TMSLvsMDYETF Comparison
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T. Rowe Price Small-Mid Cap ETF (TMSL) belongs to the US Multi-Factor segment. State Street SPDR S&P MIDCAP 400 ETF Trust (MDY) is part of the US Mid Cap segment. Both ETFs have the same top 3 sector exposures: Industrials, Information Technology and Financials. TMSL is more expensive with a Total Expense Ratio (TER) of 0.55%, versus 0.23% for MDY. TMSL is up 12.49% year-to-date (YTD) with +$606M in YTD flows. MDY performs worse with 10.42% YTD performance, and -$566M in YTD flows. Run a side-by-side ETF comparison of TMSL and MDY below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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TMSL vs MDY performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 05/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | TMSL MDY | +9.08%+6.88% | +5.68%+5.24% | +12.49%+10.42% | +35.84%+28.42% | n/a+51.64% | n/a+41.52% |
| Flows | TMSL MDY | +$244M-$59M | +$443M+$227M | +$606M-$566M | +$932M-$904M | --$947M | --$2.13B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | TMSL MDY | +22.32%+18.12% | +17.11%+15.92% | n/a+17.95% | n/a+19.86% |
| Max drawdown | TMSL MDY | -10.97%-8.78% | -10.97%-8.78% | n/a-23.91% | n/a-23.91% |
| Max drawdown duration | TMSL MDY | 46d53d | 46d53d | n/a379d | n/a379d |
Trading data
TMSL | MDY | |
Last sale 5/1/2026 at 1:30 PM | $40.33 | $664.35 |
| Previous close 05/01/2026 | $40.10 | $664.17 |
| Consolidated volume 05/01/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of April 30, 2026
1-year trailing difference
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TMSL
is actively managed and doesn’t replicate an indexTMSL | MDY | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 5/1/2026 at 1:30 PM
Live
Closed
TMSL | MDY | |
|---|---|---|
| Last price | $40.33 | $664.35 |
| 1D performance | +0.57% | +0.03% |
| AuM | $1.96 B | $26.04 B |
| E/R | 0.55% | 0.23% |
Characteristics
TMSL | MDY | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | T. Rowe Price | State Street Investment Management |
| Benchmark | - | S&P MidCap 400 Index |
| N° of holdings | 226 | 381 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 15, 2023 | May 4, 1995 |
| ESG | No | No |
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Exposure
Countries
TMSL
USA
75.38%
Other
24.62%
MDY
USA
92.34%
Other
7.66%
Sectors
TMSL
Industrials
17.55%
Information Techn.
14.87%
Financials
13.73%
Health Care
10.01%
Consumer Discreti.
8.74%
Other
35.1%
MDY
Industrials
21.55%
Information Techn.
13.08%
Financials
13%
Consumer Discreti.
10.58%
Health Care
8.85%
Other
32.94%
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Diversification
TMSL
Total weight of top 15 holdings out of 15
14.28%
MDY
Total weight of top 15 holdings out of 15
10.32%
Top 15 holdings
Data as of March 31, 2026
TMSL
TECHNIPFMC PLC
1.20%
TENET HEALTHCARE
1.12%
POPULAR
1.11%
US71424F1057
1.05%
TELEDYNE TECH
1.03%
API GROUP CORP
1.00%
MIDDLEBY
0.94%
AXIS CAPITAL HOLDINGS
0.89%
CIENA
0.89%
FABRINET
0.87%
TEXTRON
0.85%
MKS INSTRUMENTS
0.84%
EAST WEST BANCORP
0.84%
NVENT ELECTRIC PLC
0.83%
US2199481068
0.82%
MDY
TECHNIPFMC PLC
0.87%
CASEYS GENERAL STORES
0.84%
UTD THERAPEUT
0.79%
CURTISS WRIGHT
0.78%
FLEX LTD
0.75%
XPO LOGISTICS
0.71%
WOODWARD
0.66%
ROYAL GOLD
0.64%
US FOODS HOLDING CORP
0.63%
BURLINGTON STORES
0.63%
ATI INC
0.61%
MICHAEL STORES
0.61%
CARPENTER TECHNOLOGY
0.61%
NVENT ELECTRIC PLC
0.59%
TWILIO
0.59%
Frequently asked questions about TMSL and MDY
How have the TMSL and MDY ETFs performed in 2026?
As of May 1, 2026, TMSL is up 12.49% year-to-date (YTD), while MDY has returned 10.42%. That puts TMSL better performer ahead so far this year.
Which ETF is attracting more investor money: TMSL or MDY?
Year-to-date, the TMSL ETF saw +$606M in flows, compared to -$566M for MDY.
Which ETF is more volatile: TMSL or MDY?
Over the past year, TMSL had a volatility of 17.11%, while MDY experienced 15.92%.
Which ETF is bigger: TMSL or MDY?
As of May 1, 2026, TMSL holds $1.96 B in assets under management (AUM), while MDY manages $26.04 B.
What sectors do the TMSL and MDY ETFs invest in?
TMSL leans toward sectors like Industrials, Information Technology and Financials. Meanwhile, MDY focuses on Industrials, Information Technology and Financials.
What are the top holdings of the TMSL ETF and MDY ETF?
TMSL top holdings include TECHNIPFMC PLC, TENET HEALTHCARE and POPULAR. MDY holds in its top three: TECHNIPFMC PLC, CASEYS GENERAL STORES and UTD THERAPEUT.
Which ETF is more diversified: TMSL or MDY?
TMSL holds 231 securities with 14.28% of its assets in the top 15. MDY has 399 securities and a top 15 weight of 10.32%.
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