# MDY ETF: fees, returns, drawdowns and holdings

> What MDY holds, its 0.23% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

State Street SPDR S&P MidCap 400 ETF Trust (MDY) is an exchange-traded fund (ETF) run by SPDR (State Street). This fund owns the 400 medium-sized US companies in the S&P MidCap 400 index. It charges 0.23% a year. From May 1995 to October 2026 it returned about 11.0% a year, and its worst drop was −55.3%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.23% a year (about $23 on $10,000).
- Started trading on May 4, 1995.
- Last close: $659.87 on October 16, 2026.
- Return over the last year: 13.5%.
- Worst drop since 1995: −55.3%.
- No Tactfolio classic strategies hold it.

## How has MDY done since 1995?

From May 1995 to October 2026, MDY returned about 11.0% a year. The S&P 500 returned about 10.8% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $265,693 at the end, with every dividend reinvested.

| Period | MDY | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | −0.7% | 1.5% |
| 3 months | −4.5% | 1.9% |
| 6 months | 1.6% | 9.3% |
| Year to date | 10.2% | 12.8% |
| 1 year | 13.5% | 16.8% |
| 3 years, per year | 14.7% | 22.0% |
| 5 years, per year | 7.0% | 12.8% |
| 10 years, per year | 10.4% | 15.4% |
| Since 1995, per year | 11.0% | 10.8% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## MDY returns by month and year

