MDY vs RWK: Grades, Fees and Holdings Compared

State Street SPDR S&P MIDCAP 400 ETF Trust

MDYBNYSE Arca

Invesco S&P MidCap 400 Revenue ETF

RWKCNYSE Arca

Overlap

56.9%by weight

Expense ratio

MDY −0.16pt a year

MDY0.23%RWK0.39%

Avg volume · 30D

MDY 32.9×the volume

MDY636KRWK19.3K

10Y return · a year

RWK +2.2pt

MDY+10.7%RWK+12.9%

MDY vs RWK Performance

Oct 29, 2021 – Oct 30, 2026

+39.7%MDY+69.6%RWK

Expense ratio: MDY 0.23%, better; RWK 0.39%
Fund size: MDY $25.8B; RWK $1.32B
1Y total return: MDY +14.0%; RWK +19.1%, better
Yield (12M): MDY 1.05%; RWK 1.05%
Holdings: MDY 401; RWK 399
Avg volume (30D): MDY 636K sh, better; RWK 19.3K sh
NAV per share: MDY $668.72; RWK $145.36
52W range

ETF.net Grade

Pillar letters and Scores for MDY, RWK, with each pillar’s weight
Pillar	MDY	RWK
Cost30% weight	F24Higher	F14
Mission25% weight	A100Higher	A95
Risk15% weight	C52Higher	C49
Tradability15% weight	A93Higher	D29
Holdings10% weight	A83Higher	D35
Durability5% weight	A76Higher	C41

Rank among S&P MidCap 400 funds

How we build Categories ›

Same Category. MDY and RWK 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 RWK 9th 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
Rank 8BIJJiShares S&P Mid-Cap 400 Value ETFScore 58
Rank 9CRWKInvesco S&P MidCap 400 Revenue ETFScore 45
Rank 10CMIDEXtrackers S&P MidCap 400 Scored & Screened ETFScore 40

Our read on each fund

ETF.net Research

MDYBState Street SPDR S&P MIDCAP 400 ETF Trust

RWKCInvesco S&P MidCap 400 Revenue ETF

In short

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.

RWK Same 400 mid-cap companies as the standard S&P MidCap 400, but position size comes from annual revenue instead of market value. Sales set the weights, not sentiment. Invesco has run this playbook since 2008.

Stated mandate

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

RWK The fund seeks to track the S&P MidCap 400 Revenue-Weighted Index by investing at least 90% of its total assets in securities included in that Index.

Why people hold it

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.

RWK The whole idea in one line: take the S&P MidCap 400 roster and reweight it by revenue. Big top-line companies get bigger slots, expensive-per-dollar-of-sales names get trimmed.spglobal.com
Roughly 400 holdings and a rules-based index behind them, so the portfolio is broad mid-cap rather than a stock-picker's short list.
It sticks close to the index it advertises. Tracking has been one of this fund's strongest attributes, so what you get matches what the fact sheet describes.
Distributions land on a quarterly schedule, and the fund has been through a full market cycle since its 2008 launch.

Worth knowing

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.

RWK 0.39% a year is the price of the twist. Plain S&P 400 trackers charge far less (SPMD 0.03%, IJH 0.05%), so the revenue tilt carries a real cost hurdle.
Volume is light next to the mid-cap heavyweights, which tends to mean wider bid-ask spreads on the way in and out.
Revenue weighting favors high-sales, thinner-margin businesses, so sector mix and value tilt drift away from the cap-weighted S&P MidCap 400.spglobal.com

Full MDY profile⁠

Full RWK profile⁠

MDY vs RWK Holdings

How MDY and RWK differ

Overlap by weight

56.9%

Shared holdings make up 98.4% of RWK and 98.0% of MDY.

