SPDR S&P Midcap 400 ETF Trust
ALTAR
Score™
8.5% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
13.9x P/Sales
ratio
1.0x
P/BV
ratio
1.5x Div.
yield
2.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Standard & Poor's Depositary Receipts, represent ownership in a unit investment trust that seeks investment results which, before expenses, generally correspond to the price and yield performance of U.S. mid-cap stocks, as represented by the Standard & Poor's MidCap 400 Index.

FUND BASICS
Category US Equities
Fund Sponsor Bank of New York
Website www.nyse.com
Inception date May 04, 1995
Assets (mns) $12,370
Currency USD
Expense ratio 23 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 400
Wgt avg mkt cap (mns) $4,920
Large cap (>$10bn) 6.7%
Mid cap ($2-10bn) 81.6%
Small cap (<$2bn) 11.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
DOMINO'S PIZZA INC 1.0 %
WEST PHARMACEUTICAL SERVICES 0.9 %
TYLER TECHNOLOGIES INC 0.9 %
TELEDYNE TECHNOLOGIES INC 0.9 %
FACTSET RESEARCH SYSTEMS INC 0.8 %
TERADYNE INC 0.8 %
AQUA AMERICA INC 0.7 %
MASIMO CORPORATION 0.7 %
MOLINA HEALTHCARE INC 0.7 %
FAIR ISAAC CORP 0.7 %
Total 8.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.7 %
BERMUDA 0.8 %
BRITAIN 0.6 %
IRELAND 0.1 %
SWITZERLAND 0.1 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-29.7% -22.7% 0.3% 7.6% 9.7%

Market Correlations
versus... Beta R-squared
S&P500 1.25 92%
MSCI EAFE 1.17 78%
MSCI Emg. Mkts. 0.87 64%

Technical Indicators
Recent close $262.83
30d moving avg. $285.95
Annualized volatility 19.8%
Short interest (ETF) 7.6%
Short interest (Underlying) 5.7%
Relative strength (RSI) 33

Liquidity measures
Avg. volume (thou.) 3,384
Turnover 7.2%
Bid/Ask (% of price) 0.15%
ADV underlying (mns) $20,747

