2%	23.1%
Energy	SPMD +0.4 points	5.3%	5.7%
Utilities	SPMD +0.4 points	2.8%	3.2%
Consumer Staples	SPMD +0.1 points	3.2%	3.3%
Consumer Discretionary	SPMD +0.2 points	10.1%	10.3%
Communication	SPMD +0.1 points	1.5%	1.6%
Health Care	IVOO +0.1 points	10.4%	10.4%

Country, concentration and asset class

Country by domicile

Country weights in IVOO and SPMD, widest gap first
Country	More in IVOOMore in SPMD	IVOO	SPMD
United States	IVOO +1.8 points	100.0%	98.2%
United Kingdom	SPMD +1.2 points	0.0%	1.2%
Other countries (3)	SPMD +0.6 points	0.0%	0.6%

Concentration

Weight in the 10 largest Holdings

IVOO7.8%
SPMD7.1%

Securities held

IVOO401
SPMD400

Asset class

IVOO: Equity
SPMD: Equity

Holdings

Only in IVOO3
In both398
Only in SPMD2

Only in IVOO

3 securities, 1.8% of IVOO by weight

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

Only in SPMD

2 securities, 0.4% of SPMD by weight

Corteva Inc0.22%
Formfactor Inc0.22%

Weight gaps

The 100 widest of 398 Holdings in both funds.

