SPDR S&P 400 Mid Cap Value ETF
ALTAR
Score™
11.5% info Recommen-
dation
SPECULATIVE
2020E    2021E
P/E
ratio
10.8x P/Sales
ratio
0.6x
P/BV
ratio
1.0x Div.
yield
3.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
SPDR Dow Jones Mid Cap Value ETF objective is to replicate as closely as possible the performance of the Dow Jones Wilshire Mid Cap Value Index. The Fund will invest its assets in the common s

FUND BASICS
Category US Equities
Fund Sponsor SSGA Funds Management Inc
Website www.spdrs.com
Inception date Nov 15, 2005
Assets (mns) $1,092
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 296
Wgt avg mkt cap (mns) $3,640
Large cap (>$10bn) 0.4%
Mid cap ($2-10bn) 78.5%
Small cap (<$2bn) 21.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MOLINA HEALTHCARE INC 1.6 %
MEDICAL PROPERTIES TRUST INC 1.5 %
OGE ENERGY CORP 1.0 %
REINSURANCE GROUP OF AMERICA 1.0 %
UGI CORP 1.0 %
INGREDION INC 0.9 %
AMERICAN FINANCIAL GROUP INC 0.9 %
TECH DATA CORP 0.8 %
SONOCO PRODUCTS CO 0.8 %
FIRST AMERICAN FINANCIAL 0.8 %
Total 10.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 98.1 %
BRITAIN 1.2 %
BERMUDA 0.3 %
IRELAND 0.1 %
SWITZERLAND 0.1 %
NETHERLANDS 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.
-35.1% -28.3% -1.6% 6.2% 4.9%

Market Correlations
versus... Beta R-squared
S&P500 1.37 87%
MSCI EAFE 1.30 77%
MSCI Emg. Mkts. 0.98 63%

Technical Indicators
Recent close $35.01
30d moving avg. $39.61
Annualized volatility 22.3%
Short interest (ETF) 0.3%
Short interest (Underlying) 5.9%
Relative strength (RSI) 31

Liquidity measures
Avg. volume (thou.) 606
Turnover 1.9%
Bid/Ask (% of price) 0.42%
ADV underlying (mns) $12,740

