Equity: U.S. - Mid Cap

XMLV Top Performer Intra-day
Price $43.14
Today’s Change +0.11%(0.26)
3:59pm 04/27/2017
REGL Bottom Performer Intra-day
Price $51.73
Today’s Change -0.66%(-1.26)
4:00pm 04/28/2017
  • 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 04/28/17)

All Funds (22)

DON $2.89 B 2887524900 High dividends

A 99
E
88
88
T
98
98
F
99
99

VO $19.12 B 19117822140.9 Second lowest expense ratio

A 99
E
99
99
T
99
99
F
99
99

IWR $15.77 B 15767443600 Great tradability

A 93
E
98
98
T
99
99
F
93
93

SCHM $3.34 B 3339003512 Cheapest fund in the segment

A 89
E
100
100
T
99
99
F
89
89

JKG $751.49 M 751488855 Solid core basket

A 86
E
96
96
T
90
90
F
86
86

IJH $40.07 B 40067062875 Popular and liquid

A 83
E
100
100
T
99
99
F
83
83

MDY $19.49 B 19488437887.046 Unit Investment Trust

A 83
E
95
95
T
98
98
F
83
83

IVOO $741.51 M 741510000 Spotty trading

A 82
E
97
97
T
98
98
F
82
82

FNX $710.62 M 710618818.932 Most expensive

A 81
E
89
89
T
95
95
F
81
81

EZM $817.94 M 817937750 Value play on midcaps

A 74
E
94
94
T
89
89
F
74
74

XMLV $997.74 M 997739200 --

A 48
E
96
96
T
97
97
F
48
48

JHMM $171.19 M 171187530 new; trade with care

B 92
E
89
89
T
76
76
F
92
92

EQWM $26.43 M 26430600 Unremarkable assets

B 84
E
94
94
T
59
59
F
84
84

CZA $165.82 M 165818800 Shows alpha

B 76
E
84
84
T
72
72
F
76
76

EWMC $123.29 M 123293150 Equal-weighted

B 76
E
91
91
T
70
70
F
76
76

RWK $316.89 M 316885865.94 Elevated market risk

B 73
E
85
85
T
91
91
F
73
73

NUMG $6.63 M 6628250 N/A

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

NUMV $6.42 M 6423700 N/A

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

PTMC $282.1 M 282100000 risk toggler

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

REGL $442.61 M 442611000 N/A

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

JPME $58.4 M 58399041.768537 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 04/20/17

