Equity: U.S. - Mid Cap

FNX Top Performer Intra-day
Price $65.29
Today’s Change +0.26%(0.39)
1:03pm 12/13/2017
EQWM Bottom Performer Intra-day
Price $47.19
Today’s Change -0.19%(-0.40)
12:18pm 12/13/2017
  • 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 12/13/17)

All Funds (22)

VO $22.09 B 22088093408.24 Second lowest expense ratio

A 94
E
99
99
T
99
99
F
94
94

IWR $16.84 B 16836771280 Great tradability

A 93
E
97
97
T
99
99
F
93
93

SCHM $4.05 B 4050229005 Cheapest fund in the segment

A 88
E
100
100
T
99
99
F
88
88

JKG $811.59 M 811590560 Solid core basket

A 86
E
96
96
T
93
93
F
86
86

MDY $19.73 B 19730061434 Unit Investment Trust

A 76
E
93
93
T
98
98
F
76
76

IVOO $847.28 M 847276500 Spotty trading

A 76
E
97
97
T
97
97
F
76
76

IJH $43.5 B 43499706450 Popular and liquid

A 76
E
100
100
T
99
99
F
76
76

EZM $989.08 M 989084110 Value play on midcaps

A 69
E
93
93
T
92
92
F
69
69

REGL $439.04 M 439040000 N/A

A 61
E
90
90
T
96
96
F
61
61

XMLV $1.25 B 1254335550 --

A 53
E
97
97
T
97
97
F
53
53

JHMM $279.3 M 279301840 new; trade with care

B 92
E
89
89
T
78
78
F
92
92

EQWM $26.11 M 26110700 Unremarkable assets

B 80
E
91
91
T
58
58
F
80
80

DON $3.12 B 3117009045 High dividends

B 78
E
85
85
T
98
98
F
78
78

FNX $734.59 M 734591380.594 Most expensive

B 71
E
89
89
T
93
93
F
71
71

CZA $245.7 M 245698500 Shows alpha

B 69
E
84
84
T
88
88
F
69
69

EWMC $118.28 M 118281600 Equal-weighted

B 67
E
91
91
T
62
62
F
67
67

RWK $367.42 M 367420206.6 Elevated market risk

B 59
E
88
88
T
86
86
F
59
59

PTMC $400.93 M 400932000 risk toggler

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

JPME $83.53 M 83525000 N/A

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

FLQM $2.77 M 2767000 N/A

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

RNMC $4.29 M 4287412.8737 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 12/07/17

