Equity: U.S. - Mid Cap

JPME Top Performer Intra-day
Price $57.22
Today’s Change +0.24%(0.42)
1:37pm 03/24/2017
EWMC Bottom Performer Intra-day
Price $57.91
Today’s Change -0.21%(-0.36)
3:59pm 03/24/2017
  • 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 03/24/17)

All Funds (20)

DON $2.78 B 2782850805 High dividends

A 100
E
88
88
T
98
98
F
100
100

VO $18.44 B 18437206823.36 Second lowest expense ratio

A 98
E
99
99
T
99
99
F
98
98

IWR $15.27 B 15266454750 Great tradability

A 93
E
98
98
T
99
99
F
93
93

SCHM $3.17 B 3172183125 Cheapest fund in the segment

A 89
E
100
100
T
99
99
F
89
89

JKG $726.88 M 726880880 Solid core basket

A 87
E
96
96
T
91
91
F
87
87

MDY $19.47 B 19471992911.382 Unit Investment Trust

A 84
E
95
95
T
98
98
F
84
84

FNX $723.15 M 723151914.786 Most expensive

A 84
E
89
89
T
95
95
F
84
84

IJH $38.3 B 38300738300 Popular and liquid

A 84
E
100
100
T
99
99
F
84
84

IVOO $696.9 M 696902500 Spotty trading

A 84
E
97
97
T
98
98
F
84
84

EZM $778.36 M 778361705 Value play on midcaps

A 75
E
94
94
T
90
90
F
75
75

XMLV $951.41 M 951414800 --

A 50
E
97
97
T
97
97
F
50
50

JHMM $152.98 M 152984190 new; trade with care

B 92
E
89
89
T
78
78
F
92
92

EQWM $25.74 M 25735200 Unremarkable assets

B 85
E
95
95
T
59
59
F
85
85

CZA $161.57 M 161571200 Shows alpha

B 76
E
84
84
T
72
72
F
76
76

EWMC $121.45 M 121451400 Equal-weighted

B 75
E
91
91
T
69
69
F
75
75

RWK $296.53 M 296534354.4 Elevated market risk

B 71
E
85
85
T
92
92
F
71
71

PTMC $256.43 M 256432000 risk toggler

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

REGL $415.76 M 415756250 N/A

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

JPME $45.55 M 45548928.808145 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 03/16/17

Equity: U.S. - Mid Cap

Performance Dispersion
Performance  [as of 03/23/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI USA Mid Cap-1.42%3.42%4.52%17.68%7.55%12.24%--
A 99.839086DON2782850805DONWisdomTree MidCap Dividend Fund-1.45%2.00%2.56%17.56%11.02%14.76%8.34%
A 98.462723VO18437206823.36VOVanguard Mid-Cap Index Fund-1.15%3.84%4.87%17.52%8.18%12.73%7.56%
A 93.183979IWR15266454750IWRiShares Russell Midcap ETF-1.36%2.79%3.76%17.53%7.76%12.77%7.54%
A 89.335198SCHM3172183125SCHMSchwab U.S. Mid-Cap ETF-1.46%2.74%3.62%19.14%7.97%13.18%--
A 86.713963JKG726880880JKGiShares Morningstar Mid-Cap ETF-1.13%4.15%5.15%17.30%8.70%13.14%8.18%
A 84.298481MDY19471992911.382MDYSPDR S&P Midcap 400 ETF Trust-2.12%1.63%2.37%21.66%8.50%12.78%8.40%
A 84.001678FNX723151914.786FNXFirst Trust Mid Cap Core AlphaDEX Fund-2.67%0.95%1.94%19.79%4.71%10.42%--
A 83.99251IJH38300738300IJHiShares Core S&P Mid-Cap ETF-2.09%1.72%2.44%21.90%8.74%13.01%8.61%
A 83.751288IVOO696902500IVOOVanguard S&P Mid Cap 400 Index Fund-2.12%1.62%2.57%21.79%8.67%12.95%--
A 74.823834EZM778361705EZMWisdomTree MidCap Earnings Fund-1.80%0.97%1.80%20.31%6.97%12.94%9.24%
A 50.136077XMLV951414800XMLVPowerShares S&P MidCap Low Volatility Portfolio-0.94%4.12%3.94%18.93%14.46%----
B 91.868553JHMM152984190JHMMJohn Hancock Multifactor Mid Cap ETF-1.18%3.76%4.81%18.22%------
B 85.108169EQWM25735200EQWMPowerShares Russell Midcap Equal Weight Portfolio-2.10%2.31%2.92%17.53%7.48%11.12%5.18%
B 76.491344CZA161571200CZAGuggenheim Mid-Cap Core ETF-0.57%5.70%6.44%22.46%9.22%13.55%--
B 75.256821EWMC121451400EWMCGuggenheim S&P Midcap 400 Equal Weight ETF-2.63%0.71%1.26%23.08%7.39%12.80%--
B 71.106906RWK296534354.4RWKOppenheimer Mid Cap Revenue ETF-2.33%-0.47%0.92%17.84%7.36%12.69%--
N/A 0PTMC256432000PTMCPacer Trendpilot 450 ETF-2.01%1.93%2.90%18.94%------
N/A 0REGL415756250REGLProShares S&P MidCap 400 Dividend Aristocrats ETF-1.51%1.73%2.29%22.28%------
N/A 0JPME45548928.808145JPMEJPMorgan Diversified Return U.S. Mid Cap Equity ETF-0.48%4.51%5.23%--------
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 03/24/17)

All Funds (20)