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the SPDR S&P Midcap 400 ETF Trust ETF based on the alternatives' overlap in portfolio holdings with MDY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: MDY Expense: 23 bp ALTAR Score™: 8.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MDY
Ticker Fund
Name
Overlap1
vs MDY
(%)
Expense
ratio
(bp)
Savings
vs MDY
(bp)
ALTAR
Score™
(%)
ALTAR
vs MDY
(%)
SPMD SPDR Portfolio Mid Cap ETF 99.9 5 18 8.6 +0.2
IJH iShares Core S&P Mid-Cap ETF 99.6 6 17 8.6 +0.2
IVOO Vanguard S&P Mid-Cap 400 ETF 99.3 10 13 8.6 +0.1
EWMC Invesco S&P MidCap 400 Equal Weight ETF 80.4 40 -17 9.2 +0.7
MDYG SPDR S&P 400 Mid Cap Growth ETF 68.5 15 8 6.4 -2.1
IJK iShares S&P Mid-Cap 400 Growth ETF 68.5 24 -1 6.3 -2.2
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 68.3 15 8 6.4 -2.1
SMDY Syntax Stratified MidCap ETF 67.6 30 -7 8.6 +0.2
MDYV SPDR S&P 400 Mid Cap Value ETF 59.9 15 8 11.5 +3.0
IJJ iShares S&P Mid-Cap 400 Value ETF 59.8 25 -2 11.4 +2.9
IVOV Vanguard S&P Mid-Cap 400 Value ETF 59.5 15 8 11.6 +3.1
RWK Invesco S&P MidCap 400 Revenue ETF 57.4 39 -16 11.1 +2.6
VBR Vanguard Small Cap Value Index Fund 51.3 7 16 11.4 +2.9
SFYX Sofi Next 500 ETF 48.9 0 23 7.7 -0.7
EZM WisdomTree U.S. MidCap Earnings Fund 47.9 38 -15 13.0 +4.5
VB Vanguard Small-Cap ETF 44.1 5 18 7.6 -0.8
RNMC Mid Cap US Equity Select ETF 42.8 60 -37 9.5 +1.0
PBSM Invesco PureBeta MSCI USA Small Cap ETF 42.1 6 17 7.4 -1.0
SCHM Schwab U.S. Mid-Cap ETF 41.8 4 19 8.5 +0.1
FNX First Trust Mid Cap Core AlphaDEX Fund 41.8 61 -38 9.6 +1.2
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 40.9 17 6 6.8 -1.7
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 40.8 20 3 9.7 +1.2
FSMD Fidelity Small-Mid Factor ETF 40.5 29 -6 9.4 +0.9
AFMC First Trust Active Factor Mid Cap ETF 38.4 65 -42 9.2 +0.7
JHSC John Hancock Multifactor Small Cap ETF 37.8 50 -27 8.2 -0.3
DON WisdomTree U.S. MidCap Dividend Fund 37.4 38 -15 10.4 +1.9
VBK Vanguard Small-Cap Growth Index Fund 37.3 7 16 3.7 -4.8
SCHA Schwab U.S. Small-Cap ETF 35.7 4 19 6.9 -1.5
IUSS Invesco Strategic US Small Company ETF 34.9 23 0 8.4 -0.1
VXF Vanguard Extended Market Index Fund 34.3 7 16 5.5 -2.9
FNDA Schwab Fundamental U.S. Small Co. Index ETF 33.2 25 -2 9.1 +0.6
RFG Invesco S&P Midcap 400 Pure Growth ETF 32.7 35 -12 5.6 -2.8
NUSC Nuveen ESG Small-Cap ETF 30.4 40 -17 7.1 -1.4
FNY First Trust Mid Cap Growth AlphaDEX Fund 28.5 70 -47 4.2 -4.2
XMLV Invesco S&P MidCap Low Volatility ETF 27.9 25 -2 7.8 -0.7
XMMO Invesco S&P MidCap Momentum ETF 26.6 39 -16 5.0 -3.5
SMMD iShares Russell 2500 ETF 26.4 15 8 7.6 -0.9
EQWM Invesco S&P MidCap Quality ETF 25.4 25 -2 6.5 -2.0
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 25.0 48 -25 8.5 +0.0
FNK First Trust Mid Cap Value AlphaDEX Fund 24.6 70 -47 15.0 +6.6
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 24.5 29 -6 8.7 +0.3
JHMM John Hancock Multifactor Mid Cap ETF 24.4 44 -21 7.8 -0.7
ONEV SPDR Russell 1000 Low Volatility Focus ETF 23.8 20 3 9.0 +0.5
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 23.5 24 -1 10.4 +1.9
IWM iShares Russell 2000 ETF 23.4 19 4 5.2 -3.3
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 23.4 24 -1 7.9 -0.6
VTWO Vanguard Russell 2000 Index Fund 23.4 10 13 5.4 -3.1
TPLC Timothy Plan US Large Cap Core ETF 21.6 52 -29 6.9 -1.6
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 21.2 20 3 7.4 -1.1
EQAL Invesco Russell 1000 Equal Weight ETF 20.9 20 3 7.1 -1.3
VFLQ Vanguard U.S. Liquidity Factor ETF 20.8 13 10 5.1 -3.4