Level by level

Holdings394 in both56.9%
Sector11 Sectors82.8%
Countryby domicile98.8%
Asset classEquity100%

Sector

Sector weights in MDY and RWK, widest gap first
Sector	More in MDYMore in RWK	MDY	RWK
Consumer Discretionary	RWK +9.2 points	10.3%	19.5%
Consumer Staples	RWK +7.9 points	3.4%	11.3%
Real Estate	MDY +4.0 points	7.0%	3.0%
Health Care	MDY +3.6 points	10.4%	6.8%
Financials	MDY +3.1 points	15.3%	12.2%
Industrials	MDY +1.8 points	23.2%	21.4%
Utilities	MDY +1.8 points	3.3%	1.5%
Materials	MDY +1.3 points	5.9%	4.6%
Technology	MDY +1.2 points	14.1%	12.9%
Energy	MDY +0.3 points	5.7%	5.4%
Communication	MDY +0.2 points	1.6%	1.4%

Country, concentration and asset class

Country by domicile

Country weights in MDY and RWK, widest gap first
Country	More in MDYMore in RWK	MDY	RWK
United Kingdom	MDY +1.2 points	1.4%	0.2%
United States	RWK +1.0 points	98.1%	99.1%
Other countries (3)	RWK +0.3 points	0.5%	0.8%

Concentration

Weight in the 10 largest Holdings

MDY7.4%
RWK20.2%

Securities held

MDY401
RWK398

Asset class

MDY: Equity
RWK: Equity

Holdings

Only in MDY7
In both394
Only in RWK4

Only in MDY

7 securities, 2.0% of MDY by weight

U.S. Dollar0.95%
CNH Industrial NV0.28%
Corteva Inc0.22%
FormFactor Inc.0.22%
Fortune Brands Innovations Inc.0.15%
Gap Inc.0.14%
Marzetti Company0.06%

Only in RWK

4 securities, 1.5% of RWK by weight

Gap Inc/The0.65%
CNH Industrial NV0.59%
Fortune Brands Innovations Inc0.19%
Marzetti Company/The0.08%

Weight gaps

The 100 widest of 394 Holdings in both funds.