Holding weights in IVOO and SPMD, widest gap first
Holding	More in IVOOMore in SPMD	IVOO	SPMD
TransUnionTRU	SPMD +0.15 points	0.27%	0.42%
Carpenter Technology CorpCRS	IVOO +0.14 points	0.57%	0.43%
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 +0.11 points	0.44%	0.33%
Coeur Mining IncCDE	IVOO +0.11 points	0.53%	0.42%
TTM Technologies IncTTMI	IVOO +0.11 points	0.38%	0.27%
Sterling Infrastructure IncSTRL	IVOO +0.11 points	0.44%	0.33%
Semtech CorpSMTC	IVOO +0.11 points	0.49%	0.38%
Range Resources CorpRRC	SPMD +0.11 points	0.25%	0.36%
MKS IncMKSI	IVOO +0.11 points	0.53%	0.42%
Lattice Semiconductor CorpLSCC	IVOO +0.10 points	0.52%	0.42%
DigitalOcean Holdings IncDOCN	IVOO +0.10 points	0.38%	0.28%
Ovintiv IncOVV	SPMD +0.10 points	0.47%	0.57%
Permian Resources CorpPR	SPMD +0.10 points	0.52%	0.62%
FabrinetFN	IVOO +0.09 points	0.45%	0.36%
Corcept Therapeutics IncCORT	IVOO +0.08 points	0.32%	0.24%
MACOM Technology Solutions Holdings IncMTSI	IVOO +0.07 points	0.58%	0.51%
Docusign IncDOCU	SPMD +0.07 points	0.38%	0.45%
MasTec IncMTZ	IVOO +0.07 points	0.39%	0.32%
Sanmina CorpSANM	IVOO +0.07 points	0.34%	0.27%
Reliance IncRS	SPMD +0.07 points	0.58%	0.65%
ATI IncATI	IVOO +0.07 points	0.76%	0.69%
Viavi Solutions IncVIAV	IVOO +0.06 points	0.30%	0.24%
Manhattan Associates IncMANH	SPMD +0.06 points	0.34%	0.40%
Antero Resources CorpAR	SPMD +0.07 points	0.30%	0.37%
API Group CorpAPG	SPMD +0.06 points	0.44%	0.50%
Vicor CorpVICR	IVOO +0.06 points	0.21%	0.15%
SharkNinja IncSN	SPMD +0.06 points	0.44%	0.50%
Halozyme Therapeutics IncHALO	SPMD +0.06 points	0.37%	0.43%
Maplebear IncCART	SPMD +0.06 points	0.20%	0.26%
Curtiss-Wright CorpCW	IVOO +0.06 points	0.59%	0.53%
Hecla Mining CoHL	IVOO +0.06 points	0.34%	0.28%
Jones Lang LaSalle IncJLL	SPMD +0.06 points	0.41%	0.47%
IES Holdings IncIESC	IVOO +0.06 points	0.18%	0.12%
US Foods Holding CorpUSFD	SPMD +0.05 points	0.59%	0.64%
Rambus IncRMBS	IVOO +0.06 points	0.34%	0.28%
Advanced Energy Industries IncAEIS	IVOO +0.05 points	0.33%	0.28%
Burlington Stores IncBURL	IVOO +0.05 points	0.49%	0.44%
Ryder System IncR	SPMD +0.05 points	0.26%	0.31%
Sprouts Farmers Market IncSFM	IVOO +0.05 points	0.18%	0.13%
Jazz Pharmaceuticals PLCJAZZ	IVOO +0.05 points	0.44%	0.39%
United Therapeutics CorpUTHR	SPMD +0.05 points	0.68%	0.73%
Cleveland-Cliffs IncCLF	SPMD +0.05 points	0.18%	0.23%
Carlisle Cos IncCSL	SPMD +0.05 points	0.37%	0.42%
Exelixis IncEXEL	SPMD +0.04 points	0.42%	0.47%
Booz Allen Hamilton Holding CorpBAH	SPMD +0.04 points	0.25%	0.29%
BorgWarner IncBWA	IVOO +0.05 points	0.36%	0.31%
Texas Roadhouse IncTXRH	SPMD +0.05 points	0.30%	0.35%
CNH Industrial NVCNH	IVOO +0.05 points	0.33%	0.28%
HubSpot IncHUBS	SPMD +0.04 points	0.30%	0.34%
Graco IncGGG	IVOO +0.05 points	0.37%	0.32%
Amkor Technology IncAMKR	IVOO +0.04 points	0.19%	0.15%
BJ's Wholesale Club Holdings IncBJ	SPMD +0.05 points	0.34%	0.39%
Crocs IncCROX	SPMD +0.04 points	0.17%	0.21%
Okta IncOKTA	SPMD +0.04 points	1.02%	1.06%
Valaris LtdVAL	SPMD +0.04 points	0.15%	0.19%
Qualys IncQLYS	SPMD +0.04 points	0.19%	0.23%
Evercore IncEVR	SPMD +0.04 points	0.29%	0.33%
Talen Energy CorpTLN	SPMD +0.04 points	0.41%	0.45%
Applied Industrial Technologies IncAIT	IVOO +0.04 points	0.36%	0.32%
Mueller Industries IncMLI	IVOO +0.03 points	0.39%	0.36%
VF CorpVFC	SPMD +0.04 points	0.14%	0.18%
Option Care Health IncOPCH	SPMD +0.04 points	0.10%	0.14%
Bath & Body Works IncBBWI	SPMD +0.04 points	0.09%	0.13%
Abercrombie & Fitch CoANF	SPMD +0.03 points	0.18%	0.21%
Guidewire Software IncGWRE	SPMD +0.03 points	0.35%	0.38%
Five Below IncFIVE	SPMD +0.03 points	0.36%	0.39%
FTI Consulting IncFCN	SPMD +0.03 points	0.11%	0.14%
Viper Energy IncVNOM	SPMD +0.03 points	0.23%	0.26%
CACI International IncCACI	SPMD +0.03 points	0.40%	0.43%
Woodward IncWWD	IVOO +0.03 points	0.57%	0.54%
Crown Holdings IncCCK	SPMD +0.04 points	0.33%	0.37%
Tetra Tech IncTTEK	SPMD +0.03 points	0.25%	0.28%
Bentley Systems IncBSY	SPMD +0.03 points	0.15%	0.18%
FirstCash Holdings IncFCFS	IVOO +0.03 points	0.25%	0.22%
Lamar Advertising CoLAMR	SPMD +0.03 points	0.37%	0.40%
Darling Ingredients IncDAR	IVOO +0.03 points	0.28%	0.25%
Dycom Industries IncDY	IVOO +0.03 points	0.24%	0.21%
Landstar System IncLSTR	IVOO +0.03 points	0.17%	0.14%
Toast IncTOST	SPMD +0.03 points	0.44%	0.47%
Wingstop IncWING	SPMD +0.03 points	0.08%	0.11%
RB Global IncRBA	SPMD +0.03 points	0.44%	0.47%
H&R Block IncHRB	SPMD +0.03 points	0.15%	0.18%
Paylocity Holding CorpPCTY	SPMD +0.03 points	0.18%	0.21%
Brinker International IncEAT	SPMD +0.03 points	0.24%	0.27%
MP Materials CorpMP	IVOO +0.03 points	0.21%	0.18%
Pinnacle Financial Partners IncPNFP	SPMD +0.03 points	0.41%	0.44%
American Financial Group Inc/OHAFG	SPMD +0.02 points	0.28%	0.30%
Medpace Holdings IncMEDP	SPMD +0.03 points	0.41%	0.44%
Hyatt Hotels CorpH	SPMD +0.03 points	0.19%	0.22%
HealthEquity IncHQY	SPMD +0.02 points	0.22%	0.24%
Coca-Cola Consolidated IncCOKE	SPMD +0.03 points	0.31%	0.34%
Chord Energy CorpCHRD	SPMD +0.02 points	0.22%	0.24%
ExlService Holdings IncEXLS	SPMD +0.03 points	0.15%	0.18%
East West Bancorp IncEWBC	SPMD +0.03 points	0.50%	0.53%
Churchill Downs IncCHDN	SPMD +0.02 points	0.15%	0.17%
Avantor IncAVTR	SPMD +0.03 points	0.30%	0.33%
SLM CorpSLM	IVOO +0.03 points	0.13%	0.10%
Genpact LtdG	SPMD +0.02 points	0.15%	0.17%

