Equity: U.S. - Mid Cap

RWK Top Performer Intra-day
Price $55.88
Today’s Change +0.46%(0.82)
3:52pm 06/23/2017
RNMC Bottom Performer Intra-day
Price 0.00
Today’s Change 0.00%(0.00)
  • 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 06/23/17)

All Funds (24)

VO $19.73 B 19725451808.7 Second lowest expense ratio

A 100
E
99
99
T
99
99
F
100
100

IWR $15.89 B 15893248060 Great tradability

A 92
E
98
98
T
99
99
F
92
92

DON $2.92 B 2917119000 High dividends

A 89
E
88
88
T
98
98
F
89
89

SCHM $3.4 B 3397516211 Cheapest fund in the segment

A 89
E
100
100
T
98
98
F
89
89

JKG $752.48 M 752477645 Solid core basket

A 86
E
96
96
T
91
91
F
86
86

MDY $18.77 B 18765287652.162 Unit Investment Trust

A 82
E
94
94
T
98
98
F
82
82

IVOO $740.66 M 740657500 Spotty trading

A 82
E
97
97
T
99
99
F
82
82

IJH $40.2 B 40197387895 Popular and liquid

A 82
E
100
100
T
99
99
F
82
82

EZM $820.89 M 820893150 Value play on midcaps

A 74
E
94
94
T
89
89
F
74
74

XMLV $1.06 B 1060184700 --

A 50
E
96
96
T
96
96
F
50
50

JHMM $186.74 M 186738600 new; trade with care

B 93
E
89
89
T
74
74
F
93
93

EQWM $26.09 M 26090400 Unremarkable assets

B 85
E
91
91
T
59
59
F
85
85

FNX $691.73 M 691734367.742 Most expensive

B 78
E
89
89
T
94
94
F
78
78

EWMC $120.72 M 120720400 Equal-weighted

B 76
E
91
91
T
64
64
F
76
76

RWK $322.48 M 322483527.08 Elevated market risk

B 71
E
85
85
T
85
85
F
71
71

CZA $176.81 M 176805300 Shows alpha

C 78
E
81
81
T
76
76
F
78
78

NUMG $6.75 M 6745250 N/A

F 77
E
54
54
T
57
57
F
77
77

NUMV $6.42 M 6419950 N/A

F 74
E
53
53
T
58
58
F
74
74

JPME $53.18 M 53179455.301424 N/A

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

FLQM $5.11 M 5110000 N/A

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

PTMC $301.74 M 301740000 risk toggler

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

RNMC $1.96 M 1964167.28256 N/A

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

REGL $417.23 M 417231000 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 06/15/17

