MDY vs SPMD: Grades, Fees and Holdings Compared

State Street SPDR S&P MIDCAP 400 ETF Trust

MDYBNYSE Arca

State Street SPDR Portfolio S&P 400 Mid Cap ETF

SPMDANYSE Arca

Overlap

99.0%by weight

Expense ratio

SPMD −0.20pt a year

MDY0.23%SPMD0.03%

Avg volume · 30D

SPMD 2.6×the volume

MDY636KSPMD1.64M

10Y return · a year

SPMD +0.4pt

MDY+10.7%SPMD+11.1%

MDY vs SPMD Performance

Oct 29, 2021 – Oct 30, 2026

+39.7%MDY+41.5%SPMD

Expense ratio: MDY 0.23%; SPMD 0.03%, better
Fund size: MDY $25.8B; SPMD $18.9B
1Y total return: MDY +14.0%; SPMD +14.4%, better
Yield (12M): MDY 1.05%; SPMD 1.31%, better
Holdings: MDY 401; SPMD 402
Avg volume (30D): MDY 636K sh; SPMD 1.64M sh, better
NAV per share: MDY $668.72; SPMD $65.00
52W range

ETF.net Grade

Pillar letters and Scores for MDY, SPMD, with each pillar’s weight
Pillar	MDY	SPMD
Cost30% weight	F24	A96Higher
Mission25% weight	A100	A100
Risk15% weight	C52	C52
Tradability15% weight	A93Higher	A78
Holdings10% weight	A83	A83
Durability5% weight	A76Higher	A73

Rank among S&P MidCap 400 funds

How we build Categories ›

Same Category. MDY 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 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

MDYBState Street SPDR S&P MIDCAP 400 ETF Trust

SPMDAState Street SPDR Portfolio S&P 400 Mid Cap 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.

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

MDY The fund seeks to track, before expenses, the price and yield 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

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.

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

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.

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 MDY profile⁠

Full SPMD profile⁠

MDY vs SPMD Holdings

How MDY and SPMD differ

Overlap by weight

99.0%

Shared holdings make up 99.9% of SPMD and 99.0% of MDY.

Level by level

Holdings400 in both99.0%
Asset classEquity100%
Countryby domicile99.9%
Sector11 Sectors99.8%

Sector

Sector weights in MDY and SPMD, widest gap first
Sector	More in MDYMore in SPMD	MDY	SPMD
Technology	SPMD +0.1 points	14.1%	14.2%
Health Care	Same weight	10.4%	10.4%
Industrials	MDY +0.1 points	23.2%	23.1%
Real Estate	Same weight	7.0%	7.0%
Energy	Same weight	5.7%	5.7%
Utilities	MDY +0.1 points	3.3%	3.2%
Consumer Staples	MDY +0.1 points	3.4%	3.3%
Financials	Same weight	15.3%	15.3%
Materials	Same weight	5.9%	5.9%
Consumer Discretionary	Same weight	10.3%	10.3%
Communication	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in MDY and SPMD, widest gap first
Country	More in MDYMore in SPMD	MDY	SPMD
United States	SPMD +0.1 points	98.1%	98.2%
United Kingdom	MDY +0.2 points	1.4%	1.2%
Sweden	Same weight	0.2%	0.2%
Brazil	Same weight	0.1%	0.2%
India	Same weight	0.1%	0.2%

Concentration

Weight in the 10 largest Holdings

MDY7.4%
SPMD7.1%

Securities held

MDY401
SPMD400

Asset class

MDY: Equity
SPMD: Equity

Holdings

Only in MDY1
In both400
Only in SPMD0

Only in MDY

1 security, 1.0% of MDY by weight

U.S. Dollar0.95%

Only in SPMD

0 securities, 0.0% of SPMD by weight

Weight gaps

The 100 widest of 400 Holdings in both funds.

