IVV vs MDY
iShares Core S&P 500 ETF vs State Street SPDR S&P MIDCAP 400 ETF Trust
Which is better, IVV or MDY?
Large Cap Blend against Mid Cap Blend.
IVV has a lower expense ratio. IVV led over 1Y, 3Y and 5Y, MDY over the full window. The two have moved almost in lockstep, correlation 0.91. MDY is less concentrated, with 7.8% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | MDY |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.23% |
| AUM | $876.4B | $26.1B |
| Dividend Yield | 1.06% | 1.02% |
| Holdings | 508 | 401 |
| YTD Return | +11.03%Best | +9.47% |
| 1Y Return | +15.62%Best | +12.46% |
| 3Y Return (annualized) | +20.81%Best | +13.75% |
| 5Y Return (annualized) | +12.61%Best | +7.53% |
| Volatility (annualized) | 15.1%Best | 17.7% |
| Max Drawdown | -56.5% | -56.3%Best |
| $10,000 over 5 years | $18,109Best | $14,376 |
| Top 10 Weight | 37.8% | 7.8%Best |
| Fund Family | iShares by BlackRock (US) | SPDR State Street Global Advisors |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Blend |
| Inception | May 15, 2000 | May 4, 1995 |
Volatility and max drawdown are measured over the window both funds cover: May 19, 2000 to Sep 16, 2026 (26.3 years).
IVV vs MDY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 26.3 years both funds cover.
IVV vs MDY Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and State Street SPDR S&P MIDCAP 400 ETF Trust (MDY) is an ETF from SPDR State Street Global Advisors. Over the past year IVV returned +15.62% while MDY returned +12.46%. Year to date, IVV is up 11.03% versus a gain of 9.47% for MDY.
Over three years, IVV compounded at +20.81% per year against +13.75% for MDY; over five years the annualized figures are +12.61% and +7.53% respectively. Across the full 26-year window we track, MDY has the edge at +8.36% annualized vs +6.92%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MDY has been the more volatile fund, with annualized monthly volatility of 17.7% compared with 15.1% for IVV. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -56.3% for MDY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.91. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
IVV charges 0.03% per year while MDY charges 0.23%. On a $10,000 position that is $3 vs $23 annually, a gap of $20 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 1.02% for MDY.
Holdings Overlap
We hold position weights for 490 holdings in IVV and 400 in MDY, totalling 99.3% and 99.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 490 positions we hold weights for in IVV and 400 in MDY, against full books of 508 and 401.
What only one of them owns
Our book lists 391 positions for MDY that do not appear in our book for IVV (95.2% of the fund), and 482 for IVV that do not appear in MDY (98.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of IVV and MDY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or MDY?
IVV has an expense ratio of 0.03% while MDY charges 0.23%. IVV is the cheaper option, by $20 a year on a $10,000 investment.
Which performed better, IVV or MDY?
Over the past year IVV returned +15.62% vs +12.46% for MDY, so IVV leads on 1-year performance. Over the longest common window we track (26 years), IVV annualized +6.92% vs +8.36% for MDY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or MDY?
MDY has been the more volatile fund at 17.7% annualized versus 15.1% for IVV. Worst drawdown: IVV -56.5% vs MDY -56.3%.
Should I hold both IVV and MDY?
IVV and MDY have a monthly-return correlation of 0.91, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, IVV or MDY?
IVV yields 1.06% while MDY yields 1.02%, so IVV currently pays the higher dividend yield.
Is MDY better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y and 5Y, MDY over the full window. The two have moved almost in lockstep, correlation 0.91. MDY is less concentrated, with 7.8% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.