ALV vs MDY: Correlation
Autoliv, Inc. (ALV) and SPDR S&P MidCap 400 ETF (MDY) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALV and MDY?
Across a 3-year window, the weekly returns of ALV and MDY correlate at 0.61, strong. Recent behaviour matches the longer record: 0.60 over 1 year against 0.61 over 3. Stretching to 5 years gives 0.62, with an annualized covariance of 259.6 %².
Within ALV's tracked universe of 16 assets, MDY comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 17.0 percentage points (+1.3% for ALV against +18.3% for MDY). Risk is not evenly split, since ALV carries 1.6 times the volatility of the other side.
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.
ALV vs MDY: side by side
| ALV (Autoliv, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +1.3% | +18.3% |
| 5-year return | +58.0% | +47.5% |
| Volatility (ann.) | 25.8% | 16.5% |
| Beta vs S&P 500 | 0.88 | 0.91 |
| Max drawdown (3Y) | -39.3% | -24.0% |
| Market cap | $9.0B | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 2.80% | 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 | ALV | MDY |
|---|---|---|
| 2022 | -23.5% | -13.3% |
| 2023 | +48.0% | +16.1% |
| 2024 | -12.7% | +13.6% |
| 2025 | +29.2% | +7.2% |
| 2026 | +5.1% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ALV represents 0.23% of MDY's portfolio, so part of any move in MDY is ALV itself, and the correlation between them is partly mechanical.
Are ALV and MDY good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ALV and MDY?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.60 over the last year and 0.62 over 5 years.
Is MDY a good diversifier for ALV?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 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.
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Related comparisons
Hubs: ALV correlations · MDY correlations
