Equity: U.S. - Mid Cap

EWMC Top Performer Intra-day
Price $57.39
Today’s Change +0.17%(0.30)
3:04pm 08/18/2017
FLQM Bottom Performer Intra-day
Price $24.91
Today’s Change -0.74%(-2.89)
4:00pm 08/18/2017
  • Overview
  • Efficiency
  • Tradability
  • Fit

ETF.com Insight

Most often than not, the early bird gets the AUM, meaning first-movers win the most assets. This holds true for US midcap ETFs. In 1995, the SPDR S&P MidCap 400 ETF (MDY) was the firstAs obvious as it sounds, a key to selecting the right midcap ETF is firm size to enter the midcap space, followed by the iShares S&P 400 MidCap ETF (IJH) 5 years later. These two funds hold about half of all assets invested in US midcap ETFs and lead in liquidity too.
However, some younger funds are giving MDY and IJH a run for their money. Currently, 16 ETFs offer exposure to US midcaps: About half are plain vanilla broad-based funds, while the others aspire to beat the market or serve investors in some other unique way. Many of the vanilla funds track the same index, and therefore have to compete in Efficiency and Tradability for investor dollars. For example, the Vanguard S&P Mid Cap 400 ETF (IVOO) and IJH track the same index, and marketplace pressures forced BlackRock to lower fees on IJH to stay competitive.
As obvious as it sounds, a key to selecting the right midcap ETF is firm size. Little consensus exists on ideal bounds for midcap exposure. In our view, few funds get firm size right: They err either on the large cap or small cap side—even our benchmark leans to large-caps. This distinction matters most to investors who mix and match funds from different index families to cover the entire cap spectrum. In such cases, the possibility for double coverage or omitted coverage of the market cap spectrum is real.
Note: VO changed its underlying index in late January 2013 from an MSCI index to a CRSP index. (Insight updated 08/18/17)

All Funds (24)

