MCOW vs MDY: Grades, Fees and Holdings Compared

Pacer S&P MidCap 400 Quality FCF Aristocrats ETF

MCOWDCboe

State Street SPDR S&P MIDCAP 400 ETF Trust

MDYBNYSE Arca

Overlap

19.1%by weight

Expense ratio

MDY −0.26pt a year

MCOW0.49%MDY0.23%

Avg volume · 30D

MDY 510.3×the volume

MCOW1.27KMDY647K

MCOW vs MDY Performance

Nov 7, 2025 – Nov 9, 2026

+13.2%MCOW+15.7%MDY

Expense ratio: MCOW 0.49%; MDY 0.23%, better
Fund size: MCOW $1M; MDY $25.5B
1Y total return: MCOW +13.2%; MDY +15.7%, better
Yield (12M): MCOW No data; MDY 1.03%
Holdings: MCOW 81; MDY 401
Avg volume (30D): MCOW 1.27K sh; MDY 647K sh, better
NAV per share: MCOW $21.83; MDY $658.01
52W range

ETF.net Grade

Pillar letters and Scores for MCOW, MDY, with each pillar’s weight
Pillar	MCOW	MDY
Cost30% weight	F5	F24Higher
Mission25% weight	A89	A100Higher
Risk15% weight	F10	B57Higher
Tradability15% weight	F24	A93Higher
Holdings10% weight	D25	A79Higher
Durability5% weight	F6	A76Higher

Rank among S&P MidCap 400 funds

How we build Categories ›

Same Category. MCOW 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 ›

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

Rank 1ASPMDState Street SPDR Portfolio S&P 400 Mid Cap ETFScore 86
Rank 2AIJHiShares Core S&P Mid-Cap ETFScore 84
Rank 3AIVOOVanguard S&P Mid-Cap 400 ETFScore 72
Rank 4BMDYState Street SPDR S&P MIDCAP 400 ETF TrustScore 66
Rank 4BXJHiShares ESG Select Screened S&P Mid-Cap ETFScore 66
Rank 10CMIDEXtrackers S&P MidCap 400 Scored & Screened ETFScore 40
Rank 11DMCOWPacer S&P MidCap 400 Quality FCF Aristocrats ETFScore 31

Our read on each fund

ETF.net Research

MCOWDPacer S&P MidCap 400 Quality FCF Aristocrats ETF

MDYBState Street SPDR S&P MIDCAP 400 ETF Trust

In short

MCOW No data

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

MCOW No data

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

Why people hold it

MCOW No data

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

MCOW No data

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 MCOW profile⁠

Full MDY profile⁠

MCOW vs MDY Holdings

How MCOW and MDY differ

Overlap by weight

19.1%

Shared holdings make up 99.9% of MCOW and 19.1% of MDY.

Level by level

Holdings79 in both19.1%
Sector11 Sectors66.9%
Countryby domicile98.3%
Asset classStocks100%

Sector

Sector weights in MCOW and MDY, widest gap first
Sector	Gap	MCOW	MDY
Technology	MCOW +23.3 points	34.6%	11.3%
Financials	MDY +11.3 points	4.7%	16.0%
Health Care	MCOW +8.7 points	19.8%	11.1%
Real Estate	MDY +7.6 points	0.0%	7.6%
Consumer Discretionary	MDY +3.9 points	7.2%	11.1%
Materials	MDY +3.7 points	2.4%	6.1%
Utilities	MDY +3.4 points	0.0%	3.4%
Industrials	MDY +1.8 points	21.4%	23.2%
Consumer Staples	MDY +1.6 points	1.9%	3.5%
Communication	MCOW +1.0 points	2.7%	1.7%
Energy	MCOW +0.1 points	5.2%	5.1%

Country, concentration and asset class

Country by domicile

Country weights in MCOW and MDY, widest gap first
Country	Gap	MCOW	MDY
United States	MCOW +1.4 points	99.5%	98.1%
United Kingdom	MDY +1.4 points	0.0%	1.4%
Other countries (3)	Same weight	0.5%	0.5%

