AVY vs MDY: Correlation
How closely do Avery Dennison (AVY) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and MDY?
Across a 3-year window, the weekly returns of AVY and MDY correlate at 0.60, strong. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 199.4 %².
Among the 38 assets we track against AVY, MDY ranks #6 by 3-year correlation. On 12-month performance MDY holds a 13.0-point edge, +5.3% against +18.3%. Across three years, the rolling one-year figure varied moderately, from 0.51 to 0.81.
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.
AVY vs MDY: side by side
| AVY (Avery Dennison) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +5.3% | +18.3% |
| 5-year return | -14.0% | +47.5% |
| Volatility (ann.) | 20.2% | 16.5% |
| Beta vs S&P 500 | 0.61 | 0.91 |
| Max drawdown (3Y) | -30.6% | -24.0% |
| Market cap | $13.5B | – |
| P/E (trailing) | 20.0 | – |
| Dividend yield | 2.10% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Materials | 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 | AVY | MDY |
|---|---|---|
| 2022 | -15.1% | -13.3% |
| 2023 | +13.7% | +16.1% |
| 2024 | -5.9% | +13.6% |
| 2025 | -0.7% | +7.2% |
| 2026 | -0.8% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and MDY good diversifiers for each other?
To a limited degree. At 0.60 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 AVY and MDY?
The AVY/MDY correlation stands at 0.60 on a 3-year window (1 year: 0.57, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for AVY?
To a limited degree. At 0.60 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 0.60 mean?
A reading of 0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AVY correlations · MDY correlations
