At a glance
MDYV charges 0.15% a year, above the 0.12% average of the 8 funds most like it (the 6th cheapest of 9). It has $2.68B in assets, the 6th largest of that group; it paid 1.71% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.1% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +17.8% a year. At its worst it fell 45.4% in the 2020 crash (S&P 500: 33.7%) and 19.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 4 months after the lows. Its ten largest positions make up 10.1% of the fund, out of 299 in all.
The short version
SPDR S&P 400 Mid Cap Value ETF (MDYV) is a State Street index fund. It tracks the S&P MidCap 400 Value Index, a basket of about 300 mid-sized US companies that look cheap compared with their book value, earnings and sales. Its 0.15% expense ratio sits between iShares' fund on the same index (IJJ, 0.18%) and Vanguard's (IVOV, 0.10%). The portfolio leans toward financial and industrial companies.
Price history
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MDYV +12.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MDYV official prospectus, to Dec 31, 2025 | — | +7.43% | — | +10.85% | +10.54% | — |
| MDYV price data to Oct 27, 2026 | +10.9% | +12.1% | +17.8% | +8.2% | +10.4% | +8.8% |
- Over the year to Oct 27, 2026, MDYV returned +12.1%, 6th of 9 among similar funds.
- Its 5-year annualized return was +8.2% and its 10-year +10.4%.
- In the 2020 COVID crash it fell 45.4% and regained its old high 8.1 months after the low.
- Its worst full calendar year was 2008 (-35.6%); its best was 2009 (+34.7%).
- The deepest fall in its price history was 60.7% (Jun 4, 2007 to Mar 6, 2009), recovered by Apr 5, 2011.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.9% | — |
| 2025 | +7.4% | +7.43% |
| 2024 | +11.5% | +11.53% |
| 2023 | +15.3% | +15.27% |
| 2022 | -7.2% | -7.06% |
| 2021 | +30.5% | +30.39% |
| 2020 | +3.7% | +3.61% |
| 2019 | +25.9% | +25.88% |
| 2018 | -11.9% | -11.97% |
| 2017 | +12.3% | +12.16% |
| 2016 | +26.1% | +26.35% |
| 2015 | -7.1% | — |
| 2014 | +12.3% | — |
| 2013 | +34.1% | — |
| 2012 | +17.8% | — |
| 2011 | -2.9% | — |
| 2010 | +21.1% | — |
| 2009 | +34.7% | — |
| 2008 | -35.6% | — |
| 2007 | -1.9% | — |
| 2006 | +15.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.9% over that stretch · deepest drop along the way 58.2%, back to its old high 22.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45% over that stretch · deepest drop along the way 45.4%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.4% over that stretch · deepest drop along the way 19%, back to its old high 3.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1900 | |
| 2025 | $1.4500 | -4.0% |
| 2024 | $1.5100 | +30.2% |
| 2023 | $1.1600 | -5.7% |
| 2022 | $1.2300 | 0.0% |
| 2021 | $1.2300 | +32.3% |
| 2020 | $0.9300 | -7.0% |
| 2019 | $1.0000 | -0.5% |
| 2018 | $1.0050 | -20.9% |
| 2017 | $1.2700 | +48.5% |
| 2016 | $0.8550 | -48.0% |
| 2015 | $1.6450 | -4.9% |
| 2014 | $1.7300 | +214.5% |
| 2013 | $0.5500 | -12.0% |
| 2012 | $0.6250 | +38.9% |
| 2011 | $0.4500 | -26.2% |
| 2010 | $0.6100 | +11.9% |
| 2009 | $0.5450 | -27.8% |
| 2008 | $0.7550 | +24.8% |
| 2007 | $0.6050 | -27.8% |
| 2006 | $0.8385 |
What's inside
As of Jun 30, 2026, the fund held 299 securities; the ten largest made up 10.06% of assets.
| Holding | Weight | |
|---|---|---|
| US Foods Holding Corp | 1.29% | |
| TD SYNNEX Corp | 1.15% | |
| Reliance Inc | 1.09% | |
| Performance Food Group Co | 1.01% | |
| WESCO International Inc | 0.97% | |
| Entegris Inc | 0.94% | |
| Annaly Capital Management Inc | 0.94% | |
| Regal Rexnord Corp | 0.91% | |
| Toll Brothers Inc | 0.89% | |
| Pinnacle Financial Partners Inc | 0.87% | |
| Aramark | 0.86% | |
| Watsco Inc | 0.84% | |
| Ovintiv Inc | 0.83% | |
| Permian Resources Corp | 0.83% | |
| Jones Lang LaSalle Inc | 0.82% |
By country
United States 95.86%Bermuda 1.51%Cayman Islands 0.62%Netherlands 0.57%United Kingdom 0.4%By asset type
Stocks 99.75%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $8.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.58%, -0.13%, +4.08%.
How it works
The fund tries to match the S&P MidCap 400 Value Index, which S&P Dow Jones Indices runs. The index starts with the S&P MidCap 400. Companies in that group are US-listed, worth roughly $8 billion to $22.7 billion when added, and trade actively. They also have at least 10% of their shares available to the public and have reported positive earnings. From that group, the index keeps the stocks with the strongest "value" traits, based on three ratios: book value to price, earnings to price, and sales to price. As of July 31, 2026, the index held 297 stocks.