Equity: U.S. - Mid Cap

Performance  [as of 06/22/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI USA Mid Cap1.41%3.59%8.25%16.39%7.27%14.72%--
A 99.559679VO19725451808.7VOVanguard Mid-Cap ETF1.30%4.07%9.10%17.13%8.16%15.35%7.44%
A 91.988489IWR15893248060IWRiShares Russell Midcap ETF1.22%3.87%7.67%16.43%7.54%15.09%7.49%
A 89.382389DON2917119000DONWisdomTree MidCap Dividend Fund1.38%1.50%3.99%12.51%9.04%16.01%8.47%
A 89.208866SCHM3397516211SCHMSchwab U.S. Mid-Cap ETF1.08%3.16%6.74%15.84%7.72%15.67%--
A 86.056072JKG752477645JKGiShares Morningstar Mid-Cap ETF0.67%2.58%7.85%15.03%7.94%15.21%7.86%
A 82.340698MDY18765287652.162MDYSPDR S&P Midcap 400 ETF Trust1.05%2.96%5.16%17.97%8.16%15.12%8.12%
A 82.120636IVOO740657500IVOOVanguard S&P Mid-Cap 400 ETF1.13%3.01%5.46%18.12%8.36%15.29%--
A 81.991139IJH40197387895IJHiShares Core S&P Mid-Cap ETF1.12%3.08%5.31%18.22%8.42%15.37%8.35%
A 74.189459EZM820893150EZMWisdomTree MidCap Earnings Fund1.42%3.08%4.46%18.30%6.56%16.07%9.01%
A 50.122388XMLV1060184700XMLVPowerShares S&P MidCap Low Volatility Portfolio2.67%3.76%7.60%16.93%13.89%----
B 92.718424JHMM186738600JHMMJohn Hancock Multifactor Mid Cap ETF1.34%3.80%8.57%18.11%------
B 85.055772EQWM26090400EQWMPowerShares Russell Midcap Equal Weight Portfolio0.09%2.29%5.04%12.62%6.10%13.73%4.84%
B 77.921131FNX691734367.742FNXFirst Trust Mid Cap Core AlphaDEX Fund1.49%2.73%4.59%17.76%4.42%13.11%7.71%
B 76.154299EWMC120720400EWMCGuggenheim S&P Midcap 400 Equal Weight ETF0.57%2.40%3.11%17.83%6.43%14.98%--
B 70.618416RWK322483527.08RWKOppenheimer Mid Cap Revenue ETF1.03%2.00%2.68%16.23%6.47%15.22%--
C 77.873355CZA176805300CZAGuggenheim Mid-Cap Core ETF1.86%3.92%10.33%19.12%8.79%15.39%9.26%
F 76.91051NUMG6745250NUMGNuShares ESG Mid-Cap Growth ETF2.46%2.90%9.43%--------
F 74.461692NUMV6419950NUMVNuShares ESG Mid-Cap Value ETF2.59%0.16%3.77%--------
N/A 0JPME53179455.301424JPMEJPMorgan Diversified Return U.S. Mid Cap Equity ETF1.60%3.94%9.12%15.80%------
N/A 0FLQM5110000FLQMFranklin LibertyQ U.S. Mid Cap Equity ETF2.80%------------
N/A 0PTMC301740000PTMCPacer Trendpilot 450 ETF0.98%3.40%6.20%16.74%------
N/A 0RNMC1964167.28256RNMCFirst Trust Mid Cap U.S. Equity Select ETF--------------
N/A 0REGL417231000REGLProShares S&P MidCap 400 Dividend Aristocrats ETF1.16%0.86%2.79%14.81%------
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 06/23/17)

All Funds (24)

99
99.345934
98
98.218479
97
97.424323
96
96.420199
96
95.833601
94
93.858946
94
93.558591
91
90.954266
91
90.512696
89
88.621892
89
88.620576
88
87.905545
85
85.111892
81
80.86209
54
53.549069
53
52.521573
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 06/15/17

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
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% -0.32% -0.43% 20.00% / 39.60% Low 95.833601
IVOO Vanguard S&P Mid-Cap 400 ETF 0.15% -0.15% -0.11% -0.22% 20.00% / 39.60% Low 97.424323
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF 0.41% -0.47% -0.26% -0.60% 20.00% / 39.60% Low 90.512696
IWR iShares Russell Midcap ETF 0.20% -0.22% -0.15% -0.29% 20.00% / 39.60% Low 98.218479
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 0.24% -- -- -- 20.00% / 39.60% Medium 0
JHMM John Hancock Multifactor Mid Cap ETF 0.45% -- -- -- 20.00% / 39.60% Low 88.621892
NUMG NuShares ESG Mid-Cap Growth ETF 0.40% -- -- -- 20.00% / 39.60% High 53.549069
JKG iShares Morningstar Mid-Cap ETF 0.25% -0.26% -0.18% -0.38% 20.00% / 39.60% Low 96.420199
NUMV NuShares ESG Mid-Cap Value ETF 0.40% -- -- -- 20.00% / 39.60% High 52.521573
CZA Guggenheim Mid-Cap Core ETF 0.65% -0.83% -0.72% -0.96% 20.00% / 39.60% Low 80.86209
MDY SPDR S&P Midcap 400 ETF Trust 0.25% -0.36% -0.25% -0.51% 20.00% / 39.60% Low 93.558591
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 0.30% -- -- -- 20.00% / 39.60% Low 0
DON WisdomTree MidCap Dividend Fund 0.38% -0.50% -0.34% -0.91% 20.00% / 39.60% Low 87.905545
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% -0.18% -0.33% 20.00% / 39.60% High 90.954266
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 0.40% 13.73% 15.03% 13.03% 20.00% / 39.60% Low 0
RWK Oppenheimer Mid Cap Revenue ETF 0.39% -0.72% -0.45% -1.08% 20.00% / 39.60% Low 85.111892
EZM WisdomTree MidCap Earnings Fund 0.38% -0.36% -0.21% -0.48% 20.00% / 39.60% Low 93.858946
SCHM Schwab U.S. Mid-Cap ETF 0.05% -0.01% 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 88.620576
VO Vanguard Mid-Cap ETF 0.06% -0.04% -0.01% -0.07% 20.00% / 39.60% Low 99.345934
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 06/23/17)