VO $19.48 B 19482455102.2 Second lowest expense ratio

A 95
E
99
99
T
99
99
F
95
95

IWR $15.32 B 15321434345 Great tradability

A 92
E
98
98
T
99
99
F
92
92

SCHM $3.52 B 3522257452.5 Cheapest fund in the segment

A 89
E
100
100
T
98
98
F
89
89

JKG $755.7 M 755703005 Solid core basket

A 85
E
96
96
T
94
94
F
85
85

DON $2.85 B 2852335080 High dividends

A 80
E
88
88
T
97
97
F
80
80

IVOO $729.78 M 729782500 Spotty trading

A 80
E
97
97
T
99
99
F
80
80

MDY $18.13 B 18125409533.44 Unit Investment Trust

A 79
E
95
95
T
98
98
F
79
79

IJH $38.97 B 38969357860 Popular and liquid

A 79
E
100
100
T
99
99
F
79
79

EZM $829.09 M 829093220 Value play on midcaps

A 72
E
94
94
T
89
89
F
72
72

XMLV $1.1 B 1096565150 --

A 50
E
97
97
T
96
96
F
50
50

JHMM $201.26 M 201263865 new; trade with care

B 94
E
89
89
T
75
75
F
94
94

EQWM $26.22 M 26218800 Unremarkable assets

B 80
E
91
91
T
58
58
F
80
80

FNX $688.28 M 688282118.16 Most expensive

B 74
E
89
89
T
92
92
F
74
74

CZA $199.82 M 199823000 Shows alpha

B 74
E
81
81
T
82
82
F
74
74

EWMC $116.85 M 116846000 Equal-weighted

B 72
E
91
91
T
61
61
F
72
72

RWK $329.36 M 329359832.7 Elevated market risk

B 66
E
85
85
T
85
85
F
66
66

NUMG $6.73 M 6734775 N/A

F 79
E
53
53
T
58
58
F
79
79

NUMV $6.55 M 6550925 N/A

F 75
E
52
52
T
58
58
F
75
75

FLQM $5.07 M 5066000 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

PTMC $323.53 M 323532000 risk toggler

N/A 0
E
0
-1
T
0
-1
F
0
-1

RNMC $1.95 M 1951426.02774 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

REGL $414.4 M 414396000 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

JPME $65.09 M 65086431.343224 N/A

N/A 0
E
0
-1
T
0
-1
F
0
-1

EWRM $105.03 M 105025000 Equal-weighted

B 81
E
90
90
T
69
69
F
81
81

ETF.com Grade as 08/10/17

Equity: U.S. - Mid Cap

Performance  [as of 08/17/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI USA Mid Cap--------------
A 94.514891VO19482455102.2VOVanguard Mid-Cap ETF-2.52%2.18%8.09%11.21%8.07%13.67%8.16%
A 91.622121IWR15321434345IWRiShares Russell Midcap ETF-2.61%1.84%6.39%10.04%7.43%13.34%8.10%
A 89.22465SCHM3522257452.5SCHMSchwab U.S. Mid-Cap ETF-2.41%2.42%6.34%11.50%8.18%14.04%--
A 84.694376JKG755703005JKGiShares Morningstar Mid-Cap ETF-2.32%1.74%7.37%9.51%7.98%13.65%8.85%
A 80.370135DON2852335080DONWisdomTree U.S. MidCap Dividend Fund-2.75%1.53%2.77%7.54%8.93%14.31%9.07%
A 79.522888IVOO729782500IVOOVanguard S&P Mid-Cap 400 ETF-4.01%0.47%3.13%10.90%8.25%13.25%--
A 79.388437MDY18125409533.44MDYSPDR S&P Midcap 400 ETF Trust-4.01%0.44%2.85%10.71%8.08%13.07%8.62%
A 79.346327IJH38969357860IJHiShares Core S&P Mid-Cap ETF-4.00%0.49%3.00%10.96%8.29%13.32%8.83%
A 71.55179EZM829093220EZMWisdomTree U.S. MidCap Earnings Fund-3.53%1.13%2.82%11.85%6.76%13.79%9.79%
A 50.378498XMLV1096565150XMLVPowerShares S&P MidCap Low Volatility Portfolio-1.28%3.13%6.41%12.00%14.34%----
B 93.641324JHMM201263865JHMMJohn Hancock Multifactor Mid Cap ETF-2.81%2.10%7.58%13.08%------
B 79.552141EQWM26218800EQWMPowerShares Russell Midcap Equal Weight Portfolio-1.76%1.29%4.56%8.07%6.46%12.14%5.65%
B 74.196963FNX688282118.16FNXFirst Trust Mid Cap Core AlphaDEX Fund-3.51%1.81%3.17%11.07%4.97%11.38%8.47%
B 73.856489CZA199823000CZAGuggenheim Mid-Cap Core ETF-0.74%4.76%11.71%17.95%9.23%14.46%10.43%
B 71.518729EWMC116846000EWMCGuggenheim S&P Midcap 400 Equal Weight ETF-5.25%-1.27%-0.07%9.22%5.97%12.75%--
B 66.230491RWK329359832.7RWKOppenheimer Mid Cap Revenue ETF-5.66%-0.65%-0.27%8.81%6.02%13.59%--
F 78.774654NUMG6734775NUMGNuShares ESG Mid-Cap Growth ETF-2.14%2.80%8.51%--------
F 75.322108NUMV6550925NUMVNuShares ESG Mid-Cap Value ETF-0.64%5.70%5.73%--------
N/A 0FLQM5066000FLQMFranklin LibertyQ U.S. Mid Cap Equity ETF-0.15%0.68%----------
N/A 0PTMC323532000PTMCPacer Trendpilot 450 ETF-2.68%1.67%5.15%11.07%------
N/A 0RNMC1951426.02774RNMCFirst Trust Mid Cap U.S. Equity Select ETF-0.91%------------
N/A 0REGL414396000REGLProShares S&P MidCap 400 Dividend Aristocrats ETF-2.85%0.59%0.81%9.61%------
N/A 0JPME65086431.343224JPMEJPMorgan Diversified Return U.S. Mid Cap Equity ETF-2.20%1.74%7.90%11.50%------
B 81.392247950162EWRM105025000EWRMGuggenheim Russell Midcap Equal Weight-9.73%-13.89%-11.78%-14.17%5.82%7.21%--
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