Holding weights in MDY and SPMD, widest gap first
Holding	More in MDYMore in SPMD	MDY	SPMD
Okta Inc. Class AOKTA	SPMD +0.01 points	1.05%	1.06%
TechnipFMC plcFTI	SPMD +0.01 points	0.75%	0.76%
United Therapeutics CorporationUTHR	Same weight	0.73%	0.73%
Entegris Inc.ENTG	Same weight	0.70%	0.70%
ATI IncATI	SPMD +0.01 points	0.68%	0.69%
Reliance Inc.RS	SPMD +0.01 points	0.64%	0.65%
nVent Electric plcNVT	Same weight	0.64%	0.64%
US Foods Holding Corp.USFD	Same weight	0.64%	0.64%
Tenet Healthcare CorporationTHC	SPMD +0.01 points	0.62%	0.63%
XPO Inc.XPO	SPMD +0.01 points	0.61%	0.62%
Permian Resources Corporation Class APR	SPMD +0.01 points	0.61%	0.62%
Roku Inc. Class AROKU	SPMD +0.01 points	0.59%	0.60%
TD SYNNEX CorporationSNX	SPMD +0.01 points	0.58%	0.59%
Roivant Sciences Ltd.ROIV	SPMD +0.01 points	0.58%	0.59%
Royal Gold Inc.RGLD	SPMD +0.01 points	0.57%	0.58%
Ovintiv IncOVV	SPMD +0.01 points	0.56%	0.57%
Nutanix Inc. Class ANTNX	Same weight	0.55%	0.55%
Curtiss-Wright CorporationCW	SPMD +0.01 points	0.52%	0.53%
Woodward Inc.WWD	SPMD +0.01 points	0.53%	0.54%
ITT Inc.ITT	Same weight	0.52%	0.52%
East West Bancorp Inc.EWBC	SPMD +0.01 points	0.52%	0.53%
WESCO International Inc.WCC	SPMD +0.01 points	0.51%	0.52%
Dynatrace Inc.DT	SPMD +0.01 points	0.50%	0.51%
SharkNinja Inc.SN	Same weight	0.50%	0.50%
APi Group CorporationAPG	SPMD +0.01 points	0.49%	0.50%
MACOM Technology Solutions Holdings Inc.MTSI	SPMD +0.01 points	0.50%	0.51%
HF Sinclair CorporationDINO	SPMD +0.01 points	0.49%	0.50%
Reinsurance Group of America IncorporatedRGA	SPMD +0.01 points	0.49%	0.50%
RB Global Inc.RBA	Same weight	0.47%	0.47%
Exelixis Inc.EXEL	Same weight	0.47%	0.47%
Jones Lang LaSalle IncorporatedJLL	SPMD +0.01 points	0.46%	0.47%
Toast Inc. Class ATOST	SPMD +0.01 points	0.46%	0.47%
RBC Bearings IncorporatedRBC	Same weight	0.45%	0.45%
Talen Energy CorpTLN	SPMD +0.01 points	0.44%	0.45%
DocuSign Inc.DOCU	Same weight	0.45%	0.45%
Clean Harbors Inc.CLH	SPMD +0.01 points	0.44%	0.45%
Performance Food Group CoPFGC	Same weight	0.44%	0.44%
Lincoln Electric Holdings Inc.LECO	SPMD +0.01 points	0.44%	0.45%
CACI International Inc Class ACACI	Same weight	0.43%	0.43%
Pinnacle Financial Partners Inc.PNFP	Same weight	0.44%	0.44%
Burlington Stores Inc.BURL	Same weight	0.44%	0.44%
Medpace Holdings Inc.MEDP	Same weight	0.44%	0.44%
Somnigroup International Inc.SGI	SPMD +0.01 points	0.42%	0.43%
W. P. Carey Inc.WPC	SPMD +0.01 points	0.42%	0.43%
Halozyme Therapeutics Inc.HALO	Same weight	0.43%	0.43%
Neurocrine Biosciences Inc.NBIX	Same weight	0.43%	0.43%
AramarkARMK	SPMD +0.01 points	0.42%	0.43%
Carlisle Companies IncorporatedCSL	Same weight	0.42%	0.42%
TransUnionTRU	SPMD +0.01 points	0.41%	0.42%
Lattice Semiconductor CorporationLSCC	Same weight	0.42%	0.42%
Carpenter Technology CorporationCRS	SPMD +0.01 points	0.42%	0.43%
Coeur Mining Inc.CDE	SPMD +0.01 points	0.41%	0.42%
MKS Inc.MKSI	Same weight	0.42%	0.42%
Manhattan Associates Inc.MANH	Same weight	0.40%	0.40%
Omega Healthcare Investors Inc.OHI	Same weight	0.41%	0.41%
RenaissanceRe Holdings Ltd.RNR	SPMD +0.01 points	0.40%	0.41%
Lamar Advertising Company Class ALAMR	Same weight	0.40%	0.40%
Annaly Capital Management Inc.NLY	Same weight	0.40%	0.40%
Equitable Holdings Inc.EQH	Same weight	0.40%	0.40%
Five Below Inc.FIVE	Same weight	0.39%	0.39%
Sun Communities Inc.SUI	Same weight	0.39%	0.39%
Toll Brothers Inc.TOL	Same weight	0.39%	0.39%
BJ's Wholesale Club Holdings Inc.BJ	SPMD +0.01 points	0.38%	0.39%
Jazz Pharmaceuticals Public Limited CompanyJAZZ	Same weight	0.39%	0.39%
Guidewire Software Inc.GWRE	Same weight	0.38%	0.38%
RPM International Inc.RPM	SPMD +0.01 points	0.37%	0.38%
DT Midstream Inc.DTM	Same weight	0.37%	0.37%
Encompass Health CorporationEHC	Same weight	0.37%	0.37%
Semtech CorporationSMTC	Same weight	0.38%	0.38%
Crown Holdings Inc.CCK	SPMD +0.01 points	0.36%	0.37%
Penumbra Inc.PEN	SPMD +0.01 points	0.36%	0.37%
Range Resources CorporationRRC	Same weight	0.36%	0.36%
Antero Resources CorporationAR	SPMD +0.01 points	0.36%	0.37%
FabrinetFN	Same weight	0.36%	0.36%
BWX Technologies Inc.BWXT	Same weight	0.36%	0.36%
Texas Roadhouse Inc.TXRH	SPMD +0.01 points	0.34%	0.35%
Mueller Industries Inc.MLI	SPMD +0.01 points	0.35%	0.36%
Essential Utilities Inc.WTRG	Same weight	0.35%	0.35%
HubSpot Inc.HUBS	Same weight	0.34%	0.34%
Nextpower Inc.NXT	Same weight	0.35%	0.35%
Coca-Cola Consolidated Inc.COKE	Same weight	0.34%	0.34%
Elanco Animal Health Inc.ELAN	Same weight	0.33%	0.33%
Sterling Infrastructure Inc.STRL	Same weight	0.33%	0.33%
Gaming and Leisure Properties Inc.GLPI	Same weight	0.33%	0.33%
American Healthcare REIT Inc.AHR	Same weight	0.33%	0.33%
SiTime CorporationSITM	SPMD +0.01 points	0.32%	0.33%
Evercore Inc. Class AEVR	Same weight	0.33%	0.33%
Equity LifeStyle Properties Inc.ELS	Same weight	0.33%	0.33%
Arrow Electronics Inc.ARW	Same weight	0.32%	0.32%
Avantor Inc.AVTR	SPMD +0.01 points	0.32%	0.33%
First Horizon CorporationFHN	Same weight	0.32%	0.32%
MasTec Inc.MTZ	Same weight	0.32%	0.32%
BioMarin Pharmaceutical Inc.BMRN	Same weight	0.32%	0.32%
Graco Inc.GGG	Same weight	0.32%	0.32%
SEI Investments CompanySEIC	SPMD +0.01 points	0.31%	0.32%
Ally Financial IncALLY	Same weight	0.31%	0.31%
Ryder System Inc.R	Same weight	0.31%	0.31%
BorgWarner Inc.BWA	Same weight	0.31%	0.31%
Onto Innovation Inc.ONTO	Same weight	0.31%	0.31%
Repligen CorporationRGEN	Same weight	0.34%	0.34%

