What is the main difference between the MDY and SPMD funds?

MDY and SPMD are both mid-cap blend ETFs, but they differ significantly in their expense ratios and inception dates. MDY has a higher expense ratio of 0.23% and a longer track record since 1995. SPMD, on the other hand, boasts a lower expense ratio of 0.03% and was launched in 2005. While both target the mid-cap market, SPMD offers a more cost-efficient structure for long-term investors.

How do the expense ratios of MDY and SPMD compare?

The expense ratio is a crucial factor as it directly impacts net returns. MDY charges an annual fee of 0.23%, which is notably higher than SPMD’s fee of 0.03%. This difference of 0.20 percentage points represents a significant cost saving with SPMD. Over time, this lower cost structure allows investors in SPMD to retain more of their gross returns, making it attractive for cost-conscious investors.

What is the impact of a fee difference on long-term investment?

Even small differences in fees can compound over time, affecting final wealth. For every dollar invested, SPMD’s 0.03% expense ratio means lower annual costs compared to MDY’s 0.23%. Assuming similar market performance, the compounding effect of these savings can lead to a materially larger portfolio balance over decades. This is why investors often prioritise lower fees in passive strategies like these ETFs.

How similar are the holdings of MDY and SPMD?

MDY and SPMD share significant overlap in their top 10 holdings, including major stocks like TWLO, OKTA, FTI, ATI, NVT, ENTG, and UTHR. While the exact weightings vary slightly, the commonality suggests they provide nearly identical exposure to the mid-cap market. For instance, SPMD has a slightly higher weight in TWLO at 1.18% compared to MDY's 1.06%, reflecting minor portfolio adjustments rather than fundamental strategic differences.

How do the dividend yields of MDY and SPMD compare?

In terms of income, SPMD provides a higher dividend yield of 1.31% compared to MDY's 1.05%. While neither fund is considered a high-yield vehicle, SPMD offers marginally more income distribution to shareholders. Investors seeking regular cash flow from their mid-cap blend exposure might note this yield advantage, though the primary return driver for both funds remains capital appreciation in the underlying mid-cap stocks.

What is the difference in net assets between MDY and SPMD?

MDY is the larger fund with net assets of $25.6 billion, while SPMD holds $18.6 billion. Both are substantial in size, indicating high liquidity and the ability to handle large trading volumes. A larger asset base like MDY's often implies greater stability and established market presence, whereas SPMD, despite being smaller, still maintains sufficient scale to support efficient trading and fund operations for most retail and institutional investors.

How does the historical track record differ between these funds?

MDY has a longer historical track record, having been inceptioned in May 1995, offering more than 25 years of performance data. SPMD, launched in November 2005, has a shorter but still significant history of over 15 years. A longer track record can provide more context during various market cycles, while SPMD's shorter history reflects its establishment as part of the portfolio series focused on lower costs in the later mid-2000s era.

Which investing goals are MDY and SPMD typically associated with?

Both MDY and SPMD are suitable for investors seeking broad exposure to the U.S. mid-cap blend segment. MDY may appeal to those prioritising an established, highly liquid fund with a long track record. SPMD is often favoured by cost-conscious investors aiming for the same exposure at a lower expense ratio. Neither is recommended over the other; they serve the same general market goal but with different cost and size considerations.

Are the sector weights for MDY and SPMD available?

The specific sector weightings for both MDY and SPMD are not currently available in the provided dataset. While they are both classified as mid-cap blend funds, investors cannot analyse the precise breakdown of their exposure to sectors such as technology, healthcare, or financials based on the available figures. This information would typically be found in official fund fact sheets or detailed financial reports.

How do top holding weights affect concentration risk?

Both funds show a top holding weight that is relatively low, indicating good diversification. However, SPMD's top holding, TWLO, accounts for 1.18% of its assets, which is slightly more concentrated than MDY's top holding of TWLO at 1.06%. These differences are minimal and suggest that both funds maintain low single-stock risk, consistent with their objective to track broad mid-cap indices rather than concentrate bets on individual companies.

What do the 'not available' fields mean for index tracking?

