AIT vs MDY: Correlation
Applied Industrial Technologies, Inc. (AIT) and SPDR S&P MidCap 400 ETF (MDY) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and MDY?
Across a 3-year window, the weekly returns of AIT and MDY correlate at 0.72, strong. Little has changed lately, as the 1-year reading of 0.74 lands near the 3-year figure. Stretching to 5 years gives 0.69, with an annualized covariance of 310.3 %².
Few assets follow AIT as closely as MDY, which ranks #1 of 26 tracked partners. On 12-month performance AIT holds a 8.6-point edge, +26.9% against +18.3%. One caveat on sizing: AIT is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AIT vs MDY: side by side
| AIT (Applied Industrial Technologies, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +26.9% | +18.3% |
| 5-year return | +291.4% | +47.5% |
| Volatility (ann.) | 26.0% | 16.5% |
| Beta vs S&P 500 | 1.03 | 0.91 |
| Max drawdown (3Y) | -26.4% | -24.0% |
| Market cap | $12.4B | – |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 0.57% | 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 | AIT | MDY |
|---|---|---|
| 2022 | +24.2% | -13.3% |
| 2023 | +38.4% | +16.1% |
| 2024 | +39.7% | +13.6% |
| 2025 | +8.0% | +7.2% |
| 2026 | +32.4% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AIT represents 0.35% of MDY's portfolio, so part of any move in MDY is AIT itself, and the correlation between them is partly mechanical.
Are AIT and MDY good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AIT and MDY?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.74 over the last year and 0.69 over 5 years.
Is MDY a good diversifier for AIT?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ait-vs-mdy.json
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Related comparisons
Hubs: AIT correlations · MDY correlations
