Dividend comparison
MDY vs IWR: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR S&P MIDCAP 400 ETF Trust and iShares Russell Mid-Cap ETF, side by side. Updated October 21, 2026.
MDY vs IWR: key differences
The short answer, from the latest data on this page.
- Fees. IWR is cheaper at 0.18% a year versus 0.23% for MDY. On $10,000 that is $5 a year less in fees.
- Income. IWR pays more income, yielding 1.16% over the last twelve months versus 1.05% for MDY. That is about $11 more a year on $10,000. MDY pays semi-annual, IWR pays quarterly.
- Performance. Over the last 5 years, IWR returned 41.3% versus 38.2% for MDY, with dividends reinvested. $10,000 would have grown to $14,129 in IWR and $13,823 in MDY.
- Risk. IWR has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -26.2%, against -24.0% for MDY.
- Diversification. IWR holds 822 positions and MDY holds 400. The ten largest positions make up 8.1% of MDY and 6.9% of IWR.
- Overlap. At least 1% of the two portfolios overlap by weight, across 3 shared holdings. They mostly own different companies, so they can complement each other.
- Dividend growth. IWR grew its yearly payout 9.3% a year over the last 4 years, versus 8.5% for MDY.
- Size. IWR is the larger fund with $56.2 billion in assets, against $25.6 billion for MDY.
Bottom line: IWR has the edge on these figures, with lower fees, stronger 5-year returns and broader diversification. MDY does not lead on any of the measures compared here.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | MDY State Street SPDR S&P MIDCAP 400 ETF Trust | IWR iShares Russell Mid-Cap ETF |
|---|---|---|
| Dividend yield (TTM) | 1.05% | 1.16% |
| Dividend / share (TTM) | $7.02 | $1.27 |
| Payout frequency | Semi-annual | Quarterly |
| Last dividend | $1.7022 on Jul 31, 2026 | $0.3275 on Sep 18, 2026 |
| Ex-dividend date | Sep 18, 2026 | Sep 15, 2026 |
| Next payment | $1.6035 on Oct 30, 2026 | — |
| Dividend growth (CAGR) | 8.5% over 4 yrs | 9.3% over 4 yrs |
| Price | $666.92 | $109.60 |
| Dividend growth streak | 5 years | 4 years |
| Beta | 1.01 | 1.01 |
| Max drawdown (5Y) | -24.0% | -26.2% |
| Market cap | $25.53B | $56.31B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.23% | 0.18% |
| Assets under management | $25.58B | $56.25B |
| Number of holdings | 400 | 822 |
| Top 10 concentration | 8.1% | 6.9% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
MDY
$8.77/mo
$105 /yr at 1.05% yield
IWR
$9.67/mo
$116 /yr at 1.16% yield
Dividend history
Total dividends paid per share in each calendar year. MDY pays semi-annual; IWR pays quarterly.
| Year | MDY | IWR |
|---|---|---|
| 2025 | $6.8109 | $1.2407 |
| 2024 | $6.5518 | $1.1263 |
| 2023 | $5.9265 | $1.1084 |
| 2022 | $5.8700 | $1.0720 |
| 2021 | $4.9066 | $0.8680 |
Strategy: Small and mid cap
Funds that hold companies below the large-cap tier, where there is more room for growth and less coverage by analysts. Small-cap indexes differ meaningfully: some screen for profitability, some include every listed company, and value-tilted funds lean toward the cheapest names. Those rules drive more of the difference between funds than fees do.
Smaller companies are more sensitive to recessions and borrowing costs, so drawdowns run deeper than in large-cap funds.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $13,823 in MDY and $14,129 in IWR.
| Period | MDY | IWR |
|---|---|---|
| 1 month | 0.04% | 1.28% |
| 3 months | -3.17% | 1.06% |
| Year to date | 10.55% | 14.81% |
| 1 year | 11.91% | 15.13% |
| 3 years | 56.30% | 70.64% |
| 5 years | 38.23% | 41.29% |
- MDY
- IWR
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- MDY
- IWR
MDY vs IWR holdings overlap
At least 1% overlap by weight, with 3 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Top 10 holdings
Largest positions by portfolio weight.
MDY400 holdings total
Quick verdict
IWR has the edge on these figures, with lower fees, stronger 5-year returns and broader diversification. MDY does not lead on any of the measures compared here. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how MDY vs IWR fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is MDY or IWR better for dividend income?
It depends on your goals. MDY currently yields 1.05% Trailing Twelve Months (TTM) while IWR yields 1.16%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between MDY and IWR?
State Street SPDR S&P MIDCAP 400 ETF Trust (MDY) is an ETF listed on AMEX. iShares Russell Mid-Cap ETF (IWR) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, MDY or IWR?
IWR has the lower expense ratio. MDY charges 0.23% a year and IWR charges 0.18%, a difference of $5 a year on a $10,000 investment.
Which has performed better, MDY or IWR?
Over the last 5 years, IWR has the higher total return with dividends reinvested: MDY returned 38.2% and IWR returned 41.3%. Past performance does not predict future returns.
Which is riskier, MDY or IWR?
Measured by the worst peak-to-trough decline over the last five years, IWR has been riskier: MDY fell as much as 24.0% and IWR as much as 26.2%. Their betas are 1.01 and 1.01.
How much do MDY and IWR overlap?
At least 1% of the two portfolios overlap by weight, across 3 shared holdings. The largest shared positions are P, ILMN, TWLO. Holding both still adds meaningful diversification.
How often do MDY and IWR pay dividends?
MDY pays semi-annual and IWR pays quarterly.
How much income does $10,000 in MDY vs IWR generate?
At current TTM yields, $10,000 in MDY would generate roughly $8.77 per month ($105 annually). The same amount in IWR would produce about $9.67 per month ($116 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both MDY and IWR?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare MDY vs IWR with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how MDY and IWR fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.