All 401 IVOO holdings⁠All 400 SPMD 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 SPMD Cost

Overpaying IVOO vs SPMD

$842

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

IVOO 0.07%
$1,480
SPMD 0.03%
$638

Amount$10,000

Years30 years

Cost over time

IVOO 0.07%
SPMD 0.03%
Overpaying

Year by year

Year	IVOO	SPMD	Overpaying
10	$128	$55	$73
20	$503	$216	$287
30	$1,480	$638	$842

Expense ratio

0.07%IVOO
0.03%SPMD, cheaper

SPMD0.03%IVOO0.07%

0.03%0.49%

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

SPMD cheapest of 11 funds

IVOO 3rd cheapest of 11 funds

IVOO vs SPMD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVOO 1.21%; SPMD 1.31%, better
Payout (12M): IVOO $1.50; SPMD $0.84
Last payment: IVOO $0.37; SPMD $0.23
Ex-dividend: IVOO Sep 23, 2026; SPMD Sep 21, 2026
Paid on: IVOO Sep 25, 2026; SPMD Sep 23, 2026
Frequency: IVOO Quarterly; SPMD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

IVOOQuarterly · 39 paymentsAll IVOO payments⁠

SPMDQuarterly · 39 paymentsAll SPMD payments⁠

IVOO vs SPMD Risk

Fall from peak · 5 years

IVOO
SPMD

Risk facts

VolatilityStd dev, 3 years: IVOO 15.2%SPMD 15.1%, better
Return per unit of riskSharpe ratio, 3 years: IVOO 0.84SPMD 0.85, better
Worst fallMax drawdown, 5 years: IVOO −24.2%SPMD −24.1%, better
Market sensitivityBeta, 5 years: IVOO 1.03SPMD 1.02; Market = 1

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