Equity: U.S. - Mid Cap

Performance  [as of 12/12/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: MSCI USA Mid Cap3.44%6.50%18.32%16.13%10.76%15.01%8.58%
A 93.799233VO22088093408.24VOVanguard Mid-Cap ETF3.30%5.76%18.07%16.17%10.31%15.04%8.73%
A 93.025373IWR16836771280IWRiShares Russell Midcap ETF3.15%6.41%17.03%15.48%10.30%14.74%8.71%
A 87.786058SCHM4050229005SCHMSchwab U.S. Mid-Cap ETF3.36%7.47%18.17%16.49%12.01%15.46%--
A 86.294849JKG811590560JKGiShares Morningstar Mid-Cap ETF3.79%7.22%18.42%16.69%10.50%15.03%9.71%
A 76.381209MDY19730061434MDYSPDR S&P Midcap 400 ETF Trust3.31%7.95%14.75%13.35%11.81%14.68%9.39%
A 76.378473IVOO847276500IVOOVanguard S&P Mid-Cap 400 ETF3.35%8.08%15.15%13.57%11.99%14.87%--
A 76.338863IJH43499706450IJHiShares Core S&P Mid-Cap ETF3.36%8.01%15.06%13.65%12.07%14.93%9.60%
A 69.15594EZM989084110EZMWisdomTree U.S. MidCap Earnings Fund4.80%9.14%15.85%14.10%11.19%15.34%11.09%
A 61.282052REGL439040000REGLProShares S&P MidCap 400 Dividend Aristocrats ETF4.12%6.71%9.64%9.52%------
A 52.512894XMLV1254335550XMLVPowerShares S&P MidCap Low Volatility Portfolio2.35%5.80%14.41%14.33%14.59%----
B 91.819352JHMM279301840JHMMJohn Hancock Multifactor Mid Cap ETF3.62%7.22%19.02%17.15%------
B 80.372726EQWM26110700EQWMPowerShares Russell Midcap Equal Weight Portfolio3.35%6.46%14.31%12.49%8.63%13.19%6.22%
B 77.545164DON3117009045DONWisdomTree U.S. MidCap Dividend Fund3.90%7.07%13.53%11.74%11.95%15.86%10.26%
B 71.280974FNX734591380.594FNXFirst Trust Mid Cap Core AlphaDEX Fund3.17%7.94%15.97%14.21%9.53%13.22%9.51%
B 68.922149CZA245698500CZAGuggenheim Mid-Cap Core ETF3.17%7.06%21.89%21.41%12.95%15.64%10.67%
B 66.824609EWMC118281600EWMCGuggenheim S&P Midcap 400 Equal Weight ETF3.93%7.19%11.68%10.01%10.56%14.27%--
B 59.275005RWK367420206.6RWKOppenheimer Mid Cap Revenue ETF4.56%7.25%11.62%9.12%9.91%14.75%--
N/A 0PTMC400932000PTMCPacer Trendpilot U.S. Mid Cap ETF3.37%7.22%16.74%15.06%------
N/A 0JPME83525000JPMEJPMorgan Diversified Return U.S. Mid Cap Equity ETF3.36%6.19%18.13%16.86%------
N/A 0FLQM2767000FLQMFranklin LibertyQ U.S. Mid Cap Equity ETF7.11%10.21%----------
N/A 0RNMC4287412.8737RNMCFirst Trust Mid Cap U.S. Equity Select ETF3.19%8.95%----------
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 12/13/17)

All Funds (22)

99
99.311956
97
97.298208
97
97.169756
97
96.756085
96
96.409903
93
93.387087
93
92.663043
91
91.407015
91
90.522006
90
89.72133
89
88.750174
89
88.623991
88
88.287513
85
84.862908
84
83.844572
100
100
100
100
N/A
0
N/A
0
N/A
0
N/A
0
90
89.58189656938

ETF.com Grade as 12/07/17

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 83.844572
MDY SPDR S&P Midcap 400 ETF Trust 0.25% -0.38% -0.33% -0.51% 20.00% / 39.60% Low 93.387087
DON WisdomTree U.S. MidCap Dividend Fund 0.38% -0.50% -0.02% -0.67% 20.00% / 39.60% Low 84.862908
PTMC Pacer Trendpilot U.S. Mid Cap ETF 0.67% -- -- -- 20.00% / 39.60% Low 0
EQWM PowerShares Russell Midcap Equal Weight Portfolio 0.25% -0.24% -0.15% -0.33% 20.00% / 39.60% High 90.522006
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 0.40% -- -- -- 20.00% / 39.60% Low 89.72133
RWK Oppenheimer Mid Cap Revenue ETF 0.39% -0.57% -0.38% -1.08% 20.00% / 39.60% Low 88.287513
EZM WisdomTree U.S. MidCap Earnings Fund 0.38% -0.41% -0.35% -0.48% 20.00% / 39.60% Low 92.663043
SCHM Schwab U.S. Mid-Cap ETF 0.05% -0.06% 0.02% -0.09% 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 88.750174
VO Vanguard Mid-Cap ETF 0.06% -0.05% -0.02% -0.07% 20.00% / 39.60% Low 99.311956
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 96.756085
IVOO Vanguard S&P Mid-Cap 400 ETF 0.15% -0.17% -0.14% -0.22% 20.00% / 39.60% Low 97.298208
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF 0.41% -0.48% -0.30% -0.60% 20.00% / 39.60% Low 91.407015
IWR iShares Russell Midcap ETF 0.20% -0.22% -0.17% -0.29% 20.00% / 39.60% Low 97.169756
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 88.623991
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF 0.30% -- -- -- 20.00% / 39.60% High 0
JKG iShares Morningstar Mid-Cap ETF 0.25% -0.30% -0.24% -0.38% 20.00% / 39.60% Low 96.409903
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 12/13/17)

