IJR vs MDY: returns, risk and drawdowns compared
iShares Core S&P Small-Cap ETF against SPDR S&P MidCap 400 ETF Trust, over the same 20 years (November 2006 to October 2026) with dividends reinvested.
Data updated October 2026
From November 2006 to October 2026, IJR returned 8.6% a year and MDY 9.3% a year on average, so MDY came out ahead by 0.7% a year. IJR was the more volatile of the two (19.9% against 18.2% a year), and the deepest falls from a month-end high were 52.3% for IJR and 49.7% for MDY.
The correlation of monthly returns was 0.96: they moved almost in lockstep. Over 205 rolling 3-year periods, IJR did better in 38% and MDY in 62%.
Side by side
| IJR | MDY | |
|---|---|---|
| Annual return (CAGR) | +8.6% | +9.3% |
| Total return | +419% | +492% |
| Annual volatility | 19.9% | 18.2% |
| Maximum drawdown (month-end) | −52.3% | −49.7% |
| Worst month | −22.6% | −22.3% |
| Best month | +18.2% | +14.8% |
| Positive months | 61% | 62% |
| Best year | 2013: +40.5% | 2009: +37.6% |
| Worst year | 2008: −31.9% | 2008: −36.4% |
| 1-year return | +17.0% | +13.4% |
| 5 years, a year | +5.5% | +6.9% |
| 10 years, a year | +10.0% | +10.4% |
| Trading currency | USD | USD |
First nine rows: the same 240 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: IJR vs MDY
Returns by calendar year
| Year | IJR | MDY |
|---|---|---|
| 2025 | +5.9% | +7.2% |
| 2024 | +8.6% | +13.6% |
| 2023 | +16.1% | +16.1% |
| 2022 | −16.2% | −13.3% |
| 2021 | +26.6% | +24.5% |
| 2020 | +11.3% | +13.5% |
| 2019 | +22.8% | +25.8% |
| 2018 | −8.5% | −11.3% |
| 2017 | +13.2% | +15.9% |
| 2016 | +25.7% | +20.5% |
| 2015 | −2.8% | −2.5% |
| 2014 | +5.2% | +9.4% |
| 2013 | +40.5% | +33.1% |
| 2012 | +15.3% | +17.8% |
| 2011 | +0.3% | −2.1% |
| 2010 | +25.9% | +26.3% |
| 2009 | +25.2% | +37.6% |
| 2008 | −31.9% | −36.4% |
| 2007 | −1.0% | +7.0% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, IJR or MDY?
From November 2006 to October 2026, IJR returned +8.6% a year and MDY +9.3% a year, with dividends reinvested. Over rolling 3-year periods IJR did better in 38% of cases. Past returns do not predict future returns.
Which is riskier, IJR or MDY?
Over the same months annual volatility was 19.9% for IJR and 18.2% for MDY; the deepest fall from a month-end high was 52.3% and 49.7%, and the worst single month −22.6% and −22.3%.
How correlated are IJR and MDY?
The correlation of their monthly returns was 0.96: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.