MDY rose in 235 of its 378 months (62%). Its best month was April 2009, at 14.8%. Its worst was October 2008, at −21.6%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 4.0% | 4.0% | −5.3% | 7.7% | 2.5% | 3.6% | −2.4% | 0.1% | −4.2% | 0.5% |  |  | 10.2% |
| 2025 | 3.7% | −4.2% | −5.5% | −2.4% | 5.4% | 3.6% | 1.6% | 3.4% | 0.4% | −0.5% | 2.1% | 0.0% | 7.2% |
| 2024 | −1.7% | 5.9% | 5.6% | −6.0% | 4.5% | −1.7% | 5.8% | −0.1% | 1.1% | −0.7% | 8.9% | −7.2% | 13.6% |
| 2023 | 9.3% | −1.9% | −3.2% | −0.8% | −3.2% | 9.2% | 4.1% | −3.0% | −5.3% | −5.3% | 8.4% | 8.6% | 16.1% |
| 2022 | −7.3% | 1.1% | 1.3% | −7.1% | 0.8% | −9.7% | 10.9% | −3.2% | −9.2% | 10.5% | 6.0% | −5.5% | −13.3% |
| 2021 | 1.4% | 6.8% | 4.9% | 4.3% | 0.2% | −1.4% | 0.3% | 2.0% | −4.0% | 5.9% | −3.0% | 5.1% | 24.2% |
| 2020 | −2.6% | −9.4% | −20.2% | 14.1% | 7.2% | 1.3% | 4.7% | 3.5% | −3.3% | 2.2% | 14.3% | 6.5% | 13.5% |
| 2019 | 10.3% | 4.3% | −0.6% | 4.0% | −8.1% | 7.8% | 0.9% | −4.1% | 3.1% | 1.1% | 2.9% | 2.8% | 25.8% |
| 2018 | 2.8% | −4.4% | 1.0% | −0.4% | 4.1% | 0.4% | 1.7% | 3.2% | −1.1% | −9.6% | 3.2% | −11.3% | −11.3% |
| 2017 | 1.7% | 2.6% | −0.4% | 0.8% | −0.5% | 1.5% | 0.9% | −1.5% | 3.9% | 2.2% | 3.7% | 0.2% | 15.9% |
| 2016 | −5.5% | 1.2% | 8.5% | 1.2% | 2.3% | 0.5% | 4.2% | 0.5% | −0.6% | −2.7% | 7.9% | 2.2% | 20.5% |
| 2015 | −1.1% | 5.0% | 1.3% | −1.5% | 1.7% | −1.3% | 0.1% | −5.7% | −3.2% | 5.5% | 1.3% | −4.2% | −2.5% |
| 2014 | −2.2% | 4.9% | 0.3% | −1.5% | 1.6% | 4.2% | −4.4% | 5.1% | −4.5% | 3.5% | 1.8% | 0.8% | 9.4% |
| 2013 | 7.1% | 0.8% | 4.8% | 0.6% | 2.3% | −2.3% | 6.7% | −3.9% | 5.3% | 3.6% | 1.2% | 3.2% | 33.1% |
| 2012 | 6.6% | 4.5% | 1.9% | −0.3% | −6.5% | 1.9% | 0.0% | 3.5% | 1.7% | −0.9% | 2.3% | 2.3% | 17.8% |
| 2011 | 1.9% | 4.5% | 2.6% | 2.6% | −0.9% | −2.5% | −3.5% | −7.2% | −10.5% | 13.6% | −0.2% | −0.6% | −2.1% |
| 2010 | −3.2% | 5.1% | 7.2% | 4.2% | −7.0% | −6.6% | 6.8% | −5.0% | 11.3% | 3.4% | 3.0% | 6.6% | 26.3% |
| 2009 | −6.7% | −9.4% | 8.3% | 14.8% | 2.9% | 0.9% | 8.3% | 4.4% | 5.7% | −4.5% | 4.2% | 6.1% | 37.6% |
| 2008 | −6.0% | −1.1% | −1.9% | 7.9% | 5.4% | −7.1% | −1.8% | 1.4% | −10.8% | −21.6% | −9.5% | 4.4% | −36.4% |
| 2007 | 3.5% | 1.1% | 1.3% | 2.8% | 5.1% | −2.2% | −4.7% | 1.1% | 2.6% | 2.6% | −4.9% | −0.8% | 7.2% |
| 2006 | 5.3% | −0.3% | 2.6% | 1.4% | −4.3% | −0.5% | −2.7% | 1.2% | 0.7% | 4.1% | 3.1% | −0.5% | 10.0% |
| 2005 | −2.4% | 3.6% | −1.5% | −3.7% | 5.7% | 2.6% | 5.1% | −1.0% | 0.6% | −3.0% | 5.7% | 0.6% | 12.5% |
| 2004 | 2.2% | 2.4% | 0.4% | −3.6% | 2.5% | 2.0% | −4.6% | 0.0% | 2.5% | 1.7% | 6.1% | 3.8% | 15.9% |
| 2003 | −2.6% | −2.6% | 0.4% | 7.4% | 8.6% | 0.9% | 3.6% | 4.5% | −1.4% | 7.7% | 3.6% | 1.4% | 35.3% |
| 2002 | −0.1% | −0.2% | 6.9% | −0.2% | −1.6% | −7.5% | −9.6% | 0.1% | −8.3% | 4.5% | 6.2% | −4.3% | −14.5% |
| 2001 | 2.5% | −6.2% | −6.8% | 10.5% | 2.4% | −0.1% | −1.8% | −3.1% | −12.4% | 4.4% | 7.2% | 5.0% | −0.9% |
| 2000 | −2.2% | 7.8% | 6.9% | −3.1% | −0.8% | 1.4% | 1.4% | 10.8% | −1.3% | −3.3% | −7.2% | 7.2% | 17.3% |
| 1999 | −2.5% | −4.9% | 2.5% | 7.9% | 0.5% | 5.2% | −2.3% | −3.4% | −2.7% | 4.9% | 5.3% | 5.2% | 15.5% |
| 1998 | −1.4% | 7.8% | 4.9% | 1.5% | −5.0% | 1.5% | −4.3% | −20.1% | 12.5% | 7.9% | 3.6% | 11.5% | 17.2% |
| 1997 | 4.5% | −1.1% | −4.1% | 2.4% | 8.4% | 3.2% | 9.6% | 0.1% | 5.4% | −3.8% | 1.6% | 2.1% | 31.1% |
| 1996 | 1.7% | 3.1% | 0.8% | 3.3% | 0.8% | −2.0% | −6.1% | 5.4% | 4.5% | 0.5% | 5.9% | −2.6% | 15.5% |
| 1995 (part) |  |  |  |  | 1.5% | 4.6% | 4.9% | 1.9% | 2.4% | −3.2% | 4.2% | −0.4% | 16.9% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is MDY compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 1.01.** When the S&P 500 moved 1% in a day, MDY tended to move about 1.01%.
- **Correlation 0.88.** MDY mostly moved with the S&P 500.
- **Up and down months.** In months the S&P 500 rose, MDY rose 89% as much on average. In months it fell, MDY fell 111% as much.

| Measure | MDY | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 6.9% | 12.8% |
| Volatility | 19.6% | 17.1% |
| Worst drop | −24.0% | −24.5% |
| Sharpe ratio | 0.44 | 0.79 |
| Sortino ratio | 0.64 | 1.15 |
| Calmar ratio | 0.29 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is MDY above its 200-day average?