Equity: U.S. - Mid Cap

Performance  [as of 04/27/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI USA Mid Cap2.77%3.83%7.29%15.06%9.21%12.77%--
A 99.073531DON2887524900DONWisdomTree MidCap Dividend Fund2.99%3.40%5.22%15.43%11.51%15.03%8.33%
A 98.865433VO19117822140.9VOVanguard Mid-Cap Index Fund3.05%4.55%7.95%15.88%9.98%13.34%7.47%
A 92.960507IWR15767443600IWRiShares Russell Midcap ETF2.89%3.71%6.60%15.57%9.35%13.24%7.41%
A 88.955745SCHM3339003512SCHMSchwab U.S. Mid-Cap ETF3.13%4.06%6.73%16.41%9.92%13.76%--
A 86.386235JKG751488855JKGiShares Morningstar Mid-Cap ETF2.61%4.65%7.78%15.45%10.13%13.52%8.07%
A 82.930167IJH40067062875IJHiShares Core S&P Mid-Cap ETF3.50%3.47%5.77%19.27%10.72%13.53%8.56%
A 82.901196MDY19488437887.046MDYSPDR S&P Midcap 400 ETF Trust3.50%3.43%5.69%19.03%10.48%13.30%8.36%
A 82.433273IVOO741510000IVOOVanguard S&P Mid Cap 400 Index Fund3.54%3.43%5.91%19.22%10.68%13.47%--
A 81.475406FNX710618818.932FNXFirst Trust Mid Cap Core AlphaDEX Fund3.75%3.23%5.67%17.77%6.82%11.14%--
A 74.282154EZM817937750EZMWisdomTree MidCap Earnings Fund4.04%3.92%5.60%18.02%8.85%14.02%9.22%
A 47.964392XMLV997739200XMLVPowerShares S&P MidCap Low Volatility Portfolio2.62%4.99%6.23%19.03%15.36%----
B 91.591679JHMM171187530JHMMJohn Hancock Multifactor Mid Cap ETF2.59%4.31%7.58%17.34%------
B 84.143809EQWM26430600EQWMPowerShares Russell Midcap Equal Weight Portfolio2.69%2.67%5.17%14.27%8.12%11.45%5.03%
B 76.491344CZA165818800CZAGuggenheim Mid-Cap Core ETF2.87%5.61%8.85%19.13%10.24%13.79%9.42%
B 75.642961EWMC123293150EWMCGuggenheim S&P Midcap 400 Equal Weight ETF3.53%2.69%4.72%19.59%9.07%13.55%--
B 72.616867RWK316885865.94RWKOppenheimer Mid Cap Revenue ETF3.23%1.64%3.86%15.61%8.99%13.10%--
N/A 0NUMG6628250NUMGNuShares ESG Mid-Cap Growth ETF2.06%6.07%7.82%--------
N/A 0NUMV6423700NUMVNuShares ESG Mid-Cap Value ETF1.62%2.11%3.67%--------
N/A 0PTMC282100000PTMCPacer Trendpilot 450 ETF3.52%3.49%6.29%17.61%------
N/A 0REGL442611000REGLProShares S&P MidCap 400 Dividend Aristocrats ETF2.52%2.33%4.40%20.01%------
N/A 0JPME58399041.768537JPMEJPMorgan Diversified Return U.S. Mid Cap Equity ETF2.66%5.40%8.08%--------
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 04/28/17)

All Funds (22)

99
98.983391
98
98.168828
97
97.416164
96
96.437736
96
95.826717
95
94.882406
94
94.224417
94
93.896153
91
91.47766
89
88.626197
89
88.621968
88
88.098018
85
85.056163
84
84.451676
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 04/20/17

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
IWR iShares Russell Midcap ETF 0.20% -0.21% -0.15% -0.29% 20.00% / 39.60% Low 98.168828
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 88.621968
NUMG NuShares ESG Mid-Cap Growth ETF 0.40% -- -- -- 20.00% / 39.60% Low 0
JKG iShares Morningstar Mid-Cap ETF 0.25% -0.23% -0.17% -0.38% 20.00% / 39.60% Low 96.437736
NUMV NuShares ESG Mid-Cap Value ETF 0.40% -- -- -- 20.00% / 39.60% Low 0
CZA Guggenheim Mid-Cap Core ETF 0.65% -0.83% -0.72% -0.96% 20.00% / 39.60% Low 84.451676
MDY SPDR S&P Midcap 400 ETF Trust 0.25% -0.33% -0.24% -0.51% 20.00% / 39.60% Low 94.882406
DON WisdomTree MidCap Dividend Fund 0.38% -0.44% -0.33% -0.91% 20.00% / 39.60% Low 88.098018
PTMC Pacer Trendpilot 450 ETF 0.63% -- -- -- 20.00% / 39.60% Low 0
EQWM PowerShares Russell Midcap Equal Weight Portfolio 0.25% -0.24% -0.13% -0.33% 20.00% / 39.60% Low 94.224417
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% -0.70% -0.37% -1.08% 20.00% / 39.60% Low 85.056163
EZM WisdomTree MidCap Earnings Fund 0.38% -0.29% -0.21% -0.48% 20.00% / 39.60% Low 93.896153
SCHM Schwab U.S. Mid-Cap ETF 0.05% -0.01% 0.02% -0.06% 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 88.626197
VO Vanguard Mid-Cap Index Fund 0.08% -0.03% -0.01% -0.06% 20.00% / 39.60% Low 98.983391
IJH iShares Core S&P Mid-Cap ETF 0.07% -0.08% -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 95.826717
IVOO Vanguard S&P Mid Cap 400 Index Fund 0.15% -0.14% -0.11% -0.22% 20.00% / 39.60% Low 97.416164
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF 0.41% -0.42% -0.23% -0.60% 20.00% / 39.60% Low 91.47766
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 04/28/17)

