AXTA vs MDY: Correlation
Measured on weekly returns over the past three years, Axalta Coating Systems Ltd. (AXTA) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXTA and MDY?
Across a 3-year window, the weekly returns of AXTA and MDY correlate at 0.64, strong. Recent behaviour matches the longer record: 0.56 over 1 year against 0.64 over 3. Stretching to 5 years gives 0.69, with an annualized covariance of 315.3 %².
MDY is one of the assets that tracks AXTA most closely: it ranks #2 out of the 17 assets we track against AXTA. Twelve-month performance is nearly a tie, at +16.6% for AXTA and +18.3% for MDY. One caveat on sizing: AXTA is 1.8 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.
AXTA vs MDY: side by side
| AXTA (Axalta Coating Systems Ltd.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +16.6% | +18.3% |
| 5-year return | +18.4% | +47.5% |
| Volatility (ann.) | 29.8% | 16.5% |
| Beta vs S&P 500 | 1.01 | 0.91 |
| Max drawdown (3Y) | -38.4% | -24.0% |
| Market cap | $7.9B | – |
| P/E (trailing) | 22.5 | – |
| 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 | AXTA | MDY |
|---|---|---|
| 2022 | -23.1% | -13.3% |
| 2023 | +33.4% | +16.1% |
| 2024 | +0.7% | +13.6% |
| 2025 | -5.6% | +7.2% |
| 2026 | +13.6% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that MDY holds AXTA at a 0.21% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are AXTA and MDY good diversifiers for each other?
Only partially. A correlation of 0.64 means AXTA and MDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AXTA and MDY?
As of 2026-08-27, the correlation of weekly returns between AXTA and MDY is 0.64 over 3 years, 0.56 over 1 year and 0.69 over 5 years.
Is MDY a good diversifier for AXTA?
Only partially. A correlation of 0.64 means AXTA and MDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
A reading of 0.64 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: AXTA correlations · MDY correlations