MDY closed 0.2% below its 200-day average on October 16, 2026. A rule that holds MDY only above that average would be out of it today.

- Its 50-day average is 2.9% above its 200-day average.
- It closed 7.7% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for MDY](https://tactfolio.com/builder) and backtest it in a minute.

## What was MDY's worst drop?

A drawdown is how far a fund falls from its last high point. MDY's worst fall was −55.3%, from July 13, 2007 to March 9, 2009. It got back to that high on December 6, 2010. On October 16, 2026 it was 7.7% below its highest close.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −55.3% | Jul 13, 2007 | Mar 9, 2009 | Dec 6, 2010 | 20 months | 21 months |
| −42.2% | Feb 20, 2020 | Mar 23, 2020 | Nov 9, 2020 | 32 days | 8 months |
| −32.0% | Apr 16, 2002 | Oct 9, 2002 | Oct 13, 2003 | 6 months | 12 months |
| −27.7% | Apr 22, 1998 | Oct 8, 1998 | Dec 31, 1998 | 6 months | 3 months |
| −26.2% | Apr 29, 2011 | Oct 3, 2011 | Mar 26, 2012 | 5 months | 6 months |

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does MDY hold?

This fund owns the 400 medium-sized US companies in the S&P MidCap 400 index. It started in 1995 and is one of the oldest ETFs. Its yearly fee is higher than some newer funds that follow the same index.

It tracks the S&P MidCap 400 Index. It had 400 holdings as of October 15, 2026, according to SPDR (State Street).

| Fact | MDY |
| --- | --- |
| Full name | State Street SPDR S&P MidCap 400 ETF Trust |
| Issuer | SPDR (State Street) |
| Expense ratio | 0.23% a year |
| Started trading | May 4, 1995 |
| Tracks | S&P MidCap 400 Index |
| Type | US stocks, ETF |
| Holdings | 400 holdings as of October 15, 2026 |
| Facts checked | October 17, 2026 on the [SPDR (State Street) fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-midcap-400-etf-trust-mdy) |

## What is the MDY expense ratio?

MDY charges 0.23% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.23% fee comes to about $23 a year. Of the 162 ETFs on Tactfolio, 31% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold MDY?

No classic strategy holds MDY yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done.

## How does MDY compare with similar ETFs?

Funds that can stand in for MDY:

- [IJH](https://tactfolio.com/etf/IJH.md): iShares Core S&P Mid-Cap ETF, 0.05% a year
- [SCHM](https://tactfolio.com/etf/SCHM.md): Schwab U.S. Mid-Cap ETF, 0.03% a year
- [VO](https://tactfolio.com/etf/VO.md): Vanguard Morningstar Mid-Cap ETF, 0.03% a year
- [IWR](https://tactfolio.com/etf/IWR.md): iShares Russell Mid-Cap ETF, 0.18% a year

See [all 8 MDY alternatives](https://tactfolio.com/alternatives/MDY.md), compared on the same dates as MDY.

## Test MDY in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add MDY, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for MDY and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from SPDR (State Street). We checked them on October 17, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [S&P 500 index](https://tactfolio.com/learn/sp500-index): The S&P 500 tracks about 500 large US companies. Learn how stocks get in, how the index is weighted, how to invest in it, and how far it has fallen before.
- [What is an ETF](https://tactfolio.com/learn/what-is-an-etf): An ETF is a fund that trades like a stock. Learn how ETFs work, what they cost, the main types, and the risks, with SEC sources.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of MDY?

MDY charges 0.23% a year, according to SPDR (State Street) as of October 17, 2026. That is about $23 a year for every $10,000 you hold.

### When did MDY start trading?

MDY started trading on May 4, 1995. It is run by SPDR (State Street).

### What does MDY track?

MDY tracks the S&P MidCap 400 Index. This fund owns the 400 medium-sized US companies in the S&P MidCap 400 index.

### How much has MDY returned per year?

From May 1995 to October 2026, MDY returned about 11.0% a year with dividends reinvested. Its worst drop was −55.3%. Past returns do not tell you what it will do next.

### Is MDY above its 200-day moving average?

On October 16, 2026, MDY closed 0.2% below its 200-day moving average. This page updates after each US market close.

### Which strategies use MDY?

None of Tactfolio's classic strategies hold MDY yet. You can test it in your own rules in the builder.

## Sources

- [SPDR (State Street): State Street SPDR S&P MidCap 400 ETF Trust fund page](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-sp-midcap-400-etf-trust-mdy)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.