MDY vs. MINT: What’s The Difference?

The SPDR S&P MIDCAP 400 ETF Trust (MDY) and the PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (MINT) are both among the Top 100 ETFs. MDY is a SPDR State Street Global Advisors Mid-Cap Blend fund and MINT is a PIMCO Ultrashort Bond fund. So, what’s the difference between MDY and MINT? And which fund is better?

The expense ratio of MDY is 0.13 percentage points lower than MINT’s (0.23% vs. 0.36%). MDY also has a high exposure to the industrials sector while MINT is mostly comprised of Others bonds. Overall, MDY has provided higher returns than MINT over the past 10 years.

In this article, we’ll compare MDY vs. MINT. We’ll look at portfolio growth and industry exposure, as well as at their risk metrics and annual returns. Moreover, I’ll also discuss MDY’s and MINT’s performance, holdings, and fund composition and examine how these affect their overall returns.

Summary

MDY MINT
Name SPDR S&P MIDCAP 400 ETF Trust PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
Category Mid-Cap Blend Ultrashort Bond
Issuer SPDR State Street Global Advisors PIMCO
AUM 21.31B 14.02B
Avg. Return 13.29% 1.52%
Div. Yield 0.94% 0.56%
Expense Ratio 0.23% 0.36%

The SPDR S&P MIDCAP 400 ETF Trust (MDY) is a Mid-Cap Blend fund that is issued by SPDR State Street Global Advisors. It currently has 21.31B total assets under management and has yielded an average annual return of 13.29% over the past 10 years. The fund has a dividend yield of 0.94% with an expense ratio of 0.23%.

The PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (MINT) is a Ultrashort Bond fund that is issued by PIMCO. It currently has 14.02B total assets under management and has yielded an average annual return of 1.52% over the past 10 years. The fund has a dividend yield of 0.56% with an expense ratio of 0.36%.

MDY’s dividend yield is 0.38% higher than that of MINT (0.94% vs. 0.56%). Also, MDY yielded on average 11.77% more per year over the past decade (13.29% vs. 1.52%). The expense ratio of MDY is 0.13 percentage points lower than MINT’s (0.23% vs. 0.36%).

Fund Composition

Holdings

MDY - Holdings

MDY Holdings Weight
Bio-Techne Corp 0.75%
Molina Healthcare Inc 0.63%
Cognex Corp 0.63%
Fair Isaac Corp 0.62%
XPO Logistics Inc 0.61%
SolarEdge Technologies Inc 0.61%
Signature Bank 0.6%
Graco Inc 0.55%
Camden Property Trust 0.55%
FactSet Research Systems Inc 0.54%

MDY’s Top Holdings are Bio-Techne Corp, Molina Healthcare Inc, Cognex Corp, Fair Isaac Corp, and XPO Logistics Inc at 0.75%, 0.63%, 0.63%, 0.62%, and 0.61%.

SolarEdge Technologies Inc (0.61%), Signature Bank (0.6%), and Graco Inc (0.55%) have a slightly smaller but still significant weight. Camden Property Trust and FactSet Research Systems Inc are also represented in the MDY’s holdings at 0.55% and 0.54%.

MINT - Holdings

MINT Bond Sectors Weight
Others 0.0%
Below B 0.0%
B 0.0%
BB 0.0%
BBB 0.0%
A 0.0%
AA 0.0%
AAA 0.0%
US Government 0.0%

MINT’s Top Bond Sectors are ratings of Others, Below B, B, BB, and BBB at 0.0%, 0.0%, 0.0%, 0.0%, and 0.0%. The fund is less weighted towards A (0.0%), AA (0.0%), and AAA (0.0%) rated bonds.

Risk Analysis

MDY MINT
Mean Return 1.08 0.12
R-squared 86.66 4.7
Std. Deviation 16.83 1.08
Alpha -4.1 0.62
Beta 1.15 0.08
Sharpe Ratio 0.73 0.78
Treynor Ratio 9.97 10.8

The SPDR S&P MIDCAP 400 ETF Trust (MDY) has a R-squared of 86.66 with a Treynor Ratio of 9.97 and a Standard Deviation of 16.83. Its Mean Return is 1.08 while MDY’s Alpha is -4.1. Furthermore, the fund has a Sharpe Ratio of 0.73 and a Beta of 1.15.

The PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (MINT) has a Standard Deviation of 1.08 with a Sharpe Ratio of 0.78 and a Treynor Ratio of 10.8. Its Mean Return is 0.12 while MINT’s R-squared is 4.7. Furthermore, the fund has a Beta of 0.08 and a Alpha of 0.62.

MDY’s Mean Return is 0.96 points higher than that of MINT and its R-squared is 81.96 points higher. With a Standard Deviation of 16.83, MDY is slightly more volatile than MINT. The Alpha and Beta of MDY are 4.72 points lower and 1.07 points higher than MINT’s Alpha and Beta.

Performance

Annual Returns

MDY vs. MINT - Annual Returns

Year MDY MINT
2020 13.51% 1.63%
2019 25.86% 3.3%
2018 -11.28% 1.72%
2017 15.89% 1.9%
2016 20.33% 1.99%
2015 -2.4% 0.52%
2014 9.42% 0.53%
2013 33.08% 0.72%
2012 17.58% 2.48%
2011 -1.99% 0.42%
2010 26.17% 1.72%

MDY had its best year in 2013 with an annual return of 33.08%. MDY’s worst year over the past decade yielded -11.28% and occurred in 2018. In most years the SPDR S&P MIDCAP 400 ETF Trust provided moderate returns such as in 2020, 2017, and 2012 where annual returns amounted to 13.51%, 15.89%, and 17.58% respectively.

The year 2019 was the strongest year for MINT, returning 3.3% on an annual basis. The poorest year for MINT in the last ten years was 2011, with a yield of 0.42%. Most years the PIMCO Enhanced Short Maturity Active Exchange-Traded Fund has given investors modest returns, such as in 2020, 2018, and 2010, when gains were 1.63%, 1.72%, and 1.72% respectively.

Portfolio Growth

MDY vs. MINT - Portfolio Growth

Fund Initial Balance Final Balance CAGR
MDY $10,000 $28,948 13.29%
MINT $10,000 $11,624 1.52%

A $10,000 investment in MDY would have resulted in a final balance of $28,948. This is a profit of $18,948 over 10 years and amounts to a compound annual growth rate (CAGR) of 13.29%.

With a $10,000 investment in MINT, the end total would have been $11,624. This equates to a $1,624 profit over 10 years and a compound annual growth rate (CAGR) of 1.52%.

MDY’s CAGR is 11.77 percentage points higher than that of MINT and as a result, would have yielded $17,324 more on a $10,000 investment. Thus, MDY outperformed MINT by 11.77% annually.


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