Concentration

Weight in the 10 largest Holdings

MCOW33.2%
MDY6.8%

Securities held

MCOW79
MDY401

Asset class

MCOW: Stocks
MDY: Stocks

Holdings

Only in MCOW0
In both79
Only in MDY322

Only in MCOW

0 securities, 0.0% of MCOW by weight

Only in MDY

322 securities, 80.9% of MDY by weight

U.S. Dollar0.75%
United Therapeutics Corporation0.71%
ATI Inc0.71%
US Foods Holding Corp.0.68%
Tenet Healthcare Corporation0.68%
Royal Gold Inc.0.67%
Reliance Inc.0.63%
Roku Inc. Class A0.63%
Roivant Sciences Ltd.0.62%
XPO Inc.0.61%
Entegris Inc.0.58%
Woodward Inc.0.56%
SharkNinja Inc.0.55%
ITT Inc.0.54%
Permian Resources Corporation Class A0.54%
Toast Inc. Class A0.53%
East West Bancorp Inc.0.52%
TD SYNNEX Corporation0.52%
RB Global Inc.0.51%
nVent Electric plc0.51%
Reinsurance Group of America Incorporated0.51%
Jones Lang LaSalle Incorporated0.51%
Performance Food Group Co0.50%
Ovintiv Inc0.49%
Nextpower Inc.0.47%
Coeur Mining Inc.0.47%
Nutanix Inc. Class A0.47%
APi Group Corporation0.47%
TransUnion0.46%
Burlington Stores Inc.0.46%
Pinnacle Financial Partners Inc.0.45%
Talen Energy Corp0.45%
HF Sinclair Corporation0.45%
RBC Bearings Incorporated0.44%
W. P. Carey Inc.0.44%
Somnigroup International Inc.0.44%
MACOM Technology Solutions Holdings Inc.0.43%
Sun Communities Inc.0.43%
Omega Healthcare Investors Inc.0.43%
RenaissanceRe Holdings Ltd.0.43%
WESCO International Inc.0.42%
Toll Brothers Inc.0.42%
Clean Harbors Inc.0.42%
Annaly Capital Management Inc.0.42%
BJ's Wholesale Club Holdings Inc.0.41%
Aramark0.41%
Carpenter Technology Corporation0.41%
Lamar Advertising Company Class A0.40%
Encompass Health Corporation0.40%
CACI International Inc Class A0.40%

Weight gaps

All 79 Holdings in both funds, largest gap first.

Holding weights in MCOW and MDY, widest gap first
Holding	Gap	MCOW	MDY
Manhattan Associates IncMANH	MCOW +4.19 points	4.63%	0.44%
Docusign IncDOCU	MCOW +4.17 points	4.61%	0.44%
Medpace Holdings IncMEDP	MCOW +4.11 points	4.55%	0.44%
Exelixis IncEXEL	MCOW +3.29 points	3.80%	0.51%
Lattice Semiconductor CorpLSCC	MCOW +3.18 points	3.62%	0.44%
Jazz Pharmaceuticals PLCJAZZ	MCOW +2.26 points	2.71%	0.45%
Qualys IncQLYS	MCOW +2.22 points	2.42%	0.20%
Rambus IncRMBS	MCOW +1.91 points	2.15%	0.24%
Mueller Industries IncMLI	MCOW +1.89 points	2.24%	0.35%
InterDigital IncIDCC	MCOW +1.85 points	2.06%	0.22%
Neurocrine Biosciences IncNBIX	MCOW +1.81 points	2.31%	0.50%
Commvault Systems IncCVLT	MCOW +1.70 points	1.89%	0.19%
Dropbox IncDBX	MCOW +1.62 points	1.77%	0.15%
TechnipFMC PLCFTI	MCOW +1.54 points	2.28%	0.74%
Carlisle Cos IncCSL	MCOW +1.42 points	1.86%	0.44%
Paylocity Holding CorpPCTY	MCOW +1.41 points	1.63%	0.22%
Graco IncGGG	MCOW +1.39 points	1.72%	0.33%
Lincoln Electric Holdings IncLECO	MCOW +1.38 points	1.82%	0.44%
Corcept Therapeutics IncCORT	MCOW +1.32 points	1.53%	0.20%
DT Midstream IncDTM	MCOW +1.30 points	1.64%	0.34%
H&R Block IncHRB	MCOW +1.24 points	1.43%	0.19%
HubSpot IncHUBS	MCOW +1.19 points	1.49%	0.30%
Antero Midstream CorpAM	MCOW +1.15 points	1.34%	0.19%
Curtiss-Wright CorpCW	MCOW +1.15 points	1.66%	0.51%
MGIC Investment CorpMTG	MCOW +1.12 points	1.29%	0.17%
Crocs IncCROX	MCOW +1.10 points	1.32%	0.22%
Essent Group LtdESNT	MCOW +1.10 points	1.27%	0.17%
Allison Transmission Holdings IncALSN	MCOW +1.08 points	1.37%	0.29%
Doximity IncDOCS	MCOW +1.08 points	1.20%	0.12%
Sterling Infrastructure IncSTRL	MCOW +1.07 points	1.30%	0.23%
Bentley Systems IncBSY	MCOW +1.05 points	1.26%	0.21%
Chemed CorpCHE	MCOW +0.96 points	1.16%	0.20%
New York Times Co/TheNYT	MCOW +0.92 points	1.21%	0.29%
Coca-Cola Consolidated IncCOKE	MCOW +0.91 points	1.26%	0.35%
HealthEquity IncHQY	MCOW +0.87 points	1.13%	0.26%
Appfolio IncAPPF	MCOW +0.81 points	0.97%	0.16%
Advanced Drainage Systems IncWMS	MCOW +0.80 points	1.06%	0.26%
Cirrus Logic IncCRUS	MCOW +0.79 points	0.96%	0.17%
Acuity IncAYI	MCOW +0.79 points	1.07%	0.28%
Tetra Tech IncTTEK	MCOW +0.74 points	1.05%	0.31%
Onto Innovation IncONTO	MCOW +0.69 points	0.94%	0.25%
Watts Water Technologies IncWTS	MCOW +0.67 points	0.95%	0.28%
Voya Financial IncVOYA	MCOW +0.66 points	0.93%	0.27%
Exponent IncEXPO	MCOW +0.67 points	0.79%	0.12%
Cognex CorpCGNX	MCOW +0.64 points	0.88%	0.24%
Lantheus Holdings IncLNTH	MCOW +0.64 points	0.83%	0.19%
Watsco IncWSO	MCOW +0.63 points	0.95%	0.32%
Donaldson Co IncDCI	MCOW +0.58 points	0.87%	0.29%
Landstar System IncLSTR	MCOW +0.56 points	0.70%	0.14%
Wyndham Hotels & Resorts IncWH	MCOW +0.55 points	0.72%	0.17%
Grand Canyon Education IncLOPE	MCOW +0.54 points	0.63%	0.09%
Eagle Materials IncEXP	MCOW +0.53 points	0.70%	0.17%
Dolby Laboratories IncDLB	MCOW +0.51 points	0.62%	0.11%
Applied Industrial Technologies IncAIT	MCOW +0.49 points	0.80%	0.31%
Simpson Manufacturing Co IncSSD	MCOW +0.48 points	0.72%	0.24%
Littelfuse IncLFUS	MCOW +0.48 points	0.75%	0.27%
UL Solutions IncULS	MCOW +0.47 points	0.65%	0.18%
Toro Co/TheTTC	MCOW +0.46 points	0.76%	0.30%
Nexstar Media Group IncNXST	MCOW +0.45 points	0.61%	0.16%
Globus Medical IncGMED	MCOW +0.44 points	0.68%	0.24%
ExlService Holdings IncEXLS	MCOW +0.43 points	0.62%	0.19%
NewMarket CorpNEU	MCOW +0.41 points	0.57%	0.16%
Universal Display CorpOLED	MCOW +0.40 points	0.51%	0.11%
FirstCash Holdings IncFCFS	MCOW +0.39 points	0.61%	0.22%
Sirius XM Holdings IncSIRI	MCOW +0.39 points	0.57%	0.18%
Wingstop IncWING	MCOW +0.39 points	0.52%	0.13%
Gentex CorpGNTX	MCOW +0.35 points	0.47%	0.12%
Bath & Body Works IncBBWI	MCOW +0.34 points	0.47%	0.13%
Genpact LtdG	MCOW +0.33 points	0.52%	0.19%
Choice Hotels International IncCHH	MCOW +0.32 points	0.39%	0.07%
Morningstar IncMORN	MCOW +0.31 points	0.45%	0.14%
YETI Holdings IncYETI	MCOW +0.26 points	0.36%	0.10%
Vontier CorpVNT	MCOW +0.26 points	0.43%	0.17%
UFP Industries IncUFPI	MCOW +0.25 points	0.38%	0.13%
Warner Music Group CorpWMG	MCOW +0.22 points	0.36%	0.14%
MSC Industrial Direct Co IncMSM	MCOW +0.21 points	0.35%	0.14%
Synaptics IncSYNA	MCOW +0.18 points	0.32%	0.14%
Euronet Worldwide IncEEFT	MCOW +0.18 points	0.25%	0.07%
Crane NXT CoCXT	MCOW +0.16 points	0.24%	0.08%

