SPDR S&P400 Mid Cap Growth
ALTAR
Score™
4.7% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
24.4x P/Sales
ratio
2.3x
P/BV
ratio
3.7x Div.
yield
1.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR S&P 400 Mid Cap Growth ETF is an exchange-traded fund incorporated in the USA. The Fund's objective is to replicate as closely as possible the performance of the S&P MidCap 400 Growth Index.

FUND BASICS
Category US Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Nov 15, 2005
Assets (mns) $1,761
Currency USD
Expense ratio 15 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian State Street Bank & Trust
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 233
Wgt avg mkt cap (mns) $6,940
Large cap (>$10bn) 16.6%
Mid cap ($2-10bn) 82.9%
Small cap (<$2bn) 0.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TELEDYNE TECHNOLOGIES INC 1.4 %
TYLER TECHNOLOGIES INC 1.2 %
TERADYNE INC 1.2 %
DOMINO'S PIZZA INC 1.2 %
FAIR ISAAC CORP 1.2 %
WEST PHARMACEUTICAL SERVICES 1.2 %
TRIMBLE NAVIGATION LTD 1.1 %
FACTSET RESEARCH SYSTEMS INC 1.1 %
COGNEX CORP 1.0 %
WEX INC 1.0 %
Total 11.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.4 %
BERMUDA 1.2 %
BRITAIN 0.2 %
NETHERLANDS 0.1 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
26.1% 26.1% 9.5% 12.7% 10.1%

Market Correlations
versus... Beta R-squared
S&P500 1.10 89%
MSCI EAFE 0.98 58%
MSCI Emg. Mkts. 0.64 43%

Technical Indicators
Recent close $58.31
30d moving avg. $56.84
Annualized volatility 14.2%
Short interest (ETF) 0.1%
Short interest (Underlying) 5.6%
Relative strength (RSI) 76

Liquidity measures
Avg. volume (thou.) 83
Turnover 0.3%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $10,472

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P400 Mid Cap Growth ETF based on the alternatives' overlap in portfolio holdings with MDYG. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: MDYG Expense: 15 bp ALTAR Score™: 4.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MDYG
Ticker Fund
Name
Overlap1
vs MDYG
(%)
Expense
ratio
(bp)
Savings
vs MDYG
(bp)
ALTAR
Score™
(%)
ALTAR
vs MDYG
(%)
IJK iShares S&P MidCap 400 Growth 99.8 24 -9 4.6 -0.1
IVOG Vanguard S&P Mid-Cap 400 Growth 66.8 20 -5 4.7 +0.1
MDY S&P MidCap 400 SPDR 65.8 24 -9 5.9 +1.2
IJH iShares Core S&P MidCap 65.7 7 8 6.1 +1.4
IVOO Vanguard S&P Mid-Cap 400 63.6 15 0 5.9 +1.2
EWMC Invesco S&P Mid Cap 400 Equal Weight 52.9 40 -25 6.3 +1.6
RFG Invesco S&P Midcap 400 Pure Growth 52.8 35 -20 3.5 -1.2
SPMD SPDR Portfolio Mid Cap 47.2 5 10 6.0 +1.4
IVOV Vanguard S&P Mid-Cap 400 Value 41.5 20 -5 7.1 +2.4
SFYX SoFi Next 500 35.7 0 15 5.4 +0.7
RWK Invesco S&P MidCap 400 Revenue ETF 34.9 39 -24 7.4 +2.7
FNY First Trust Mid Cap Growth AlphaDEX 34.1 70 -55 3.5 -1.2
VBK Vanguard Small-Cap Growth ETF 33.9 7 8 2.7 -2.0
XMMO Invesco S&P MidCap Momentum 33.2 39 -24 3.7 -1.0
AFMC First Trust Active Factor Mid Cap 32.1 65 -50 6.8 +2.1
RNMC First Trust Mid Cap US Equity Select 31.8 60 -45 6.3 +1.7
JHSC John Hancock Multifactor Small Cap 31.5 50 -35 5.4 +0.8
EQWM Invesco Fundamental Pure Mid Core 30.6 25 -10 4.9 +0.3
FSMD Fidelity Small-Mid Factor ETF 30.1 29 -14 6.1 +1.5
SCHM Schwab US Mid Cap 29.9 4 11 6.0 +1.3

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

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
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&P400 Mid Cap Growth
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 15.8 %
Divided by: Fwd. P/BV 3.3 x
Less: Expense ratio 15 bp
Equals: ALTAR Score 4.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.58 CATEGORY
AVERAGE
1.55
 
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.