AIN vs MDY: Correlation
How closely do Albany International Corporation (AIN) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIN and MDY?
On 3 years of weekly data the AIN/MDY correlation comes out at 0.62, strong. The link has loosened recently: the 1-year correlation (0.45) runs below the 3-year figure (0.62). The 5-year figure is 0.64, and annualized covariance runs at 370.2 %².
MDY is one of the assets that tracks AIN most closely: it ranks #3 out of the 20 assets we track against AIN. The last year tells two different stories: MDY led by 23.9 percentage points, -5.6% for AIN against +18.3% for MDY. Note the risk asymmetry: AIN runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AIN vs MDY: side by side
| AIN (Albany International Corporation) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -5.6% | +18.3% |
| 5-year return | -19.2% | +47.5% |
| Volatility (ann.) | 36.2% | 16.5% |
| Beta vs S&P 500 | 1.13 | 0.91 |
| Max drawdown (3Y) | -57.1% | -24.0% |
| Market cap | $1.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.88% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
MDY, State Street Investment Management's Mid-Cap Blend fund, carries $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | AIN | MDY |
|---|---|---|
| 2022 | +12.6% | -13.3% |
| 2023 | +0.7% | +16.1% |
| 2024 | -17.6% | +13.6% |
| 2025 | -35.5% | +7.2% |
| 2026 | +17.9% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIN and MDY good diversifiers for each other?
Only partially. A correlation of 0.62 means AIN and MDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AIN and MDY?
The AIN/MDY correlation stands at 0.62 on a 3-year window (1 year: 0.45, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for AIN?
Only partially. A correlation of 0.62 means AIN and MDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: AIN correlations · MDY correlations
