S&P 400

For a list of S&P 400 companies, see List of S&P 400 companies.

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.

S&P 400

Foundation	June 19, 1991 (1991-06-19)
Operator	S&P Dow Jones Indices
Exchanges	NYSE Nasdaq
Trading symbol	MID ^MID SP400 ^SP400
Constituents	401
Type	Mid-cap
Market cap	US$2.7 trillion (as of December 29, 2023)
Weighting method	Free-float capitalization-weighted
Related indices	List S&P 1500
Website	spglobal.com/sp-400

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. 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.

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

Category	All-Time Highs
Closing	3,124.92	Thursday, September 19, 2024
Intraday	3,130.73	Thursday, September 19, 2024

Investing

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

Index Fund

• SPDR S&P MidCap 400 ETF (NYSE Arca: MDY)
• Vanguard S&P Mid-Cap 400 ETF (NYSE Arca: IVOO)
• iShares Core S&P Mid-Cap ETF (NYSE Arca: IJH)

Growth Index Fund

• SPDR S&P 400 Mid Cap Growth ETF (NYSE Arca: MDYG)
• Vanguard S&P Mid-Cap 400 Growth ETF (NYSE Arca: IVOG)
• iShares S&P Mid-Cap 400 Growth ETF (NYSE Arca: IJK)

Value Index Fund

• SPDR S&P 400 Mid Cap Value ETF (NYSE Arca: MDYV)
• Vanguard S&P Mid-Cap 400 Value ETF (NYSE Arca: IVOV)
• iShares S&P Mid-Cap 400 Value ETF (NYSE Arca: IJJ)

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

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

Year	Price return	Total return	Net total return
2023	14.45%	16.44%	15.84%
2022	−14.48%	−13.06%	−13.49%
2021	23.21%	24.76%	24.29%
2020	11.81%	13.66%	13.10%
2019	24.05%	26.20%	25.55%
2018	−12.50%	−11.08%	−11.51%
2017	14.45%	16.24%	15.70%
2016	18.73%	20.74%	20.13%
2015	−3.71%	−2.18%	−2.64%
2014	8.19%	9.77%	9.29%
2013	31.57%	33.50%	32.92%
2012	16.07%	17.88%	17.33%
2011	−3.10%	−1.73%	−2.14%
2010	24.85%	26.64%	26.10%
2009	35.00%	37.38%	36.66%
2008	−37.28%	−36.23%	−36.55%
2007	6.69%	7.98%	N/A
2006	8.99%	10.32%	N/A
2005	11.27%	12.56%	N/A
2004	15.16%	16.48%	N/A
Sources:

See also

• S&P 1500
• S&P 500
• S&P 600
• Russell Midcap Index