Holding weights in MDY and RWK, widest gap first
Holding	More in MDYMore in RWK	MDY	RWK
Albertsons Companies Inc. Class AACI	RWK +3.46 points	0.12%	3.58%
Performance Food Group CoPFGC	RWK +2.32 points	0.44%	2.76%
TD SYNNEX CorporationSNX	RWK +2.16 points	0.58%	2.74%
American Airlines Group Inc.AAL	RWK +2.05 points	0.24%	2.29%
Molina Healthcare Inc.MOH	RWK +1.52 points	0.30%	1.82%
Arrow Electronics Inc.ARW	RWK +1.15 points	0.32%	1.47%
PBF Energy Inc. Class APBF	RWK +1.14 points	0.21%	1.35%
Penske Automotive Group Inc.PAG	RWK +1.12 points	0.11%	1.23%
US Foods Holding Corp.USFD	RWK +1.05 points	0.64%	1.69%
Lithia Motors Inc.LAD	RWK +1.03 points	0.19%	1.22%
Okta Inc. Class AOKTA	MDY +0.89 points	1.05%	0.16%
Avnet Inc.AVT	RWK +0.89 points	0.22%	1.11%
Macy's Inc.M	RWK +0.85 points	0.19%	1.04%
HF Sinclair CorporationDINO	RWK +0.80 points	0.49%	1.29%
AutoNation Inc.AN	RWK +0.77 points	0.12%	0.89%
Lear CorporationLEA	RWK +0.70 points	0.17%	0.87%
BJ's Wholesale Club Holdings Inc.BJ	RWK +0.70 points	0.38%	1.08%
Cleveland-Cliffs IncCLF	RWK +0.67 points	0.23%	0.90%
Jones Lang LaSalle IncorporatedJLL	RWK +0.66 points	0.46%	1.12%
Pilgrim's Pride CorporationPPC	RWK +0.64 points	0.03%	0.67%
Murphy USA Inc.MUSA	RWK +0.63 points	0.26%	0.89%
Dick's Sporting Goods Inc.DKS	RWK +0.63 points	0.27%	0.90%
Reinsurance Group of America IncorporatedRGA	RWK +0.62 points	0.49%	1.11%
United Therapeutics CorporationUTHR	MDY +0.58 points	0.73%	0.15%
Roivant Sciences Ltd.ROIV	MDY +0.58 points	0.58%	<0.01%
Kyndryl Holdings IncorporationKD	RWK +0.55 points	0.09%	0.64%
Entegris Inc.ENTG	MDY +0.55 points	0.70%	0.15%
ATI IncATI	MDY +0.52 points	0.68%	0.16%
Corebridge Financial Inc.CRBG	RWK +0.52 points	0.27%	0.79%
Royal Gold Inc.RGLD	MDY +0.51 points	0.57%	0.06%
WESCO International Inc.WCC	RWK +0.52 points	0.51%	1.03%
nVent Electric plcNVT	MDY +0.47 points	0.64%	0.17%
MACOM Technology Solutions Holdings Inc.MTSI	MDY +0.46 points	0.50%	0.04%
Nutanix Inc. Class ANTNX	MDY +0.43 points	0.55%	0.12%
GXO Logistics IncGXO	RWK +0.43 points	0.16%	0.59%
Whirlpool CorporationWHR	RWK +0.42 points	0.05%	0.47%
Alaska Air Group Inc.ALK	RWK +0.41 points	0.12%	0.53%
Dynatrace Inc.DT	MDY +0.40 points	0.50%	0.10%
Curtiss-Wright CorporationCW	MDY +0.39 points	0.52%	0.13%
TechnipFMC plcFTI	MDY +0.40 points	0.75%	0.35%
Lattice Semiconductor CorporationLSCC	MDY +0.40 points	0.42%	0.02%
Roku Inc. Class AROKU	MDY +0.38 points	0.59%	0.21%
Woodward Inc.WWD	MDY +0.37 points	0.53%	0.16%
Chewy Inc. Class ACHWY	RWK +0.37 points	0.14%	0.51%
AecomACM	RWK +0.38 points	0.23%	0.61%
RBC Bearings IncorporatedRBC	MDY +0.37 points	0.45%	0.08%
Permian Resources Corporation Class APR	MDY +0.36 points	0.61%	0.25%
V.F. CorporationVFC	RWK +0.36 points	0.18%	0.54%
Exelixis Inc.EXEL	MDY +0.36 points	0.47%	0.11%
W. P. Carey Inc.WPC	MDY +0.35 points	0.42%	0.07%
AramarkARMK	RWK +0.36 points	0.42%	0.78%
Fluor CorporationFLR	RWK +0.36 points	0.18%	0.54%
Omega Healthcare Investors Inc.OHI	MDY +0.36 points	0.41%	0.05%
Westlake CorporationWLK	RWK +0.35 points	0.06%	0.41%
Manhattan Associates Inc.MANH	MDY +0.35 points	0.40%	0.05%
Halozyme Therapeutics Inc.HALO	MDY +0.35 points	0.43%	0.08%
Carpenter Technology CorporationCRS	MDY +0.34 points	0.42%	0.08%
PVH Corp.PVH	RWK +0.34 points	0.12%	0.46%
Semtech CorporationSMTC	MDY +0.34 points	0.38%	0.04%
Coeur Mining Inc.CDE	MDY +0.33 points	0.41%	0.08%
East West Bancorp Inc.EWBC	MDY +0.33 points	0.52%	0.19%
Avis Budget Group Inc.CAR	RWK +0.33 points	0.05%	0.38%
ITT Inc.ITT	MDY +0.33 points	0.52%	0.19%
DT Midstream Inc.DTM	MDY +0.32 points	0.37%	0.05%
Guidewire Software Inc.GWRE	MDY +0.31 points	0.38%	0.07%
Medpace Holdings Inc.MEDP	MDY +0.31 points	0.44%	0.13%
SiTime CorporationSITM	MDY +0.30 points	0.32%	0.02%
Sun Communities Inc.SUI	MDY +0.30 points	0.39%	0.09%
Repligen CorporationRGEN	MDY +0.30 points	0.34%	0.04%
Penumbra Inc.PEN	MDY +0.30 points	0.36%	0.06%
Neurocrine Biosciences Inc.NBIX	MDY +0.30 points	0.43%	0.13%
Lamar Advertising Company Class ALAMR	MDY +0.30 points	0.40%	0.10%
Thor Industries Inc.THO	RWK +0.29 points	0.11%	0.40%
Ally Financial IncALLY	RWK +0.29 points	0.31%	0.60%
Ryder System Inc.R	RWK +0.28 points	0.31%	0.59%
MKS Inc.MKSI	MDY +0.28 points	0.42%	0.14%
EastGroup Properties Inc.EGP	MDY +0.28 points	0.31%	0.03%
DocuSign Inc.DOCU	MDY +0.28 points	0.45%	0.17%
Onto Innovation Inc.ONTO	MDY +0.27 points	0.31%	0.04%
XPO Inc.XPO	MDY +0.27 points	0.61%	0.34%
Equity LifeStyle Properties Inc.ELS	MDY +0.27 points	0.33%	0.06%
Gaming and Leisure Properties Inc.GLPI	MDY +0.27 points	0.33%	0.06%
BrightSpring Health Services Inc.BTSG	RWK +0.27 points	0.29%	0.56%
Fidelity National Financial Inc. - FNF GroupFNF	RWK +0.26 points	0.29%	0.55%
RB Global Inc.RBA	MDY +0.26 points	0.47%	0.21%
Lincoln Electric Holdings Inc.LECO	MDY +0.25 points	0.44%	0.19%
Rambus Inc.RMBS	MDY +0.25 points	0.28%	0.03%
Tenet Healthcare CorporationTHC	RWK +0.25 points	0.62%	0.87%
Post Holdings Inc.POST	RWK +0.25 points	0.09%	0.34%
Cytokinetics IncorporatedCYTK	MDY +0.25 points	0.25%	<0.01%
DigitalOcean Holdings Inc.DOCN	MDY +0.25 points	0.28%	0.03%
Graphic Packaging Holding CompanyGPK	RWK +0.25 points	0.07%	0.32%
Essential Utilities Inc.WTRG	MDY +0.25 points	0.35%	0.10%
Cognex CorporationCGNX	MDY +0.24 points	0.28%	0.04%
Talen Energy CorpTLN	MDY +0.24 points	0.44%	0.20%
Bath & Body Works Inc.BBWI	RWK +0.24 points	0.13%	0.37%
BWX Technologies Inc.BWXT	MDY +0.24 points	0.36%	0.12%
Graco Inc.GGG	MDY +0.24 points	0.32%	0.08%
Hecla Mining CompanyHL	MDY +0.24 points	0.28%	0.04%
American Healthcare REIT Inc.AHR	MDY +0.23 points	0.33%	0.10%

