AS vs MDY: Correlation
Amer Sports, Inc. (AS) and SPDR S&P MidCap 400 ETF (MDY) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AS and MDY?
On 3 years of weekly data the AS/MDY correlation comes out at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 339.3 %².
By 3-year correlation, MDY places #5 of the 10 assets tracked against AS. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 44.0 percentage points (-25.7% for AS against +18.3% for MDY). One caveat on sizing: AS is 2.9 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.
AS vs MDY: side by side
| AS (Amer Sports, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -25.7% | +18.3% |
| 5-year return | n/a | +47.5% |
| Volatility (ann.) | 48.0% | 16.5% |
| Beta vs S&P 500 | 1.18 | 0.91 |
| Max drawdown (3Y) | -40.7% | -24.0% |
| Market cap | – | – |
| P/E (trailing) | 31.8 | – |
| Dividend yield | 0.00% | 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 | AS | MDY |
|---|---|---|
| 2022 | – | -13.3% |
| 2023 | – | +16.1% |
| 2024 | – | +13.6% |
| 2025 | +33.6% | +7.2% |
| 2026 | -18.3% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AS and MDY good diversifiers for each other?
Reasonably. At 0.43, AS and MDY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AS and MDY?
The AS/MDY correlation stands at 0.43 on a 3-year window (1 year: 0.52, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for AS?
Reasonably. At 0.43, AS and MDY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 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: AS correlations · MDY correlations