All Funds (22)

99
99.321035
99
98.977862
99
98.715133
99
98.63206
98
98.447995
98
98.260813
98
97.866698
97
97.057506
95
94.662803
91
91.399481
90
90.411499
89
88.855597
76
75.801314
72
71.987771
70
69.69691
59
58.639384
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
69
69.37468231609

ETF.com Grade as 04/20/17

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
PTMC Pacer Trendpilot 450 ETF $1.16 M 0.30% 0.84 100.00% 0.01% 0.04% None 0
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF $2.93 M 0.11% 2.29 100.00% 0.15% 0.02% None 0
RWK Oppenheimer Mid Cap Revenue ETF $1.24 M 0.14% 0.44 100.00% 0.05% 0.07% None 91.399481
SCHM Schwab U.S. Mid-Cap ETF $11.02 M 0.05% 4.67 100.00% 0.01% 0.02% None 98.63206
CZA Guggenheim Mid-Cap Core ETF $393.81 K 0.24% 0.14 100.00% 0.09% 0.02% None 71.987771
VO Vanguard Mid-Cap Index Fund $53.73 M 0.03% 15.43 100.00% 0.01% 0.01% None 99.321035
DON WisdomTree MidCap Dividend Fund $9.35 M 0.06% 1.92 100.00% 0.04% 0.02% None 97.866698
XMLV PowerShares S&P MidCap Low Volatility Portfolio $5.3 M 0.05% 2.49 100.00% 0.14% 0.02% None 97.057506
EQWM PowerShares Russell Midcap Equal Weight Portfolio $68.33 K 0.44% 0.03 100.00% 0.01% 0.02% None 58.639384
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF $494.28 K 0.46% 0.17 100.00% 0.03% 0.07% None 69.69691
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF $196.99 K 0.12% 0.03 100.00% 0.03% 0.03% None 0
EZM WisdomTree MidCap Earnings Fund $1.95 M 0.33% 1.10 100.00% 0.02% 0.09% None 88.855597
NUMG NuShares ESG Mid-Cap Growth ETF $6.22 K 0.36% 0.00 100.00% 0.03% 0.04% None 0
FNX First Trust Mid Cap Core AlphaDEX Fund $2.11 M 0.13% 0.73 100.00% 0.03% 0.02% None 94.662803
NUMV NuShares ESG Mid-Cap Value ETF $6.86 K 0.37% 0.00 100.00% 0.03% 0.04% None 0
IJH iShares Core S&P Mid-Cap ETF $257.89 M 0.01% 30.13 100.00% 0.08% 0.01% None 98.715133
IVOO Vanguard S&P Mid Cap 400 Index Fund $3.3 M 0.05% 1.15 100.00% 0.03% 0.02% None 98.447995
IWR iShares Russell Midcap ETF $47.48 M 0.03% 5.11 100.00% 0.02% 0.02% None 98.977862
JHMM John Hancock Multifactor Mid Cap ETF $451.45 K 0.23% 0.30 100.00% 0.01% 0.04% None 75.801314
JKG iShares Morningstar Mid-Cap ETF $1.88 M 0.18% 0.22 100.00% 0.07% 0.01% None 90.411499
MDY SPDR S&P Midcap 400 ETF Trust $353.09 M 0.01% 44.81 100.00% 0.08% 0.04% None 98.260813
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
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 04/28/17)

All Funds (22)

99
99.073531
99
98.865433
93
92.960507
92
91.591679
89
88.955745
86
86.386235
84
84.143809
83
82.930167
83
82.901196
82
82.433273
81
81.475406
76
76.491344
76
75.642961
74
74.282154
73
72.616867
48
47.964392
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
81
81.392247950162

ETF.com Grade as 04/20/17

Equity: U.S. - Mid Cap