Equity: U.S. - Mid Cap

JKG Top Performer Intra-day
Price $167.92
Today’s Change +0.65%(0.39)
4:00pm 02/24/2017
EQWM Bottom Performer Intra-day
Price $43.68
Today’s Change -0.20%(-0.46)
3:59pm 02/24/2017
  • 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 02/24/17)

All Funds (20)

DON $2.77 B 2773983325 High dividends

A 99
E
88
88
T
98
98
F
99
99

VO $18.46 B 18455872409.23 Second lowest expense ratio

A 98
E
99
99
T
99
99
F
98
98

IWR $15.52 B 15520395720 Great tradability

A 93
E
98
98
T
99
99
F
93
93

SCHM $3.2 B 3202023350.4 Cheapest fund in the segment

A 88
E
100
100
T
99
99
F
88
88

JKG $721.41 M 721406700 Solid core basket

A 86
E
96
96
T
91
91
F
86
86

FNX $759.18 M 759180918.622 Most expensive

A 82
E
89
89
T
95
95
F
82
82

MDY $20.79 B 20786976624.526 Unit Investment Trust

A 82
E
95
95
T
98
98
F
82
82

IVOO $688.26 M 688256250 Spotty trading

A 81
E
97
97
T
98
98
F
81
81

IJH $39.12 B 39115221820 Popular and liquid

A 81
E
100
100
T
99
99
F
81
81

EZM $792.7 M 792696300 Value play on midcaps

A 76
E
94
94
T
90
90
F
76
76

XMLV $920.15 M 920146650 --

A 49
E
97
97
T
97
97
F
49
49

JHMM $161.8 M 161799460 new; trade with care

B 91
E
89
89
T
78
78
F
91
91

EQWM $26.34 M 26338200 Unremarkable assets

B 81
E
95
95
T
58
58
F
81
81

CZA $163.27 M 163268000 Shows alpha

B 76
E
84
84
T
72
72
F
76
76

EWMC $129.01 M 129012900 Equal-weighted

B 75
E
91
91
T
69
69
F
75
75

RWK $287.55 M 287545512.4 Elevated market risk

B 70
E
85
85
T
92
92
F
70
70

PTMC $246.66 M 246664000 risk toggler

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

REGL $412.62 M 412617000 N/A

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

JPME $45.81 M 45812136.332138 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 02/16/17