All 400 MDY holdings⁠All 398 RWK 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.

MDY vs RWK Cost

Overpaying RWK vs MDY

$3,139

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

MDY 0.23%
$4,759
RWK 0.39%
$7,898

Amount$10,000

Years30 years

Cost over time

MDY 0.23%
RWK 0.39%
Overpaying

Year by year

Year	MDY	RWK	Overpaying
10	$419	$705	$286
20	$1,630	$2,725	$1,095
30	$4,759	$7,898	$3,139

Expense ratio

0.23%MDY, cheaper
0.39%RWK

MDY0.23%RWK0.39%

0.03%0.49%

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

MDY 9th cheapest of 11 funds

RWK 10th cheapest of 11 funds

MDY vs RWK Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MDY 1.05%; RWK 1.05%
Payout (12M): MDY $7.01; RWK $1.52
Last payment: MDY $1.60; RWK $0.41
Ex-dividend: MDY Sep 18, 2026; RWK Sep 21, 2026
Paid on: MDY Oct 30, 2026; RWK Sep 25, 2026
Frequency: MDY Quarterly; RWK Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MDYQuarterly · 39 paymentsAll MDY payments⁠

RWKQuarterly · 38 paymentsAll RWK payments⁠

MDY vs RWK Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: MDY 15.1%, betterRWK 16.4%
Return per unit of riskSharpe ratio, 3 years: MDY 0.83RWK 0.89, better
Worst fallMax drawdown, 5 years: MDY −24.0%, betterRWK −24.6%
Market sensitivityBeta, 5 years: MDY 1.02RWK 1.04; Market = 1

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