SPDR S&P400 Mid Cap Value
ALTAR
Score™
7.6% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
15.7x P/Sales
ratio
1.0x
P/BV
ratio
1.6x Div.
yield
2.4%


  • 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) $1,532
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 297
Wgt avg mkt cap (mns) $5,016
Large cap (>$10bn) 2.9%
Mid cap ($2-10bn) 91.4%
Small cap (<$2bn) 5.8%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MEDICAL PROPERTIES TRUST INC 1.3 %
REINSURANCE GROUP OF AMERICA 1.1 %
UGI CORP 1.1 %
MOLINA HEALTHCARE INC 1.0 %
OGE ENERGY CORP 1.0 %
AMERICAN FINANCIAL GROUP INC 1.0 %
LEAR CORP 0.9 %
SIGNATURE BANK 0.9 %
AECOM TECHNOLOGY CORP 0.8 %
XPO LOGISTICS INC 0.8 %
Total 9.9 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.6 %
BRITAIN 1.2 %
SWITZERLAND 0.4 %
BERMUDA 0.2 %
IRELAND 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.
25.9% 25.9% 7.8% 11.8% 8.3%

Market Correlations
versus... Beta R-squared
S&P500 1.18 82%
MSCI EAFE 1.08 57%
MSCI Emg. Mkts. 0.69 40%

Technical Indicators
Recent close $55.41
30d moving avg. $54.40
Annualized volatility 15.7%
Short interest (ETF) 0.3%
Short interest (Underlying) 5.9%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 103
Turnover 0.4%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $10,255

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the SPDR S&P400 Mid Cap Value 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™: 7.6%


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 MidCap 400 Value 99.5 25 -10 7.5 -0.1
IVOV Vanguard S&P Mid-Cap 400 Value 65.8 20 -5 7.1 -0.5
EWMC Invesco S&P Mid Cap 400 Equal Weight 64.9 40 -25 6.3 -1.3
MDY S&P MidCap 400 SPDR 62.5 24 -9 5.8 -1.7
IJH iShares Core S&P MidCap 62.4 7 8 6.0 -1.5
IVOO Vanguard S&P Mid-Cap 400 60.3 15 0 5.9 -1.7
RWK Invesco S&P MidCap 400 Revenue ETF 54.8 39 -24 7.4 -0.2
SPMD SPDR Portfolio Mid Cap 45.9 5 10 6.0 -1.6
VBR Vanguard Small-Cap Value ETF 40.7 7 8 7.3 -0.3
JKL iShares Morningstar Small Cap Value 39.1 30 -15 8.7 +1.1
EZM WisdomTree Midcap Earnings 38.2 38 -23 8.2 +0.7
IVOG Vanguard S&P Mid-Cap 400 Growth 38.2 20 -5 4.7 -2.8
JHSC John Hancock Multifactor Small Cap 36.1 50 -35 5.4 -2.2
FNK First Trust Mid Cap Value AlphaDEX 33.9 70 -55 8.5 +1.0
RNMC First Trust Mid Cap US Equity Select 33.7 60 -45 6.3 -1.3
RFV Invesco S&P Midcap 400 Pure Value 32.8 35 -20 10.0 +2.4
SFYX SoFi Next 500 31.2 0 15 5.4 -2.2
FNX First Trust Mid Cap Core Alpadex 30.9 62 -47 6.3 -1.3
DON WisdomTree Midcap Dividend 29.7 38 -23 7.0 -0.6
OMFL Oppenheimer Russell 1000 Dynamic Multifactor 29.6 29 -14 8.8 +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

  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

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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 Value
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 11.3 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 15 bp
Equals: ALTAR Score 7.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.66 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.