Equity: U.S. - Mid Cap

Performance Dispersion
Performance  [as of 02/23/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI USA Mid Cap4.18%5.82%6.03%28.53%8.47%12.78%--
A 98.969823DON2773983325DONWisdomTree MidCap Dividend Fund2.94%5.46%4.07%29.36%12.14%15.31%8.35%
A 98.045121VO18455872409.23VOVanguard Mid-Cap Index Fund4.26%6.10%6.09%27.84%8.99%13.21%7.57%
A 93.078887IWR15520395720IWRiShares Russell Midcap ETF3.69%5.95%5.19%28.45%8.75%13.35%7.56%
A 87.843413SCHM3202023350.4SCHMSchwab U.S. Mid-Cap ETF3.92%6.13%5.16%30.28%9.06%13.65%--
A 86.135298JKG721406700JKGiShares Morningstar Mid-Cap ETF4.66%7.30%6.35%27.78%9.52%13.62%8.17%
A 81.677768FNX759180918.622FNXFirst Trust Mid Cap Core AlphaDEX Fund4.09%5.97%4.73%34.16%6.51%11.20%--
A 81.628553MDY20786976624.526MDYSPDR S&P Midcap 400 ETF Trust3.87%6.37%4.59%34.03%9.92%13.42%8.51%
A 81.349775IVOO688256250IVOOVanguard S&P Mid Cap 400 Index Fund3.86%6.36%4.79%34.28%10.05%13.64%--
A 81.255804IJH39115221820IJHiShares Core S&P Mid-Cap ETF3.89%6.38%4.63%34.40%10.13%13.65%8.70%
A 75.505198EZM792696300EZMWisdomTree MidCap Earnings Fund3.32%5.27%3.67%32.37%8.58%13.30%9.31%
A 48.758832XMLV920146650XMLVPowerShares S&P MidCap Low Volatility Portfolio3.98%8.53%4.92%28.57%15.58%----
B 91.201384JHMM161799460JHMMJohn Hancock Multifactor Mid Cap ETF4.32%6.89%6.06%29.38%------
B 81.280513EQWM26338200EQWMPowerShares Russell Midcap Equal Weight Portfolio3.32%6.47%5.13%32.67%8.61%11.88%5.28%
B 76.491344CZA163268000CZAGuggenheim Mid-Cap Core ETF5.34%8.94%7.04%33.15%10.01%13.78%--
B 75.256821EWMC129012900EWMCGuggenheim S&P Midcap 400 Equal Weight ETF3.63%6.10%3.99%38.08%8.89%13.40%--
B 70.428638RWK287545512.4RWKOppenheimer Mid Cap Revenue ETF2.68%4.18%3.33%33.06%9.02%13.17%--
N/A 0PTMC246664000PTMCPacer Trendpilot 450 ETF3.56%6.10%5.00%21.25%------
N/A 0REGL412617000REGLProShares S&P MidCap 400 Dividend Aristocrats ETF3.75%7.57%3.85%34.00%------
N/A 0JPME45812136.332138JPMEJPMorgan Diversified Return U.S. Mid Cap Equity ETF4.42%7.19%5.73%--------
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 02/24/17)

All Funds (20)

99
98.952613
98
98.182589
97
97.473992
97
96.825795
96
96.41079
95
95.17813
95
94.894875
94
93.887219
91
90.966025
89
88.661697
89
88.622
88
88.119302
85
84.781524
84
84.451676
100
100
100
100
N/A
0
N/A
0
N/A
0
90
89.58189656938

ETF.com Grade as 02/16/17

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 88.622
JKG iShares Morningstar Mid-Cap ETF 0.25% -0.21% -0.16% -0.38% 20.00% / 39.60% Low 96.41079
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% -0.20% -0.51% 20.00% / 39.60% Low 94.894875
DON WisdomTree MidCap Dividend Fund 0.38% -0.41% -0.33% -0.91% 20.00% / 39.60% Low 88.119302
PTMC Pacer Trendpilot 450 ETF 0.63% -- -- -- 20.00% / 39.60% Low 0
EQWM PowerShares Russell Midcap Equal Weight Portfolio 0.25% -0.22% -0.13% -0.33% 20.00% / 39.60% Low 95.17813
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% -0.59% -0.30% -1.08% 20.00% / 39.60% Low 84.781524
EZM WisdomTree MidCap Earnings Fund 0.38% -0.27% -0.21% -0.48% 20.00% / 39.60% Low 93.887219
SCHM Schwab U.S. Mid-Cap ETF 0.06% -0.00% 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 88.661697
VO Vanguard Mid-Cap Index Fund 0.08% -0.03% -0.01% -0.06% 20.00% / 39.60% Low 98.952613
IJH iShares Core S&P Mid-Cap ETF 0.07% -0.07% -0.05% -0.13% 20.00% / 39.60% Low 100
XMLV PowerShares S&P MidCap Low Volatility Portfolio 0.25% -0.36% -0.26% -0.43% 20.00% / 39.60% Low 96.825795
IVOO Vanguard S&P Mid Cap 400 Index Fund 0.15% -0.13% -0.10% -0.22% 20.00% / 39.60% Low 97.473992
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF 0.41% -0.20% 6.37% -1.80% 20.00% / 39.60% Low 90.966025
IWR iShares Russell Midcap ETF 0.20% -0.19% -0.11% -0.29% 20.00% / 39.60% Low 98.182589
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 02/24/17)