All 81 MCOW 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.

MCOW vs MDY Cost

Overpaying MCOW vs MDY

$5,033

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

MCOW 0.49%
$9,792
MDY 0.23%
$4,759

Amount$10,000

Years30 years

Cost over time

MCOW 0.49%
MDY 0.23%
Overpaying

Year by year

Year	MCOW	MDY	Overpaying
10	$883	$419	$464
20	$3,394	$1,630	$1,764
30	$9,792	$4,759	$5,033

Expense ratio

0.49%MCOW
0.23%MDY, cheaper

MDY0.23%MCOW0.49%

0.03%0.49%

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

MDY 9th cheapest of 11 funds

MCOW 11th cheapest of 11 funds

MCOW vs MDY Dividends

Last 12 months to Nov 9, 2026

Yield (12M): MCOW No data; MDY 1.03%
Payout (12M): MCOW No data; MDY $7.01
Last payment: MCOW $0.01; MDY $1.60
Ex-dividend: MCOW Sep 3, 2026; MDY Sep 18, 2026
Paid on: MCOW Sep 8, 2026; MDY Oct 30, 2026
Frequency: MCOW Quarterly; MDY Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MCOWQuarterly · 4 paymentsAll MCOW payments⁠

MDYQuarterly · 39 paymentsAll MDY payments⁠

MCOW vs MDY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MCOW 13.1%since Sep 2025MDY 15.1%
Return per unit of riskSharpe ratio, 3 years: MCOW 0.43since Sep 2025MDY 0.83
Worst fallMax drawdown, 5 years: MCOW −15.0%since Aug 2025MDY −24.0%
Market sensitivityBeta, 5 years: MCOW 0.85MDY 1.01; Market = 1

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