The index weights stocks by market capitalization (a company's total stock market value), with caps to meet tax rules. It is rebuilt once a year after the third Friday of December and rebalanced after the third Friday of March, June, September and December. Holdings are spread thinly. As of June 30, 2026, the top 10 made up 10.06% of assets, led by US Foods at 1.3%.
Adviser SSGA Funds Management uses a "sampling" approach. That means it can hold a subset of the index or nearly all of it, as long as at least 80% of assets are in index stocks. The fund may use futures contracts to manage cash flows. Portfolio turnover was 38%.
What it really costs
- MDYV charges 0.15% a year, versus an average of 0.12% for the similar funds below (6th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MDYV | $15 | $48 | $85 | $192 |
In a retirement portfolio
It adds mid-sized, lower-priced US companies to a portfolio usually built around large-cap stocks, but it is too volatile to serve as a defensive holding.
MDYV could broaden a large-cap stock portfolio. It returned 10.54% a year on average over the 10 years through December 31, 2025. The ride has been rough in crashes, though. It fell 58.2% in the 2008 financial crisis, and its worst calendar year was 2008, at -35.6%. Its deepest drop overall, 60.7%, took 25 months to recover after the March 2009 low. It lost 45.4% in the 2020 COVID crash but was back by November 2020, and it fell 19% in 2022. Anyone who has to sell shares during a stretch like that locks in steep losses. Income is modest: a 1.71% trailing yield as of October 27, 2026, paid quarterly. The cost is low at 0.15% a year. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking a low-cost (0.15%) tilt toward mid-sized US value stocks such as US Foods, Reliance and Toll Brothers.
- Holders of large-cap core funds wanting broad mid-cap exposure across about 300 companies, with no stock above about 1.3% as of June 30, 2026.
- People comfortable with modest quarterly income: a 1.71% trailing yield as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: Vanguard's IVOV tracks the same index for 0.10%, and SPMD covers the full S&P MidCap 400 for 0.03%.
- Anyone who may need to sell in a crash: the fund fell 58.2% in 2008 and 45.4% in early 2020.
- Investors who want growth or tech exposure. The index favors cheaper financial and industrial companies, and value stocks can trail other styles.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MDYV this fund | — | 0.15% | $2.68B | +12.1% | +17.8% |
| IJJ iShares S&P Mid-Cap 400 Value ETF | 100% | 0.18% | $8.73B | +12.0% | +17.8% |
| IVOV Vanguard S&P Mid-Cap 400 Value ETF | 93% | 0.1% | $1.49B | +12.2% | +17.9% |
| SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 63% | 0.03% | $18.39B | +15.3% | +16.6% |
| IJH iShares Core S&P Mid-Cap ETF | 63% | 0.05% | $124.33B | +15.3% | +16.6% |
| MDY SPDR S&P Midcap 400 ETF Trust | 62% | 0.24% | $28.05B | +14.9% | +16.3% |
| QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 62% | 0.15% | $426.1M | +12.5% | +18.3% |
| IVOO Vanguard S&P Mid-Cap 400 ETF | 61% | 0.07% | $5.87B | +12.0% | +18.0% |
Questions investors ask
Does MDYV pay dividends?
Yes. MDYV pays dividends every quarter. Over the 12 months through October 27, 2026, it paid $1.58 per share, a trailing yield of 1.71%. That income comes from dividends paid by its roughly 300 mid-sized holdings, minus the fund's 0.15% annual expense. The yield is modest, so the fund is built more for total return from mid-cap value stocks than for high income. Payments can rise or fall as the companies change their dividends.
What's the difference between MDYV and IJJ?
Very little in what they own. Both track the S&P MidCap 400 Value Index, and their holdings overlap 100%. The main differences are cost and size. MDYV charges 0.15% a year, compared with 0.18% for iShares' IJJ. IJJ held about $8.7 billion, compared with MDYV's $2.7 billion, as of June 30, 2026. Vanguard's IVOV, with 93% overlap, charges 0.10%. One-year returns through October 27, 2026 were close: 12.1% for MDYV, 12.0% for IJJ and 12.2% for IVOV.
What is the MDYV expense ratio?
MDYV's expense ratio is 0.15%, all of it management fee, according to the prospectus filed October 26, 2026. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs add up to about $15 after one year, $48 after three, $85 after five and $192 after ten. The fee is above the 0.12% average for similar funds and ranks 6th of 9 on cost. It is cheaper than IJJ (0.18%) but costs more than IVOV (0.10%).
How did MDYV do in the 2008 crash?
Badly. MDYV fell 58.2% between October 2007 and March 2009, and it lost 35.6% in calendar 2008 alone. Its deepest drop overall was 60.7% from a June 2007 peak. It didn't regain that peak until April 2011, about 25 months after the bottom. In the 2020 COVID crash it fell 45.4% but recovered by November 2020. Its prospectus warns that mid-sized companies can be more volatile than larger ones.
What stocks are in MDYV?
MDYV held 299 stocks as of June 30, 2026, all mid-sized companies chosen for value traits. The largest were US Foods (1.3%), TD SYNNEX (1.1%), Reliance (1.1%), Performance Food Group (1.0%) and WESCO International (1.0%). Entegris, Annaly Capital Management, Regal Rexnord, Toll Brothers and Pinnacle Financial Partners filled out the top 10. Together, the top 10 made up just 10.06% of assets. Financial and industrial companies made up a large share of the fund as of August 31, 2026.