APAM vs MDY: Correlation
Measured on weekly returns over the past three years, Artisan Partners Asset Management Inc. (APAM) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APAM and MDY?
On 3 years of weekly data the APAM/MDY correlation comes out at 0.74, strong. The link has loosened recently: the 1-year correlation (0.48) runs below the 3-year figure (0.74). The 5-year figure is 0.75, and annualized covariance runs at 328.8 %².
In APAM's tracked universe of 17 assets, MDY sits right near the top at #1. Correlation aside, the last 12 months split them widely, with MDY ahead by 17.1 points (+1.2% versus +18.3%). One caveat on sizing: APAM 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.
APAM vs MDY: side by side
| APAM (Artisan Partners Asset Management Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +1.2% | +18.3% |
| 5-year return | +28.1% | +47.5% |
| Volatility (ann.) | 27.0% | 16.5% |
| Beta vs S&P 500 | 1.14 | 0.91 |
| Max drawdown (3Y) | -28.9% | -24.0% |
| Market cap | $3.1B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 7.95% | 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 | APAM | MDY |
|---|---|---|
| 2022 | -31.3% | -13.3% |
| 2023 | +60.3% | +16.1% |
| 2024 | +4.8% | +13.6% |
| 2025 | +2.7% | +7.2% |
| 2026 | +15.4% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APAM and MDY good diversifiers for each other?
To a limited degree. At 0.74 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between APAM and MDY?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.48 over the last year and 0.75 over 5 years.
Is MDY a good diversifier for APAM?
To a limited degree. At 0.74 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 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: APAM correlations · MDY correlations