ETF.com Efficiency Insight

A major part of a funds Efficiency score is the expense ratio. Typically, low holding costs translate to high Efficiency rankings; however, this isn’t always so for US midcaps. TheSCHM is the segments cheapest portfolio at 0.07%, Schwab U.S. Mid-Cap ETF (SCHM) is the segments cheapest portfolio at 0.07%, while the Vanguard Mid-Cap Fund (VO) is also cheap—charging 0.09%. However, VO loses points for posting holdings monthly with a 2 week lag, not daily, as is customary for most ETFs.
The finer points of funds securities-lending programs are on display here too. IJH and IWRs fund provider, BlackRock, only rebates 65% of profits to shareholders, while Schwab gives it all back. Meanwhile, MDY is legally restricted from lending securities. As a unit investment trust (UIT), MDY is unable to lend securities or reinvest dividends between distribution periods. Such subtle differences can impact how well each fund tracks its index and by extension, how much the fund truly costs to hold beyond its headline fee.
PXMC lands at the opposite end of the AUM spectrum. It risks closure due to low assets - below $30M.The good news is that all ETFs in this segment have avoided capital gains payouts within the last 3 years, making them highly tax efficient.
Note: VO changed its underlying index in late January 2013 from an MSCI index to a CRSP index. (Insight updated 08/18/17)

All Funds (24)

99
99.370913
98
98.222302
97
97.380201
97
96.749205
96
96.44371
95
94.525356
94
93.783025
91
91.405852
91
90.528491
89
88.630823
89
88.62711
88
87.880031
85
85.099514
81
80.843116
53
53.449217
52
52.433733
100
100
100
100
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
90
89.58189656938

ETF.com Grade as 08/10/17

Equity: U.S. - Mid Cap

Tracking Difference (12 Month)

Ticker Expense Ratio Median Max. Upside Max. Downside Max LT/ST Cap Gains Rate Rule Legal Structure Fund Closure Risk Efficiency
CZA Guggenheim Mid-Cap Core ETF 0.65% -0.83% -0.72% -0.96% 20.00% / 39.60% Low 80.843116
MDY SPDR S&P Midcap 400 ETF Trust 0.25% -0.37% -0.27% -0.51% 20.00% / 39.60% Low 94.525356
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 0.30% -- -- -- 20.00% / 39.60% Low 0
DON WisdomTree U.S. MidCap Dividend Fund 0.38% -0.50% -0.37% -0.91% 20.00% / 39.60% Low 87.880031
PTMC Pacer Trendpilot 450 ETF 0.63% -- -- -- 20.00% / 39.60% Low 0
RNMC First Trust Mid Cap U.S. Equity Select ETF 0.60% -- -- -- 20.00% / 39.60% Low 0
EQWM PowerShares Russell Midcap Equal Weight Portfolio 0.25% -0.25% -0.20% -0.33% 20.00% / 39.60% High 90.528491
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 0.40% -- -- -- 20.00% / 39.60% Low 0
RWK Oppenheimer Mid Cap Revenue ETF 0.39% -0.72% -0.52% -1.08% 20.00% / 39.60% Low 85.099514
EZM WisdomTree U.S. MidCap Earnings Fund 0.38% -0.38% -0.24% -0.48% 20.00% / 39.60% Low 93.783025
SCHM Schwab U.S. Mid-Cap ETF 0.05% -0.03% 0.02% -0.07% 20.00% / 39.60% Low 100
FNX First Trust Mid Cap Core AlphaDEX Fund 0.63% -0.58% -0.48% -0.69% 20.00% / 39.60% Low 88.62711
VO Vanguard Mid-Cap ETF 0.06% -0.05% -0.01% -0.07% 20.00% / 39.60% Low 99.370913
IJH iShares Core S&P Mid-Cap ETF 0.07% -0.09% -0.06% -0.13% 20.00% / 39.60% Low 100
XMLV PowerShares S&P MidCap Low Volatility Portfolio 0.25% -0.36% -0.31% -0.43% 20.00% / 39.60% Low 96.749205
IVOO Vanguard S&P Mid-Cap 400 ETF 0.15% -0.16% -0.11% -0.22% 20.00% / 39.60% Low 97.380201
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF 0.41% -0.48% -0.30% -0.60% 20.00% / 39.60% Low 91.405852
IWR iShares Russell Midcap ETF 0.20% -0.22% -0.17% -0.29% 20.00% / 39.60% Low 98.222302
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 0.24% -- -- -- 20.00% / 39.60% Low 0
JHMM John Hancock Multifactor Mid Cap ETF 0.45% -- -- -- 20.00% / 39.60% Low 88.630823
NUMG NuShares ESG Mid-Cap Growth ETF 0.40% -- -- -- 20.00% / 39.60% High 53.449217
JKG iShares Morningstar Mid-Cap ETF 0.25% -0.29% -0.20% -0.38% 20.00% / 39.60% Low 96.44371
NUMV NuShares ESG Mid-Cap Value ETF 0.40% -- -- -- 20.00% / 39.60% High 52.433733
EWRM Guggenheim Russell Midcap Equal Weight -0.32% -0.14% -0.45% 20.00% / 39.60% Low 89.58189656938