All 400 MDY 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.

MDY vs SPMD Cost

Overpaying MDY vs SPMD

$4,121

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

MDY 0.23%
$4,759
SPMD 0.03%
$638

Amount$10,000

Years30 years

Cost over time

MDY 0.23%
SPMD 0.03%
Overpaying

Year by year

Year	MDY	SPMD	Overpaying
10	$419	$55	$364
20	$1,630	$216	$1,414
30	$4,759	$638	$4,121

Expense ratio

0.23%MDY
0.03%SPMD, cheaper

SPMD0.03%MDY0.23%

0.03%0.49%

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

SPMD cheapest of 11 funds

MDY 9th cheapest of 11 funds

MDY vs SPMD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MDY 1.05%; SPMD 1.31%, better
Payout (12M): MDY $7.01; SPMD $0.84
Last payment: MDY $1.60; SPMD $0.23
Ex-dividend: MDY Sep 18, 2026; SPMD Sep 21, 2026
Paid on: MDY Oct 30, 2026; SPMD Sep 23, 2026
Frequency: MDY Quarterly; SPMD Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MDYQuarterly · 39 paymentsAll MDY payments⁠

SPMDQuarterly · 39 paymentsAll SPMD payments⁠

MDY vs SPMD Risk

Fall from peak · 5 years

MDY
SPMD

Risk facts

VolatilityStd dev, 3 years: MDY 15.1%SPMD 15.1%
Return per unit of riskSharpe ratio, 3 years: MDY 0.83SPMD 0.85, better
Worst fallMax drawdown, 5 years: MDY −24.0%, betterSPMD −24.1%
Market sensitivityBeta, 5 years: MDY 1.02SPMD 1.02; Market = 1

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