99
98.99191
98
98.183219
97
97.467253
97
96.829111
96
96.410901
95
94.877034
95
94.727292
94
93.912083
91
90.966025
89
88.675969
89
88.621971
88
88.121485
85
84.875831
84
84.451676
100
100
100
100
N/A
0
N/A
0
N/A
0
90
89.58189656938

ETF.com Grade as 03/16/17

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
JHMM John Hancock Multifactor Mid Cap ETF 0.45% -- -- -- 20.00% / 39.60% Low 88.621971
JKG iShares Morningstar Mid-Cap ETF 0.25% -0.22% -0.17% -0.38% 20.00% / 39.60% Low 96.410901
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% -0.30% -0.24% -0.51% 20.00% / 39.60% Low 94.877034
DON WisdomTree MidCap Dividend Fund 0.38% -0.42% -0.33% -0.91% 20.00% / 39.60% Low 88.121485
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 94.727292
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% -0.33% -1.08% 20.00% / 39.60% Low 84.875831
EZM WisdomTree MidCap Earnings Fund 0.38% -0.27% -0.21% -0.48% 20.00% / 39.60% Low 93.912083
SCHM Schwab U.S. Mid-Cap ETF 0.05% -0.01% 0.02% -0.05% 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 88.675969
VO Vanguard Mid-Cap Index Fund 0.08% -0.03% -0.01% -0.06% 20.00% / 39.60% Low 98.99191
IJH iShares Core S&P Mid-Cap ETF 0.07% -0.07% -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 96.829111
IVOO Vanguard S&P Mid Cap 400 Index Fund 0.15% -0.14% -0.11% -0.22% 20.00% / 39.60% Low 97.467253
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF 0.41% 0.07% 92.54% -1.80% 20.00% / 39.60% Low 90.966025
IWR iShares Russell Midcap ETF 0.20% -0.20% -0.12% -0.29% 20.00% / 39.60% Low 98.183219
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 0.34% -- -- -- 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 03/24/17)

All Funds (20)

99
99.326783
99
99.031122
99
98.736333
99
98.723638
98
98.334664
98
98.290948
98
97.999391
97
97.164048
95
94.664402
92
91.921004
91
91.195569
90
90.470272
78
78.02906
72
71.987771
69
68.527928
59
58.977182
N/A
0
N/A
0
N/A
0
69
69.37468231609

ETF.com Grade as 03/16/17

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
EQWM PowerShares Russell Midcap Equal Weight Portfolio $73.96 K 0.44% 0.03 100.00% 0.01% 0.02% None 58.977182
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF $532.48 K 0.44% 0.18 100.00% 0.03% 0.07% None 68.527928
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF $93.12 K 0.12% 0.02 100.00% 0.03% 0.03% None 0
EZM WisdomTree MidCap Earnings Fund $2.3 M 0.32% 1.04 100.00% 0.02% 0.09% None 90.470272
FNX First Trust Mid Cap Core AlphaDEX Fund $2.25 M 0.14% 0.77 100.00% 0.03% 0.02% None 94.664402
IJH iShares Core S&P Mid-Cap ETF $237.21 M 0.01% 27.77 100.00% 0.08% 0.01% None 98.736333
IVOO Vanguard S&P Mid Cap 400 Index Fund $3.82 M 0.05% 1.33 100.00% 0.03% 0.02% None 98.334664
IWR iShares Russell Midcap ETF $49.9 M 0.03% 5.33 100.00% 0.02% 0.02% None 99.031122
JHMM John Hancock Multifactor Mid Cap ETF $516.52 K 0.20% 0.35 100.00% 0.00% 0.04% None 78.02906
JKG iShares Morningstar Mid-Cap ETF $2.44 M 0.17% 0.29 100.00% 0.07% 0.01% None 91.195569
MDY SPDR S&P Midcap 400 ETF Trust $337.39 M 0.01% 43.14 100.00% 0.07% 0.04% None 98.290948
PTMC Pacer Trendpilot 450 ETF $1.36 M 0.25% 0.99 100.00% 0.01% 0.04% None 0
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF $3.45 M 0.13% 2.66 100.00% 0.15% 0.02% None 0
RWK Oppenheimer Mid Cap Revenue ETF $1.43 M 0.15% 0.52 100.00% 0.05% 0.07% None 91.921004
SCHM Schwab U.S. Mid-Cap ETF $12.78 M 0.04% 5.44 100.00% 0.01% 0.02% None 98.723638
CZA Guggenheim Mid-Cap Core ETF $442.55 K 0.25% 0.16 100.00% 0.09% 0.02% None 71.987771
VO Vanguard Mid-Cap Index Fund $60.78 M 0.03% 17.80 100.00% 0.01% 0.01% None 99.326783
DON WisdomTree MidCap Dividend Fund $12.78 M 0.05% 2.64 100.00% 0.04% 0.02% None 97.999391
XMLV PowerShares S&P MidCap Low Volatility Portfolio $6.61 M 0.04% 3.09 100.00% 0.13% 0.02% None 97.164048
EWRM Guggenheim Russell Midcap Equal Weight $394.86 K 0.16 98.00% 0.01% 0.09% None 69.37468231609

ETF.com/ Block Liquidity

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
CZA
5
4
3
2
1
DON
5
4
3
2
1
EQWM
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 03/24/17)

All Funds (20)

100
99.839086
98
98.462723
93
93.183979
92
91.868553
89
89.335198
87
86.713963
85
85.108169
84
84.298481
84
84.001678
84
83.99251
84
83.751288
76
76.491344
75
75.256821
75
74.823834
71
71.106906
50
50.136077
N/A
0
N/A
0
N/A
0
81
81.392247950162

ETF.com Grade as 03/16/17

Equity: U.S. - Mid Cap