MDY: SPDR S&P MidCap 400 ETF Trust returns, drawdowns and risk
Funds on smaller US companies, historically more volatile than the large caps.
Data updated October 2026
MDY · US exchange · USDCategory: US small and mid cap ETFsData from October 2006
From October 2006 to October 2026 MDY returned 9.3% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $59,619.
Its deepest fall was 55.3%, from July 2007 to March 2009, and it took about 41 months to get back to the previous high. Annual volatility was 22.6%; at the last close it was 7.7% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 240 months both have data, the correlation of monthly returns was 0.92: they moved almost in lockstep. Beta was 1.10. In months when SPY rose, MDY moved 103% as much on average; in months when SPY fell, 111% as much.
Key figures
- Annual return (CAGR)
- +9.3%
- 1-year return
- +13.4%
- 5 years, a year
- +6.9%
- 10 years, a year
- +10.4%
- Annual volatility
- 22.6%
- Maximum drawdown
- −55.3%
- Sharpe ratio
- 0.44
- Worst year
- 2008: −36.4%
Trailing returns
| Period | MDY | SPY |
|---|---|---|
| 1 year | +13.4% | +16.6% |
| 3 years, a year | +15.7% | +23.1% |
| 5 years, a year | +6.9% | +12.7% |
| 10 years, a year | +10.4% | +15.4% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: MDY vs SPY
Month-end values from November 2006, the first month both funds have data.
MDY drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | MDY | SPY |
|---|---|---|
| 2026(partial) | +10.3% | +13.3% |
| 2025 | +7.2% | +17.7% |
| 2024 | +13.6% | +24.9% |
| 2023 | +16.1% | +26.2% |
| 2022 | −13.3% | −18.2% |
| 2021 | +24.5% | +28.7% |
| 2020 | +13.5% | +18.3% |
| 2019 | +25.8% | +31.2% |
| 2018 | −11.3% | −4.6% |
| 2017 | +15.9% | +21.7% |
| 2016 | +20.5% | +12.0% |
| 2015 | −2.5% | +1.2% |
| 2014 | +9.4% | +13.5% |
| 2013 | +33.1% | +32.3% |
| 2012 | +17.8% | +16.0% |
| 2011 | −2.1% | +1.9% |
| 2010 | +26.3% | +15.1% |
| 2009 | +37.6% | +26.4% |
| 2008 | −36.4% | −36.8% |
| 2007 | +7.0% | +5.1% |
| 2006(partial) | +3.5% | — |
MDY compared
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.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of MDY?
From October 2006 to October 2026 MDY returned 9.3% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +6.9% a year. Over the last 12 months: +13.4%.
What was the worst drawdown of MDY?
55.3%, from July 2007 to March 2009; it took about 41 months from the previous high to get back to it.
How volatile is MDY?
Annual volatility was 22.6% over the period. Its worst month was −22.3% and 62% of months were positive. Worst calendar year: 2008 (−36.4%).
How closely does MDY follow SPY?
Over 240 months the correlation of monthly returns was 0.92, so they moved almost in lockstep, with a beta of 1.10.
Use MDY in a free tool
Other US small and mid cap ETFs
- All US small and mid cap ETFsReturns and risk side by side
- IWM — iShares Russell 2000 ETFCAGR +8.0%
- IJR — iShares Core S&P Small-Cap ETFCAGR +8.6%
- VB — Vanguard Small-Cap ETFCAGR +12.7%
- IJH — iShares Core S&P Mid-Cap ETFCAGR +8.4%
- VO — Vanguard Mid-Cap ETFCAGR +11.5%
- SCHA — Schwab U.S. Small-Cap ETFCAGR +10.8%
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.