All Funds (20)

99
99.210742
99
98.90096
99
98.735642
99
98.543346
98
98.295033
98
98.183187
98
97.782092
97
96.647496
95
94.786878
92
92.229753
91
91.198254
90
90.085412
78
77.788715
72
71.987771
69
68.527928
58
58.023321
N/A
0
N/A
0
N/A
0
69
69.37468231609

ETF.com Grade as 02/16/17

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
EZM WisdomTree MidCap Earnings Fund $2.51 M 0.21% 0.59 100.00% 0.02% 0.08% None 90.085412
FNX First Trust Mid Cap Core AlphaDEX Fund $2.41 M 0.14% 0.85 100.00% 0.04% 0.02% None 94.786878
IJH iShares Core S&P Mid-Cap ETF $225.73 M 0.02% 26.89 100.00% 0.09% 0.01% None 98.735642
IVOO Vanguard S&P Mid Cap 400 Index Fund $3.96 M 0.06% 1.40 100.00% 0.03% 0.02% None 98.183187
IWR iShares Russell Midcap ETF $47.87 M 0.03% 5.12 100.00% 0.02% 0.02% None 98.90096
JHMM John Hancock Multifactor Mid Cap ETF $491.66 K 0.19% 0.33 100.00% 0.01% 0.04% None 77.788715
JKG iShares Morningstar Mid-Cap ETF $2.55 M 0.16% 0.31 100.00% 0.07% 0.01% None 91.198254
MDY SPDR S&P Midcap 400 ETF Trust $337.39 M 0.02% 43.14 100.00% 0.08% 0.04% None 98.295033
PTMC Pacer Trendpilot 450 ETF $1.44 M 0.23% 1.07 100.00% 0.01% 0.04% None 0
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF $3.83 M 0.13% 3.02 100.00% 0.15% 0.02% None 0
RWK Oppenheimer Mid Cap Revenue ETF $2.02 M 0.16% 0.71 100.00% 0.06% 0.07% None 92.229753
SCHM Schwab U.S. Mid-Cap ETF $13.67 M 0.05% 5.92 100.00% 0.01% 0.02% None 98.543346
VO Vanguard Mid-Cap Index Fund $68.43 M 0.03% 19.72 100.00% 0.01% 0.01% None 99.210742
CZA Guggenheim Mid-Cap Core ETF $446.35 K 0.25% 0.16 100.00% 0.09% 0.02% None 71.987771
XMLV PowerShares S&P MidCap Low Volatility Portfolio $6.64 M 0.05% 3.25 100.00% 0.13% 0.02% None 96.647496
DON WisdomTree MidCap Dividend Fund $14.7 M 0.06% 3.11 100.00% 0.05% 0.02% None 97.782092
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF $650.4 K 0.42% 0.22 100.00% 0.03% 0.07% None 68.527928
EQWM PowerShares Russell Midcap Equal Weight Portfolio $54.92 K 0.45% 0.03 100.00% 0.01% 0.02% None 58.023321
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF $63.41 K 0.12% 0.01 100.00% 0.03% 0.03% None 0
EWRM Guggenheim Russell Midcap Equal Weight $394.86 K 0.16 98.00% 0.01% 0.09% None 69.37468231609

ETF.com/ Block Liquidity

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
EZM
5
4
3
2
1
FNX
5
4
3
2
1
IJH
5
4
3
2
1
IVOO
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 02/24/17)

All Funds (20)

99
98.969823
98
98.045121
93
93.078887
91
91.201384
88
87.843413
86
86.135298
82
81.677768
82
81.628553
81
81.349775
81
81.280513
81
81.255804
76
76.491344
76
75.505198
75
75.256821
70
70.428638
49
48.758832
N/A
0
N/A
0
N/A
0
81
81.392247950162

ETF.com Grade as 02/16/17

Equity: U.S. - Mid Cap