All Funds (22)

99
99.104209
99
98.821941
99
98.705618
99
98.551265
98
98.32186
98
97.524526
97
97.448041
97
96.817444
96
95.960326
93
93.435175
93
92.78668
92
92.387738
88
87.684179
86
85.609441
78
78.051386
62
61.765799
58
57.861269
N/A
0
N/A
0
N/A
0
N/A
0
69
69.37468231609

ETF.com Grade as 12/07/17

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 $840.52 K 0.12% 0.26 100.00% 0.10% 0.02% None 87.684179
VO Vanguard Mid-Cap ETF $40.48 M 0.04% 10.90 100.00% 0.01% 0.01% None 99.104209
DON WisdomTree U.S. MidCap Dividend Fund $6.4 M 0.06% 3.75 100.00% 0.02% 0.06% None 97.524526
XMLV PowerShares S&P MidCap Low Volatility Portfolio $4.32 M 0.06% 1.88 100.00% 0.13% 0.02% None 96.817444
EQWM PowerShares Russell Midcap Equal Weight Portfolio $20.94 K 0.42% 0.01 100.00% 0.01% 0.02% None 57.861269
EWMC Guggenheim S&P Midcap 400 Equal Weight ETF $208.35 K 0.41% 0.07 100.00% 0.03% 0.06% None 61.765799
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF $217.63 K 0.12% 0.04 100.00% 0.03% 0.03% None 0
EZM WisdomTree U.S. MidCap Earnings Fund $1.73 M 0.19% 0.91 100.00% 0.02% 0.08% None 92.387738
FLQM Franklin LibertyQ U.S. Mid Cap Equity ETF $0 0.24% 0 100.00% 0.01% 0.04% None 0
FNX First Trust Mid Cap Core AlphaDEX Fund $1.35 M 0.14% 0.43 100.00% 0.03% 0.02% None 92.78668
RNMC First Trust Mid Cap U.S. Equity Select ETF $40.33 K 0.23% 0.04 100.00% 0.02% 0.14% None 0
IJH iShares Core S&P Mid-Cap ETF $160.93 M 0.01% 17.34 100.00% 0.09% 0.01% None 98.705618
IVOO Vanguard S&P Mid-Cap 400 ETF $2.11 M 0.03% 0.69 100.00% 0.03% 0.02% None 97.448041
IWR iShares Russell Midcap ETF $30.23 M 0.04% 2.97 100.00% 0.02% 0.02% None 98.821941
JHMM John Hancock Multifactor Mid Cap ETF $569.34 K 0.27% 0.35 100.00% 0.01% 0.04% None 78.051386
JKG iShares Morningstar Mid-Cap ETF $1.18 M 0.06% 0.13 100.00% 0.08% 0.01% None 93.435175
MDY SPDR S&P Midcap 400 ETF Trust $282.75 M 0.01% 33.00 100.00% 0.08% 0.03% None 98.32186
PTMC Pacer Trendpilot U.S. Mid Cap ETF $1.42 M 0.28% 0.94 100.00% 0.01% 0.03% None 0
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF $1.28 M 0.07% 0.97 100.00% 0.16% 0.02% None 95.960326
RWK Oppenheimer Mid Cap Revenue ETF $703.93 K 0.12% 0.25 100.00% 0.05% 0.03% None 85.609441
SCHM Schwab U.S. Mid-Cap ETF $8.91 M 0.05% 3.43 100.00% 0.01% 0.02% None 98.551265
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 12/13/17)

All Funds (22)

94
93.799233
93
93.025373
92
91.819352
88
87.786058
86
86.294849
80
80.372726
78
77.545164
76
76.381209
76
76.378473
76
76.338863
71
71.280974
69
69.15594
69
68.922149
67
66.824609
61
61.282052
59
59.275005
53
52.512894
N/A
0
N/A
0
N/A
0
N/A
0
81
81.392247950162

ETF.com Grade as 12/07/17

Equity: U.S. - Mid Cap