JKL iShares Morningstar Small Cap Value ETF 20.5 30 -7 14.2 +5.7
ONEO SPDR Russell 1000 Momentum Focus ETF 20.5 20 3 8.8 +0.4
PVAL Principal Contrarian Value Index ETF 19.9 29 -6 9.9 +1.5
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 19.8 20 3 8.3 -0.2
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 18.9 17 6 8.5 +0.1
ONEY SPDR Russell 1000 Yield Focus ETF 18.7 20 3 11.4 +3.0
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 18.4 30 -7 8.0 -0.4
IWS iShares Russell Mid-Cap Value ETF 18.4 24 -1 9.4 +0.9
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 18.2 29 -6 7.9 -0.6
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 18.1 35 -12 7.2 -1.3
FAB First Trust Multi Cap Value AlphaDEX Fund 18.0 71 -48 12.6 +4.2
PXMV Invesco S&P MidCap Value with Momentum ETF 17.9 39 -16 13.0 +4.6
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 17.9 39 -16 8.2 -0.3
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 17.7 40 -17 7.6 -0.8
TUSA First Trust Total US Market AlphaDEX ETF 17.1 70 -47 8.7 +0.3
JKJ iShares Morningstar Small-Cap ETF 16.5 25 -2 8.5 +0.1
FAD First Trust Multi Cap Growth AlphaDEX Fund 16.4 66 -43 3.9 -4.5
BFOR Barron's 400 ETF 16.0 66 -43 8.5 +0.0
JKH iShares Morningstar Mid-Cap Growth ETF 15.9 30 -7 3.4 -5.1
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 15.8 39 -16 6.0 -2.5
IWR iShares Russell Midcap ETF 15.8 19 4 7.5 -0.9
USMF WisdomTree U.S. Multifactor Fund 15.7 28 -5 7.7 -0.8
VFQY Vanguard U.S. Quality Factor ETF 14.9 13 10 8.0 -0.4
VUSE Vident Core US Equity Fund 14.5 48 -25 10.3 +1.9
VFVA Vanguard U.S. Value Factor ETF 14.4 13 10 15.6 +7.1
IWN iShares Russell 2000 Value ETF 14.3 24 -1 9.5 +1.1
CFA Victory CEMP US 500 Volatility Weighted Index ETF 14.3 35 -12 7.6 -0.8
VTWV Vanguard Russell 2000 Value Index Fund 14.3 15 8 9.7 +1.3
JKK iShares Morningstar Small-Cap Growth ETF 14.2 30 -7 2.0 -6.4
JHMI John Hancock Multifactor Industrials ETF 14.1 40 -17 8.1 -0.4
PEXL Pacer US Export Leaders ETF 14.0 60 -37 8.4 -0.0
VTWG Vanguard Russell 2000 Growth Index Fund 14.0 15 8 1.7 -6.8
IWO iShares Russell 2000 Growth ETF 14.0 24 -1 1.4 -7.0
RFV Invesco S&P Midcap 400 Pure Value ETF 13.9 35 -12 15.5 +7.1
FXO First Trust Financials AlphaDEX Fund 13.9 63 -40 13.2 +4.8
VFMF Vanguard U.S. Multifactor ETF 13.8 18 5 10.3 +1.9
ETHO Etho Climate Leadership U.S. ETF 13.6 47 -24 6.3 -2.2
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 13.5 35 -12 7.3 -1.2
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 13.4 30 -7 10.1 +1.6
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 13.4 60 -37 12.0 +3.6
JVAL JPMorgan U.S. Value Factor ETF 13.1 12 11 11.3 +2.9
AFSM First Trust Active Factor Small Cap ETF 12.7 75 -52 8.9 +0.5
JKG iShares Morningstar Mid-Cap ETF 12.7 25 -2 7.7 -0.8
IWP iShares Russell Mid-Cap Growth ETF 12.6 24 -1 5.6 -2.8
ISMD Inspire Small/Mid Cap Impact ETF 12.3 61 -38 9.1 +0.6
SDY SPDR S&P Dividend ETF 11.7 35 -12 7.7 -0.8
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 11.7 35 -12 8.6 +0.1
VFMO Vanguard U.S. Momentum Factor ETF 11.6 13 10 4.4 -4.1
ROUS Hartford Multifactor US Equity ETF 11.6 19 4 8.8 +0.3

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
SPDR S&P Midcap 400 ETF Trust
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.6 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 23 bp
Equals: ALTAR Score 8.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.57 CATEGORY
AVERAGE
1.51
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.