ETF.com Tradability Insight

Although MDY is not the largest fund by AUM, it certainly is the most traded. Its average daily trading volume is almost $500M: about four times as large as its nearest competitor, IJH.MDY is not the largest fund by AUM, but is certainly the most traded.  Both MDY and IJH show super tight bid/ask spreads - 1 to 2 bps.
IWR, VO also shine in Tradability—bid/ask spreads average 0.04% or better.
SCHM, DON, FNX and EZM form a second tier of liquidity. The funds have similar trading volumes, while their bid/ask spreads vary between 6 bps and 12 bps.
Toward the bottom of the Tradability barrel, investors will find funds that are harder to trade such as PXMC, TRNM, EWRM, XMLV and CZA. Limit orders and iNav tracking will help investors make the most of their trades here.
Block liquidity for all funds is strong. Institutional investors can trade these funds easily and cheaply. Still, we recommend using liquidity providers for best execution. (Insight updated 08/18/17)

All Funds (24)

99
98.820899
99
98.715216
99
98.602686
99
98.585914
98
98.336879
98
98.262634
97
97.439355
96
96.034096
94
93.696339
92
92.430379
89
89.104204
85
84.694783
82
82.458227
75
75.493972
61
61.404104
58
57.921048
58
57.603414
58
57.540456
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
69
69.37468231609