The dataset notes that the specific index tracked by both MDY and SPMD is not available for display. This limits the ability to compare the exact underlying benchmarks, such as the S&P MidCap 400 Index, despite their names suggesting this linkage. Investors should rely on the funds' stated categories—Mid-Cap Blend—and their similar top holdings to understand the exposure, rather than specific index data.

MDY vs SPMD

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Explore MDY and SPMD, both SPDR mid-cap blend funds tracking similar holdings like TWLO and OKTA. Compare expenses, yields, and fund details. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

MDY

Metric

SPMD

0.23%

Expense Ratio

0.03%

1.05%

Dividend Yield

1.31%

$25.55B

Net Assets

$18.64B

401

Holdings

403

May 4, 1995

Inception Date

Nov 8, 2005

–

Index Tracked

–

Mid-Cap Blend

Fund Category

Mid-Cap Blend

SPMD costs about $20.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	MDY	SPMD
TWLOTwilio Inc.	1.06%	1.18%
OKTAOkta, Inc.	0.88%	0.92%
FTITechnipFMC plc	0.82%	0.81%
ATIATI Inc.	0.75%	0.75%
NVTnVent Electric plc	0.73%	0.75%
ENTGEntegris, Inc.	0.62%	0.63%
UTHRUnited Therapeutics Corporation	0.60%	0.61%

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Investment Analysis

MDY

Pros

Lower expense ratio of 0.23% compared to many mid-cap funds.
Large net assets of $25.6 billion enhancing liquidity.
Long track record since inception in May 1995.

Considerations

Expense ratio of 0.23% is high relative to Fund B.
Dividend yield of 1.05% lower than Fund B.
Sector weights not available.

SPMD

Pros

Ultra-low expense ratio of 0.03%.
Higher dividend yield of 1.31%.
Large net assets of $18.6 billion.

Considerations

Inception date Nov 2005 shorter history than Fund A.
Sector weights not available.
Top holding weight for TWLO 1.18% slightly concentrated.

About MDY and SPMD

MDY (MDY)

The SPDR S&P MidCap 400 ETF offers investors exposure to mid-sized companies in the US equity markets. As an exchange-traded fund, it aims to track the performance of the S&P MidCap 400 Index, which includes a diverse range of mid-cap blend stocks. With net assets of approximately $25.55 billion and 401 holdings, the fund provides a broad and balanced approach to mid-cap investing. The expense ratio of 0.23% makes it a cost-effective way to gain this exposure. Established in May 1995, the fund has a long-standing track record. It currently has a dividend yield of 1.05%, providing some income alongside potential capital appreciation. Investors should remember that values can rise and fall, and returns are not guaranteed.

SPMD (SPMD)

The SPDR Portfolio S&P 400 Mid Cap ETF offers investors exposure to mid-capitalisation companies listed in the United States. This fund aims to track the performance of a broad index of mid-cap stocks, providing a blend of growth potential and relative stability. With a very low expense ratio of 0.03%, it is designed to be cost-effective for long-term holdings. The fund holds over 400 companies, spreading risk across various sectors within the mid-cap market segment. Mid-cap companies are often seen as a sweet spot between the high growth potential of small caps and the stability of large caps, though they can still exhibit higher volatility than large-cap stocks. Investors should remember that share values can go down as well as up, and returns are not guaranteed.

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MDY vs SPMD

Fund Snapshot

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Investment Analysis

MDY

Pros

Considerations

SPMD

Pros

Considerations

About MDY and SPMD

Buy MDY or SPMD in Nemo

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Trusted & Regulated

6% Interest on Cash

Frequently asked questions

What is the main difference between the MDY and SPMD funds?

How do the expense ratios of MDY and SPMD compare?

What is the impact of a fee difference on long-term investment?

How similar are the holdings of MDY and SPMD?

How do the dividend yields of MDY and SPMD compare?

What is the difference in net assets between MDY and SPMD?

How does the historical track record differ between these funds?

Which investing goals are MDY and SPMD typically associated with?

Are the sector weights for MDY and SPMD available?

How do top holding weights affect concentration risk?

What do the 'not available' fields mean for index tracking?

Fund Snapshot

About MDY and SPMD

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