Equity: U.S. - Mid Cap

JHMM Top Performer Intra-day
Price $33.04
Today’s Change +0.27%(0.82)
3:59pm 10/20/2017
EQWM Bottom Performer Intra-day
Price $45.99
Today’s Change -0.04%(-0.08)
3:16pm 10/20/2017
  • 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 10/20/17)

All Funds (22)

VO $20.62 B 20622273283.08 Second lowest expense ratio

A 94
E
99
99
T
99
99
F
94
94

IWR $16.07 B 16070319840 Great tradability

A 92
E
98
98
T
99
99
F
92
92

SCHM $3.77 B 3774252726.3 Cheapest fund in the segment

A 88
E
100
100
T
99
99
F
88
88

JKG $787.56 M 787556995 Solid core basket

A 86
E
96
96
T
93
93
F
86
86

MDY $19.0 B 18999004826.88 Unit Investment Trust

A 77
E
94
94
T
98
98
F
77
77

IVOO $773.36 M 773357750 Spotty trading

A 77
E
97
97
T
97
97
F
77
77

IJH $41.04 B 41035537840 Popular and liquid

A 76
E
100
100
T
99
99
F
76
76

EZM $875.75 M 875745000 Value play on midcaps

A 69
E
94
94
T
91
91
F
69
69

REGL $419.84 M 419839500 N/A

A 63
E
90
90
T
96
96
F
63
63

XMLV $1.17 B 1169463200 --

A 48
E
97
97
T
97
97
F
48
48

JHMM $251.18 M 251175540 new; trade with care

B 93
E
89
89
T
79
79
F
93
93

EQWM $25.19 M 25194400 Unremarkable assets

B 81
E
90
90
T
59
59
F
81
81

DON $2.96 B 2961100380 High dividends

B 78
E
86
86
T
98
98
F
78
78

FNX $706.66 M 706656925.072 Most expensive

B 71
E
88
88
T
94
94
F
71
71

EWMC $114.05 M 114050650 Equal-weighted

B 70
E
91
91
T
62
62
F
70
70

CZA $220.56 M 220555050 Shows alpha

B 69
E
84
84
T
84
84
F
69
69

RWK $348.4 M 348396647.06 Elevated market risk

B 63
E
87
87
T
86
86
F
63
63

PTMC $371.88 M 371881500 risk toggler

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

JPME $72.74 M 72741862.718841 N/A

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

FLQM $5.23 M 5228000 N/A

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

RNMC $2.07 M 2067067.34052 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 10/12/17

Equity: U.S. - Mid Cap

Performance Dispersion
Performance  [as of 10/19/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI USA Mid Cap2.51%2.72%13.98%19.73%11.55%14.59%8.04%
A 94.049473VO20622273283.08VOVanguard Mid-Cap ETF--------------
A 92.196304IWR16070319840IWRiShares Russell Midcap ETF--------------
A 88.344819SCHM3774252726.3SCHMSchwab U.S. Mid-Cap ETF--------------
A 86.08065JKG787556995JKGiShares Morningstar Mid-Cap ETF--------------
A 76.872606MDY18999004826.88MDYSPDR S&P Midcap 400 ETF Trust--------------
A 76.603613IVOO773357750IVOOVanguard S&P Mid-Cap 400 ETF--------------
A 76.444522IJH41035537840IJHiShares Core S&P Mid-Cap ETF--------------
A 68.906565EZM875745000EZMWisdomTree U.S. MidCap Earnings Fund--------------
A 63.354951REGL419839500REGLProShares S&P MidCap 400 Dividend Aristocrats ETF--------------
A 48.470542XMLV1169463200XMLVPowerShares S&P MidCap Low Volatility Portfolio--------------
B 92.856069JHMM251175540JHMMJohn Hancock Multifactor Mid Cap ETF--------------
B 80.802193EQWM25194400EQWMPowerShares Russell Midcap Equal Weight Portfolio--------------
B 78.484142DON2961100380DONWisdomTree U.S. MidCap Dividend Fund--------------
B 71.216204FNX706656925.072FNXFirst Trust Mid Cap Core AlphaDEX Fund--------------
B 69.59785EWMC114050650EWMCGuggenheim S&P Midcap 400 Equal Weight ETF--------------
B 68.925183CZA220555050CZAGuggenheim Mid-Cap Core ETF--------------
B 63.159755RWK348396647.06RWKOppenheimer Mid Cap Revenue ETF--------------
N/A 0PTMC371881500PTMCPacer Trendpilot 450 ETF--------------
N/A 0JPME72741862.718841JPMEJPMorgan Diversified Return U.S. Mid Cap Equity ETF2.49%3.73%14.16%19.55%------
N/A 0FLQM5228000FLQMFranklin LibertyQ U.S. Mid Cap Equity ETF--------------
N/A 0RNMC2067067.34052RNMCFirst Trust Mid Cap U.S. Equity Select ETF--------------
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 10/20/17)

All Funds (22)

99
99.269701
98
98.217962
97
97.330487
97
96.752313
96
96.438796
94
94.433096
94
93.729454
91
91.406554
90
90.475612
90
89.720056
89
88.624645
88
87.61473
87
87.2037
86
86.229956
84
83.682324
100
100
100
100
N/A
0
N/A
0
N/A
0
N/A
0
90
89.58189656938

