AVNT vs MDY: Correlation
How closely do Avient Corporation (AVNT) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVNT and MDY?
Over the past 3 years, AVNT and MDY moved with a correlation of 0.75, which is strong. Little has changed lately, as the 1-year reading of 0.68 lands near the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 453.8 %².
MDY is one of the assets that tracks AVNT most closely: it ranks #2 out of the 35 assets we track against AVNT. Twelve-month performance is nearly a tie, at +21.7% for AVNT and +18.3% for MDY. Risk is not evenly split, since AVNT carries 2.2 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.
AVNT vs MDY: side by side
| AVNT (Avient Corporation) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +21.7% | +18.3% |
| 5-year return | -3.6% | +47.5% |
| Volatility (ann.) | 36.9% | 16.5% |
| Beta vs S&P 500 | 1.33 | 0.91 |
| Max drawdown (3Y) | -46.9% | -24.0% |
| Market cap | $4.1B | – |
| P/E (trailing) | 23.9 | – |
| Dividend yield | 2.45% | 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 | AVNT | MDY |
|---|---|---|
| 2022 | -38.2% | -13.3% |
| 2023 | +26.4% | +16.1% |
| 2024 | +0.6% | +13.6% |
| 2025 | -21.2% | +7.2% |
| 2026 | +43.9% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AVNT represents 0.11% of MDY's portfolio, so part of any move in MDY is AVNT itself, and the correlation between them is partly mechanical.
Are AVNT and MDY good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AVNT and MDY?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.68 over the last year and 0.74 over 5 years.
Is MDY a good diversifier for AVNT?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 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: AVNT correlations · MDY correlations
