S&P 400

Last updated
S&P 400
FoundationJune 19, 1991;32 years ago (1991-06-19)
Operator S&P Dow Jones Indices [1]
Exchanges
Trading symbol
  • MID
  • ^MID
  • SP400
  • ^SP400
Constituents 401
Type Mid-cap [1]
Market cap US$2.7 trillion
(as of December 29, 2023) [2]
Weighting method Free-float capitalization-weighted [3]
Related indices
List
Website spglobal.com/sp-400

The S&P MidCap 400 Index, more commonly known as the S&P 400, is a stock market index from S&P Dow Jones Indices.

Contents

Overview

The index serves as a gauge for the U.S. mid-cap equities sector and is the most widely followed mid-cap index. It is part of the S&P 1500, which also includes the S&P 500 for larger U.S. based companies, and the S&P 600 for smaller companies, though all three indices include a handful of foreign stocks that trade on the U.S. stock exchanges.

To be included in the index, a stock must have a total market capitalization that ranges from $6.7 billion to $18.0 billion. [4] These market cap eligibility criteria are for addition to an index, not for continued membership. As a result, an index constituent that appears to violate criteria for addition to that index is not removed unless ongoing conditions warrant an index change. [4]

Additionally, same as S&P 500 and S&P 600, there is a financial viability requirement. Companies must have positive as-reported earnings over the most recent quarter, as well as over the most recent four quarters (summed together).

As of 29 December 2023, the median market cap was $6.3 billion with the market cap of the largest company in the index at nearly $17.9 billion and the smallest company at $1.7 billion. The index's market cap covers nearly 7 percent of the total US stock market.

Record values

CategoryAll-Time Highs
Closing2,910.70Tuesday, November 16, 2021
Intraday2,925.93Monday, November 8, 2021

Investing

The following exchange-traded funds (ETFs) attempt to track this index and sub-indexes:

Index Fund

Growth Index Fund

Value Index Fund

The SPDR fund was first, but the iShares fund is bigger; also they have different structures. [8]

Versions

The "S&P 400" generally quoted is a price return index; there are also "total return" and "net total return" versions of the index. These versions differ in how dividends are accounted for. The price return version does not account for dividends; it only captures the changes in the prices of the index components. The total return version reflects the effects of dividend reinvestment. Finally, the net total return version reflects the effects of dividend reinvestment after the deduction of withholding tax.

Annual returns

YearPrice returnTotal returnNet total return
202314.45%16.44%15.84%
202214.48%13.06%13.49%
202123.21%24.76%24.29%
202011.81%13.66%13.10%
201924.05%26.20%25.55%
201812.50%11.08%11.51%
201714.45%16.24%15.70%
201618.73%20.74%20.13%
20153.71%2.18%2.64%
20148.19%9.77%9.29%
201331.57%33.50%32.92%
201216.07%17.88%17.33%
20113.10%1.73%2.14%
201024.85%26.64%26.10%
200935.00%37.38%36.66%
200837.28%36.23%36.55%
20076.69%7.98%N/A
20068.99%10.32%N/A
200511.27%12.56%N/A
200415.16%16.48%N/A
Sources: [9] [10]

See also

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References

  1. 1 2 "S&P 400 Overview". S&P/Dow Jones Indices LLC. Retrieved January 20, 2013.
  2. "S&P 400® Factsheet" (PDF). S&P Global. p. 5.
  3. "S&P U.S. Indices Methodology" (PDF). Standard & Poor's. Retrieved 16 December 2017.
  4. 1 2 "S&P Dow Jones Indices Announces Update to S&P Composite 1500 Market Cap Guidelines" (PDF). S&P Global. April 1, 2024. Retrieved April 8, 2024.
  5. MDY - SPDR S&P MidCap 400 ETF State Street Global Advisors (SSgA)
  6. "Vanguard S&P Mid-Cap 400 ETF".
  7. iShares Core S&P Mid-Cap ETF (IJH): Overview iShares
  8. Mid-Cap ETFs Find a Sweet Spot Yahoo Finance
  9. S&P MidCap 400 Factsheet
  10. S&P MidCap 400® | S&P Dow Jones Indices