ETF.com Grade as 10/12/17

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 83.682324
MDY SPDR S&P Midcap 400 ETF Trust 0.25% -0.37% -0.27% -0.51% 20.00% / 39.60% Low 94.433096
DON WisdomTree U.S. MidCap Dividend Fund 0.38% -0.50% -0.02% -0.67% 20.00% / 39.60% Low 86.229956
PTMC Pacer Trendpilot 450 ETF 0.63% -- -- -- 20.00% / 39.60% Low 0
EQWM PowerShares Russell Midcap Equal Weight Portfolio 0.25% -0.25% -0.16% -0.33% 20.00% / 39.60% High 90.475612
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 0.40% -- -- -- 20.00% / 39.60% Low 89.720056
RWK Oppenheimer Mid Cap Revenue ETF 0.39% -0.68% -0.47% -1.08% 20.00% / 39.60% Low 87.2037
EZM WisdomTree U.S. MidCap Earnings Fund 0.38% -0.40% -0.24% -0.48% 20.00% / 39.60% Low 93.729454
SCHM Schwab U.S. Mid-Cap ETF 0.05% -0.05% 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 87.61473
VO Vanguard Mid-Cap ETF 0.06% -0.05% -0.02% -0.07% 20.00% / 39.60% Low 99.269701
IJH iShares Core S&P Mid-Cap ETF 0.07% -0.10% -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 96.752313
IVOO Vanguard S&P Mid-Cap 400 ETF 0.15% -0.16% -0.11% -0.22% 20.00% / 39.60% Low 97.330487
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF 0.41% -0.48% -0.30% -0.60% 20.00% / 39.60% Low 91.406554
IWR iShares Russell Midcap ETF 0.20% -0.22% -0.17% -0.29% 20.00% / 39.60% Low 98.217962
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 88.624645
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 0.30% -- -- -- 20.00% / 39.60% Low 0
JKG iShares Morningstar Mid-Cap ETF 0.25% -0.30% -0.20% -0.38% 20.00% / 39.60% Low 96.438796
RNMC First Trust Mid Cap U.S. Equity Select ETF 0.60% -- -- -- 20.00% / 39.60% Low 0
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 10/20/17)

All Funds (22)

99
99.030857
99
98.667163
99
98.659851
99
98.612907
98
98.267668
98
97.624272
97
97.285443
97
96.73943
96
96.063928
94
94.021439
93
93.494409
91
90.593846
86
85.761511
84
83.991752
79
78.584789
62
62.067337
59
58.839037
N/A
0
N/A
0
N/A
0
N/A
0
69
69.37468231609

ETF.com Grade as 10/12/17

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
CZA Guggenheim Mid-Cap Core ETF $674.75 K 0.11% 0.22 100.00% 0.11% 0.02% None 83.991752
VO Vanguard Mid-Cap ETF $42.52 M 0.03% 11.75 100.00% 0.02% 0.01% None 99.030857
DON WisdomTree U.S. MidCap Dividend Fund $6.08 M 0.06% 1.23 100.00% 0.05% 0.02% None 97.624272
XMLV PowerShares S&P MidCap Low Volatility Portfolio $3.94 M 0.06% 1.80 100.00% 0.13% 0.02% None 96.73943
EQWM PowerShares Russell Midcap Equal Weight Portfolio $33.01 K 0.42% 0.01 100.00% 0.01% 0.02% None 58.839037
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF $212.92 K 0.42% 0.07 100.00% 0.03% 0.06% None 62.067337
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF $250.21 K 0.10% 0.04 100.00% 0.03% 0.03% None 0
EZM WisdomTree U.S. MidCap Earnings Fund $1.47 M 0.24% 0.79 100.00% 0.02% 0.08% None 90.593846
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF $0 0.24% 0 100.00% 0.01% 0.05% None 0
FNX First Trust Mid Cap Core AlphaDEX Fund $1.5 M 0.11% 0.49 100.00% 0.03% 0.02% None 94.021439
RNMC First Trust Mid Cap U.S. Equity Select ETF $21.45 K 0.26% 0.02 100.00% 0.02% 0.14% None 0
IJH iShares Core S&P Mid-Cap ETF $142.79 M 0.01% 16.16 100.00% 0.09% 0.01% None 98.659851
IVOO Vanguard S&P Mid-Cap 400 ETF $1.86 M 0.03% 0.62 100.00% 0.03% 0.02% None 97.285443
IWR iShares Russell Midcap ETF $27.44 M 0.04% 2.84 100.00% 0.02% 0.02% None 98.667163
JHMM John Hancock Multifactor Mid Cap ETF $562.05 K 0.28% 0.35 100.00% 0.01% 0.04% None 78.584789
JKG iShares Morningstar Mid-Cap ETF $1.08 M 0.05% 0.12 100.00% 0.08% 0.01% None 93.494409
MDY SPDR S&P Midcap 400 ETF Trust $255.63 M 0.01% 31.88 100.00% 0.08% 0.04% None 98.267668
PTMC Pacer Trendpilot 450 ETF $1.15 M 0.22% 0.77 100.00% 0.01% 0.03% None 0
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF $1.5 M 0.07% 1.17 100.00% 0.16% 0.02% None 96.063928
RWK Oppenheimer Mid Cap Revenue ETF $719.87 K 0.11% 0.25 100.00% 0.06% 0.07% None 85.761511
SCHM Schwab U.S. Mid-Cap ETF $8.97 M 0.05% 3.68 100.00% 0.01% 0.02% None 98.612907
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
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 10/20/17)

All Funds (22)

94
94.049473
93
92.856069
92
92.196304
88
88.344819
86
86.08065
81
80.802193
78
78.484142
77
76.872606
77
76.603613
76
76.444522
71
71.216204
70
69.59785
69
68.925183
69
68.906565
63
63.354951
63
63.159755
48
48.470542
N/A
0
N/A
0
N/A
0
N/A
0
81
81.392247950162

ETF.com Grade as 10/12/17

Equity: U.S. - Mid Cap