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: MDYV Expense: 15 bp ALTAR Score™: 11.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MDYV
Ticker Fund
Name
Overlap1
vs MDYV
(%)
Expense
ratio
(bp)
Savings
vs MDYV
(bp)
ALTAR
Score™
(%)
ALTAR
vs MDYV
(%)
IJJ iShares S&P Mid-Cap 400 Value ETF 99.6 25 -10 11.4 -0.1
IVOV Vanguard S&P Mid-Cap 400 Value ETF 97.9 15 0 11.6 +0.1
EWMC Invesco S&P MidCap 400 Equal Weight ETF 63.5 40 -25 9.2 -2.3
MDY SPDR S&P Midcap 400 ETF Trust 59.9 23 -8 8.5 -3.0
SPMD SPDR Portfolio Mid Cap ETF 59.7 5 10 8.6 -2.9
IJH iShares Core S&P Mid-Cap ETF 59.5 6 9 8.6 -2.9
IVOO Vanguard S&P Mid-Cap 400 ETF 59.4 10 5 8.6 -2.9
RWK Invesco S&P MidCap 400 Revenue ETF 54.9 39 -24 11.1 -0.4
SMDY Syntax Stratified MidCap ETF 50.5 30 -15 8.6 -2.9
VBR Vanguard Small Cap Value Index Fund 41.5 7 8 11.4 -0.1
EZM WisdomTree U.S. MidCap Earnings Fund 39.5 38 -23 13.0 +1.5
JKL iShares Morningstar Small Cap Value ETF 38.4 30 -15 14.2 +2.7
JHSC John Hancock Multifactor Small Cap ETF 34.3 50 -35 8.2 -3.3
FNK First Trust Mid Cap Value AlphaDEX Fund 34.2 70 -55 15.0 +3.6
RNMC Mid Cap US Equity Select ETF 32.7 60 -45 9.5 -2.0
RFV Invesco S&P Midcap 400 Pure Value ETF 30.4 35 -20 15.5 +4.0
DON WisdomTree U.S. MidCap Dividend Fund 30.4 38 -23 10.4 -1.1
FNX First Trust Mid Cap Core AlphaDEX Fund 30.1 61 -46 9.6 -1.9
PXMV Invesco S&P MidCap Value with Momentum ETF 29.6 39 -24 13.0 +1.6
SFYX Sofi Next 500 ETF 29.5 0 15 7.7 -3.8
XMLV Invesco S&P MidCap Low Volatility ETF 28.9 25 -10 7.8 -3.7
MDYG SPDR S&P 400 Mid Cap Growth ETF 28.1 15 0 6.4 -5.1
IJK iShares S&P Mid-Cap 400 Growth ETF 28.1 24 -9 6.3 -5.2
AFMC First Trust Active Factor Mid Cap ETF 28.1 65 -50 9.2 -2.3
VB Vanguard Small-Cap ETF 28.1 5 10 7.6 -3.9
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 27.9 15 0 6.4 -5.1
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 27.4 17 -2 6.8 -4.7
PBSM Invesco PureBeta MSCI USA Small Cap ETF 26.5 6 9 7.4 -4.0
FNDA Schwab Fundamental U.S. Small Co. Index ETF 25.7 25 -10 9.1 -2.4
SCHA Schwab U.S. Small-Cap ETF 25.0 4 11 6.9 -4.5
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 24.4 48 -33 8.5 -3.0
FSMD Fidelity Small-Mid Factor ETF 24.3 29 -14 9.4 -2.1
SCHM Schwab U.S. Mid-Cap ETF 24.2 4 11 8.5 -3.0
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 22.9 20 -5 9.7 -1.8
NUSC Nuveen ESG Small-Cap ETF 22.7 40 -25 7.1 -4.4
IUSS Invesco Strategic US Small Company ETF 22.0 23 -8 8.4 -3.1
VXF Vanguard Extended Market Index Fund 21.3 7 8 5.5 -6.0
JKJ iShares Morningstar Small-Cap ETF 19.1 25 -10 8.5 -3.0
VTWV Vanguard Russell 2000 Value Index Fund 18.9 15 0 9.7 -1.8
IWN iShares Russell 2000 Value ETF 18.8 24 -9 9.5 -1.9
ISMD Inspire Small/Mid Cap Impact ETF 18.4 61 -46 9.1 -2.4
FAB First Trust Multi Cap Value AlphaDEX Fund 18.3 71 -56 12.6 +1.1
PVAL Principal Contrarian Value Index ETF 17.8 29 -14 9.9 -1.5
ONEY SPDR Russell 1000 Yield Focus ETF 16.9 20 -5 11.4 -0.1
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 16.8 20 -5 7.4 -4.1
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 16.7 40 -25 7.6 -3.9
EQAL Invesco Russell 1000 Equal Weight ETF 16.7 20 -5 7.1 -4.4
USEQ Invesco Russell 1000 Enhanced Equal Weight ETF 16.4 29 -14 8.7 -2.8
FXO First Trust Financials AlphaDEX Fund 16.4 63 -48 13.2 +1.7
SMMD iShares Russell 2500 ETF 16.1 15 0 7.6 -3.9
VUSE Vident Core US Equity Fund 15.5 48 -33 10.3 -1.2
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 15.5 24 -9 7.9 -3.6
