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MDY vs SPY

State Street SPDR S&P MIDCAP 400 ETF Trust vs State Street SPDR S&P 500 ETF Trust

Last updated: 2026-04-02

MDY State Street

State Street SPDR S&P MIDCAP 400 ETF Trust (MDY) is an exchange-traded fund issued by State Street that provides exposure to mid-cap U.S. companies balancing growth potential and stability. It charges a moderate expense ratio of 0.24%. The fund offers a moderate dividend yield of 1.15%. Launched in 1995, the fund has a 31-year track record.

AUM: $24.2B ER: 0.24% Yield: 1.15% Since: 1995-05-04
SPY State Street

State Street SPDR S&P 500 ETF Trust (SPY) is an exchange-traded fund issued by State Street that provides exposure to large-cap U.S. equities across growth and value styles. It charges a low expense ratio of 0.09%. The fund offers a moderate dividend yield of 1.13%. Launched in 1993, the fund has a 33-year track record.

AUM: $712.1B ER: 0.09% Yield: 1.13% Since: 1993-01-29

Quick Verdict

SPY is significantly cheaper at 0.09% vs 0.24% expense ratio, saving you approximately $296 per $10,000 invested over 10 years. SPY has edged ahead over the past year (16.0% vs 13.9%).

Key Metrics

Metric MDY SPY
Expense Ratio 0.24% 0.09%
Dividend Yield 1.1% 1.1%
Fund Family State Street State Street
Category US Mid Cap US Large Cap Blend

Performance Chart

Indexed to 100 at start (5-year comparison)

80 99 118 137 156 175 2021-04 2022-06 2023-10 2024-12 2026-04
MDY +27.8%
SPY +61.1%

Performance Comparison

Period MDY SPY Difference
1 Month -4.04% -3.75% -0.29%
3 Months +1.57% -4.15% +5.72%
6 Months +3.21% -2.50% +5.71%
YTD +1.57% -4.15% +5.72%
1 Year +13.95% +16.00% -2.05%
3 Years +35.56% +59.35% -23.79%
5 Years +27.83% +61.15% -33.32%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment Period MDY Fees SPY Fees You Save
$10,000 10 years $475 $179 $296
$10,000 20 years $2,028 $771 $1,258
$10,000 30 years $6,497 $2,486 $4,011
$50,000 10 years $2,375 $896 $1,479
$50,000 30 years $32,483 $12,428 $20,056
$100,000 30 years $64,967 $24,855 $40,112

Risk Metrics

Based on 5 years of daily returns

Metric MDY SPY
Annualized Volatility 19.8% 17.1%
Max Drawdown -24.5% -25.4%
Sharpe Ratio 0.12 0.38

Dividend Comparison

Metric MDY SPY
Annual Dividend (per share) $7.12 $7.38
Dividend Yield 1.15% 1.13%
Distribution Frequency Quarterly Quarterly

Top Holdings

0 of top 9 holdings overlap (0% overlap in top holdings)

MDY Top Holdings

NameWeight
Ciena Corp102.57%
Coherent Corp90.18%
Lumentum Holdings Inc81.25%
Flex Ltd69.47%
Twilio Inc67.05%
United Therapeutics Corp65.23%
Pure Storage Inc65.05%
Casey's General Stores Inc63.89%
Curtiss-Wright Corp63.20%
Illumina Inc62.31%

SPY Top Holdings

NameWeight
NVIDIA Corp775.46%
Apple Inc687.37%
Microsoft Corp615.05%
Amazon.com Inc384.22%
Broadcom Inc279.66%
Alphabet Inc249.68%
Meta Platforms Inc245.99%
Tesla Inc216.23%
Berkshire Hathaway Inc157.72%

Which One Should You Choose?

Choose SPY if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Choose SPY if...

recent performance momentum matters to your strategy. Note that past performance doesn't guarantee future results.

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