What if you invested monthly in a Mid-cap ETF (MDY) for 20 years?
This calculates the result of investing a fixed amount monthly into MDY, which invests in US mid-cap stocks sitting between large and small caps, over 20 years using actual price data. It shows the size style's out- and under-performance alongside maximum drawdown and time underwater.
Investment conditions
Asset · MDY (US Mid-cap ETF)
Method · Recurring monthly investment
Period · 2006-07-01 ~ 2026-07-01
Amount · $222 / month
As of · 2026-07-01
Key metrics
These results do not reflect taxes. Based on historical data.
Risk & recovery
As important as returns. This service does not hide maximum drawdown or loss periods.
Maximum drawdown (MDD)
-43.0%
Largest drop from peak
Longest loss period
18months
Months in loss: 23
Recovery period
5months
Growth over time
Invested principal (dashed) and portfolio value (solid). Values below match the calculation.
Total invested $53,556 → Final value $184,951 (+245.3%), Maximum drawdown (MDD) -43.0%
Why this period and asset
The size factor stems from the observation that small caps historically outperformed large caps over the long run; size is a core factor in the Fama-French three-factor model. Mid-caps sit between large and small, and MDY tracks the S&P MidCap 400. This 20-year window (2006-2026) spans the 2008 financial crisis, the 2020 COVID crash, and the 2022 correction. More economically sensitive than large caps, mid-caps sometimes led in recoveries and fell deeper in crises.
Interpreting the result
Investing the same amount each month buys more shares when prices are low and fewer when they are high. Mid-caps are expected to have more growth room than large caps, yet in recent years a few mega-caps led the market and mid-caps lagged the large-cap index at times. Higher economic sensitivity can deepen drawdowns and lengthen loss periods in declines. The key is to read the maximum drawdown, time underwater, and recovery period next to the large-cap index on the results screen.
Caveats & limits
The notion that mid/small caps always yield more held only in certain periods; in many recent years large caps led. Mid-caps can carry larger volatility and drawdowns than large caps. Expense ratios, trading fees, USD/KRW exchange rates, and dividend/capital-gains taxes also affect the outcome. Past performance does not guarantee future results, and this page does not recommend buying any specific security.
Data sources & limits
- Price data source: Yahoo Finance / FinanceDataReader
- Collected on: 2026-07-23
- Effective trading date: 2026-07-01
- Price basis: 調整後終値(配当・株式分割を反映)
- Trading fees and taxes are not reflected — figures are pre-tax.
- Based on historical data; does not guarantee future returns.
Frequently asked questions
What is the size factor?
A style that invests by company size (market cap), splitting into small, mid, and large. It stems from the academic observation that small caps historically earned excess returns (the Fama-French size factor).
Do mid-caps always beat large caps?
No. They can lead in recoveries and expansions, but they lag the large-cap index when a few mega-caps dominate, as in recent years. Out- and under-performance alternate by regime.
What are the risks of this strategy?
Deeper drawdowns and longer loss periods from higher economic sensitivity, and stretches of trailing large caps, are the main ones. Recovery can lengthen in a market crash, and fees and FX reduce returns.
Related scenarios
📋 結果は過去のデータに基づくものです。過去のリターンは将来のリターンを保証しません。
📋 本サービスは投資アドバイスではなく、投資を理解するための教育目的で提供されています。