All Funds (24)

99
99.132758
99
98.871091
99
98.811972
99
98.721731
98
98.477742
98
98.282704
98
97.684984
96
96.41832
94
93.725919
91
90.532819
89
88.746545
85
84.582902
76
75.851524
74
73.812207
64
64.225687
59
58.519073
58
57.626232
57
57.204479
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
69
69.37468231609

ETF.com Grade as 06/15/17

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
MDY SPDR S&P Midcap 400 ETF Trust $298.16 M 0.01% 38.00 100.00% 0.08% 0.04% None 98.282704
PTMC Pacer Trendpilot 450 ETF $1.16 M 0.29% 0.83 100.00% 0.01% 0.04% None 0
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF $2.25 M 0.10% 1.72 100.00% 0.15% 0.02% None 0
RWK Oppenheimer Mid Cap Revenue ETF $719.82 K 0.14% 0.26 100.00% 0.05% 0.07% None 84.582902
SCHM Schwab U.S. Mid-Cap ETF $9.35 M 0.05% 3.93 100.00% 0.01% 0.02% None 98.477742
CZA Guggenheim Mid-Cap Core ETF $513.57 K 0.23% 0.17 99.00% 0.09% 0.02% None 75.851524
VO Vanguard Mid-Cap ETF $45.76 M 0.03% 12.88 99.00% 0.01% 0.01% None 99.132758
DON WisdomTree MidCap Dividend Fund $8.55 M 0.07% 1.75 99.00% 0.04% 0.02% None 97.684984
XMLV PowerShares S&P MidCap Low Volatility Portfolio $4.93 M 0.07% 2.30 100.00% 0.14% 0.02% None 96.41832
EQWM PowerShares Russell Midcap Equal Weight Portfolio $52.96 K 0.43% 0.02 100.00% 0.01% 0.02% None 58.519073
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF $310.14 K 0.47% 0.10 99.00% 0.03% 0.07% None 64.225687
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF $233.22 K 0.12% 0.04 100.00% 0.03% 0.03% None 0
EZM WisdomTree MidCap Earnings Fund $1.52 M 0.31% 0.86 100.00% 0.02% 0.08% None 88.746545
NUMG NuShares ESG Mid-Cap Growth ETF $12.75 K 0.42% 0.00 100.00% 0.03% 0.04% None 57.204479
FNX First Trust Mid Cap Core AlphaDEX Fund $1.37 M 0.12% 0.47 100.00% 0.03% 0.02% None 93.725919
NUMV NuShares ESG Mid-Cap Value ETF $21.3 K 0.40% 0.00 100.00% 0.03% 0.04% None 57.626232
IJH iShares Core S&P Mid-Cap ETF $179.1 M 0.02% 20.74 100.00% 0.08% 0.01% None 98.721731
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF $0 0.24% 0 100.00% -- 0.05% None 0
IVOO Vanguard S&P Mid-Cap 400 ETF $3.45 M 0.03% 1.18 100.00% 0.03% 0.02% None 98.871091
RNMC First Trust Mid Cap U.S. Equity Select ETF $5.71 K 0.32% 0.00 100.00% -- -- None 0
IWR iShares Russell Midcap ETF $38.69 M 0.04% 4.06 100.00% 0.02% 0.02% None 98.811972
JHMM John Hancock Multifactor Mid Cap ETF $476.27 K 0.32% 0.31 100.00% 0.01% 0.04% None 73.812207
JKG iShares Morningstar Mid-Cap ETF $1.5 M 0.17% 0.18 100.00% 0.07% 0.01% None 90.532819
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 06/23/17)

All Funds (24)

100
99.559679
93
92.718424
92
91.988489
89
89.382389
89
89.208866
86
86.056072
85
85.055772
82
82.340698
82
82.120636
82
81.991139
78
77.921131
78
77.873355
77
76.91051
76
76.154299
74
74.461692
74
74.189459
71
70.618416
50
50.122388
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
81
81.392247950162

ETF.com Grade as 06/15/17

Equity: U.S. - Mid Cap