ETF.com Grade as 08/10/17

Equity: U.S. - Mid Cap

Ticker Median Daily Volume ($) Average Spread Creation Unit/Day Market Hours Overlap Underlying Volume/Unit % Creation Cost Per Unit (%) Impediment to Creations Score - Tradability
VO Vanguard Mid-Cap ETF $43.65 M 0.04% 12.09 99.00% 0.02% 0.01% None 98.820899
CZA Guggenheim Mid-Cap Core ETF $619.65 K 0.10% 0.20 99.00% 0.09% 0.02% None 82.458227
XMLV PowerShares S&P MidCap Low Volatility Portfolio $4.39 M 0.08% 2.00 100.00% 0.12% 0.02% None 96.034096
DON WisdomTree U.S. MidCap Dividend Fund $7.36 M 0.06% 1.50 98.00% 0.04% 0.02% None 97.439355
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF $247.15 K 0.46% 0.09 99.00% 0.03% 0.07% None 61.404104
EQWM PowerShares Russell Midcap Equal Weight Portfolio $27.11 K 0.43% 0.01 99.00% 0.01% 0.02% None 57.603414
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF $250.21 K 0.11% 0.04 100.00% 0.03% 0.03% None 0
NUMG NuShares ESG Mid-Cap Growth ETF $15.05 K 0.41% 0.00 100.00% 0.03% 0.04% None 57.540456
EZM WisdomTree U.S. MidCap Earnings Fund $1.5 M 0.27% 0.84 100.00% 0.02% 0.08% None 89.104204
NUMV NuShares ESG Mid-Cap Value ETF $16.07 K 0.40% 0.00 100.00% 0.03% 0.04% None 57.921048
FNX First Trust Mid Cap Core AlphaDEX Fund $1.42 M 0.15% 0.48 99.00% 0.03% 0.02% None 92.430379
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF $0 0.23% 0 100.00% 0.01% 0.05% None 0
IJH iShares Core S&P Mid-Cap ETF $152.04 M 0.02% 17.66 100.00% 0.09% 0.01% None 98.715216
RNMC First Trust Mid Cap U.S. Equity Select ETF $0 0.31% 0 100.00% 0.02% 0.15% None 0
IVOO Vanguard S&P Mid-Cap 400 ETF $2.87 M 0.04% 0.98 99.00% 0.03% 0.02% None 98.602686
IWR iShares Russell Midcap ETF $30.32 M 0.04% 3.18 99.00% 0.02% 0.02% None 98.585914
JHMM John Hancock Multifactor Mid Cap ETF $547.02 K 0.31% 0.34 100.00% 0.01% 0.04% None 75.493972
JKG iShares Morningstar Mid-Cap ETF $1.5 M 0.06% 0.18 100.00% 0.08% 0.01% None 93.696339
MDY SPDR S&P Midcap 400 ETF Trust $307.58 M 0.01% 38.92 100.00% 0.08% 0.04% None 98.262634
PTMC Pacer Trendpilot 450 ETF $1.07 M 0.28% 0.74 100.00% 0.01% 0.04% None 0
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF $1.59 M 0.10% 1.24 100.00% 0.16% 0.02% None 0
RWK Oppenheimer Mid Cap Revenue ETF $771.74 K 0.12% 0.28 99.00% 0.06% 0.07% None 84.694783
SCHM Schwab U.S. Mid-Cap ETF $8.98 M 0.06% 3.73 100.00% 0.01% 0.02% None 98.336879
EWRM Guggenheim Russell Midcap Equal Weight $394.86 K 0.16 98.00% 0.01% 0.09% None 69.37468231609

ETF.com/ Block Liquidity

CZA
5
4
3
2
1
DON
5
4
3
2
1
EQWM
5
4
3
2
1
EZM
5
4
3
2
1
FNX
5
4
3
2
1
IJH
5
4
3
2
1
IVOO
5
4
3
2
1
IWR
5
4
3
2
1
JHMM
5
4
3
2
1
JKG
5
4
3
2
1
MDY
5
4
3
2
1
PTMC
5
4
3
2
1
REGL
5
4
3
2
1
RWK
5
4
3
2
1
SCHM
5
4
3
2
1
VO
5
4
3
2
1
XMLV
5
4
3
2
1
EWMC
5
4
3
2
1
JPME
5
4
3
2
1
NUMG
5
4
3
2
1
NUMV
5
4
3
2
1
FLQM
5
4
3
2
1
RNMC
5
4
3
2
1
EWRM
5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of each ETF.

ETF.com Fit Insight

Boundaries for market-cap buckets vary greatly by issuer, and even our own benchmark leans toward large caps. VO offers the tightest fit to our benchmark with about 63% of its assets inThe S&P Mid Cap 400 Index is tracked by three ETFs: IJH, MDY and IVOO midcaps and the rest in large-caps.
Many of the US midcap ETFs can be evaluated in clusters since several track the same indexes. The S&P Mid Cap 400 Index is especially popular and is tracked by three ETFs: IJH, MDY and IVOO. Although the index bills itself as pure midcap, from our perspective it tilts small—with about 13% of its basket dedicated to small-caps. Still, the funds that track it don't show elevated market risk against the segment benchmark.
EWRM offers equal-weighted exposure to midcaps, but it equal weights by sector first. EWRM's beta is marketlike, but sector biases are sizable. DON offers a dividend take on midcaps. The fund Fits our benchmark poorly but that’s hardly the point. Its gross portfolio yield is more than twice that of the benchmark. (Insight updated 08/18/17)

All Funds (24)

95
94.514891
94
93.641324
92
91.622121
89
89.22465
85
84.694376
80
80.370135
80
79.552141
80
79.522888
79
79.388437
79
79.346327
79
78.774654
75
75.322108
74
74.196963
74
73.856489
72
71.55179
72
71.518729
66
66.230491
50
50.378498
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
81
81.392247950162

ETF.com Grade as 08/10/17

Equity: U.S. - Mid Cap