Data as of Sep 12, 2026. Both funds on the fields they both publish, from the same sources.
MDY vs USMV: how they differ
MDY and USMV hold 1% of their weight in the same names, and MDY returned more over the year.
SPDR S&P MidCap 400 ETF Trust and iShares MSCI USA Min Vol Factor ETF.
What they hold in common
By the books each fund has filed, MDY and USMV hold 1% of their money in the same securities at the same weight.
| Holding | MDY | USMV |
|---|---|---|
| NEUROCRINE BIOSCIENCES INC | 0.47% | 0.31% |
| UNITED THERAPEUTICS CORP | 0.64% | 0.21% |
| Only in MDY | Only in USMV |
|---|---|
| TWILIO INC 0.86% | CISCO SYSTEMS, INC. 1.81% |
| CARPENTER TECHNOLOGY CORP 0.85% | NVIDIA CORPORATION 1.64% |
| MKS INC 0.83% | EXXON MOBIL CORPORATION 1.60% |
| CURTISS-WRIGHT CORP 0.77% | MICROSOFT CORPORATION 1.56% |
| ENTEGRIS INC 0.76% | DUKE ENERGY CORPORATION 1.55% |
| NVENT ELECTRIC PLC 0.76% | THE SOUTHERN COMPANY 1.53% |
| ATI INC 0.74% | AMPHENOL CORPORATION 1.51% |
| ILLUMINA INC 0.73% | Chubb Limited 1.50% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Apr 30, 2026 and Jun 30, 2026.
| MDY SPDR S&P MidCap 400 ETF Trust | USMV iShares MSCI USA Min Vol Factor ETF | |
|---|---|---|
| Where it sits | Core index fund | Core index fund |
| Issuer | State Street | iShares |
| What it is | S&P MidCap 400, book from IJH | MSCI USA Min Vol Factor |
| Total return, 1 year | +13.0% | +6.6% |
| S&P 500 over the same days | +17.5% | +17.5% |
| Gap to the S&P 500 | −4.5 pts | −10.9 pts |
| Expense ratio | 0.23% | 0.15% |
| Already in the S&P 500 | 0.0% | 94.8% |
| Holdings | 400 | 170 |
MDY in plain words
MDY is an index equity fund tracking the S&P MidCap 400. Over the year to Sep 11, 2026 it returned +13.0% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.23% a year. By its holdings filed for Jun 30, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 400 positions, with the top ten at 7.7%. It sat 5.3% below its high of Aug 14, 2026 on Sep 11, 2026.
USMV in plain words
USMV is an index equity fund tracking the MSCI USA Min Vol Factor. Over the year to Sep 11, 2026 it returned +6.6% with distributions reinvested, against +17.5% for the S&P 500 and +23.0% for the Nasdaq-100. The prospectus expense ratio is 0.15% a year. By its holdings filed for Apr 30, 2026, 95% of the fund by weight is stocks the S&P 500 also holds, across 170 positions, with the top ten at 15.7%.
Questions people ask
- Which returned more over the last year, MDY or USMV?
- In the year to Sep 12, 2026, with distributions reinvested, MDY returned +13.0% and USMV returned +6.6%, so MDY returned more. One year is one year; the longer windows are in the table.
- Which is cheaper, MDY or USMV?
- MDY charges 0.23% a year and USMV charges 0.15%, so USMV is cheaper. Fees come from each fund's prospectus.
- How much do MDY and USMV overlap with the S&P 500?
- By their latest filed holdings, 0% of MDY and 95% of USMV by weight is stocks the S&P 500 already holds. Between the two funds, 1% of their books are the same securities at the same weight.
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Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, MDY against USMV, data as of Sep 12, 2026. https://etfiq.com/compare/any/MDY-USMV Free to use with attribution; the underlying files are at Open data.
A comparison is not a recommendation. Standards and sources