EQWM Invesco S&P MidCap Quality ETF 15.4 25 -10 6.5 -5.0
XMMO Invesco S&P MidCap Momentum ETF 15.4 39 -24 5.0 -6.5
ONEV SPDR Russell 1000 Low Volatility Focus ETF 15.3 20 -5 9.0 -2.5
IWM iShares Russell 2000 ETF 14.9 19 -4 5.2 -6.3
VTWO Vanguard Russell 2000 Index Fund 14.8 10 5 5.4 -6.1
IWS iShares Russell Mid-Cap Value ETF 14.4 24 -9 9.4 -2.1
VFVA Vanguard U.S. Value Factor ETF 14.2 13 2 15.6 +4.1
AVUV Avantis U.S. Small Cap Value ETF 14.2 25 -10 12.8 +1.3
VFLQ Vanguard U.S. Liquidity Factor ETF 14.0 13 2 5.1 -6.4
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 13.7 29 -14 7.9 -3.6
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 13.6 30 -15 10.1 -1.4
FLAG FLAG-Forensic Accounting Long Short ETF 13.6 152 -137 11.1 -0.4
SDVY First Trust SMID Cap Rising Dividend Achievers ETF 13.4 60 -45 12.0 +0.5
JHMM John Hancock Multifactor Mid Cap ETF 13.4 44 -29 7.8 -3.7
DES WisdomTree U.S. SmallCap Dividend Fund 13.4 38 -23 11.8 +0.3
PSC Principal U.S. Small Cap Index ETF 13.4 38 -23 10.1 -1.4
USLB Invesco Russell 1000 Low Beta Equal Weight ETF 13.1 35 -20 7.2 -4.3
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 13.0 20 -5 8.3 -3.2
VBK Vanguard Small-Cap Growth Index Fund 13.0 7 8 3.7 -7.8
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 12.9 24 -9 10.4 -1.1
IAT iShares U.S. Regional Banks ETF 12.6 42 -27 14.5 +3.0
KBE SPDR S&P Bank ETF 12.4 35 -20 15.0 +3.5
KRE SPDR S&P Regional Banking ETF 12.1 35 -20 15.1 +3.6
JDIV JPMorgan U.S. Dividend ETF 12.1 12 3 10.2 -1.3
KBWR Invesco KBW Regional Banking ETF 11.9 35 -20 14.5 +3.0
IFRA iShares U.S. Infrastructure ETF 11.7 40 -25 7.3 -4.2
AFSM First Trust Active Factor Small Cap ETF 11.5 75 -60 8.9 -2.6
JVAL JPMorgan U.S. Value Factor ETF 11.3 12 3 11.3 -0.2
SDY SPDR S&P Dividend ETF 11.3 35 -20 7.7 -3.8
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 11.1 39 -24 8.2 -3.3
AUSF Global X Adaptive U.S. Factor ETF 10.9 27 -12 9.9 -1.6
ONEO SPDR Russell 1000 Momentum Focus ETF 10.8 20 -5 8.8 -2.7
TUSA First Trust Total US Market AlphaDEX ETF 10.7 70 -55 8.7 -2.8
FVD First Trust Value Line Dividend Index Fund 10.6 70 -55 7.7 -3.8
PMOM Principal Sustainable Momentum Index ETF 10.3 29 -14 6.6 -4.9
CSA Victory CEMP US Small Cap Volatility Weighted Index ETF 10.2 35 -20 10.8 -0.7
VFQY Vanguard U.S. Quality Factor ETF 10.0 13 2 8.0 -3.5
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 10.0 35 -20 8.6 -2.9
DEUS Xtrackers Russell 1000 Comprehensive Factor ETF 9.9 17 -2 8.5 -3.0
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 9.9 30 -15 8.0 -3.4
TPLC Timothy Plan US Large Cap Core ETF 9.8 52 -37 6.9 -4.6
IWR iShares Russell Midcap ETF 9.7 19 -4 7.5 -4.0
TPSC Timothy Plan US Small Cap Core ETF 9.7 52 -37 10.3 -1.2
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 9.6 39 -24 6.0 -5.5
VALQ American Century STOXX U.S. Quality Value ETF 9.6 29 -14 11.1 -0.4
MIDF iShares Edge MSCI Multifactor USA Mid-Cap ETF 9.5 25 -10 9.5 -2.0
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 9.4 12 3 11.1 -0.4
FYT First Trust Small Cap Value AlphaDEX Fund 9.4 72 -57 12.8 +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

  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 400 Mid Cap Value ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.0 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 15 bp
Equals: ALTAR Score 11.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.62 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.