BN vs MDY: Correlation
Measured on weekly returns over the past three years, Brookfield Corporation Class A Limited Voting Shares (BN) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.78, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BN and MDY?
On 3 years of weekly data the BN/MDY correlation comes out at 0.78, strong. The past 12 months show a weaker link (0.63) than the 3-year average (0.78). The 5-year figure is 0.81, and annualized covariance runs at 372.1 %².
By 3-year correlation, MDY places #5 of the 32 assets tracked against BN. The last year tells two different stories: MDY led by 22.8 percentage points, -4.5% for BN against +18.3% for MDY. Note the risk asymmetry: BN runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BN vs MDY: side by side
| BN (Brookfield Corporation Class A Limited Voting Shares) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -4.5% | +18.3% |
| 5-year return | +42.1% | +47.5% |
| Volatility (ann.) | 28.8% | 16.5% |
| Beta vs S&P 500 | 1.47 | 0.91 |
| Max drawdown (3Y) | -27.8% | -24.0% |
| Market cap | $92.5B | – |
| P/E (trailing) | 76.7 | – |
| Dividend yield | 0.62% | 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 | BN | MDY |
|---|---|---|
| 2022 | -34.6% | -13.3% |
| 2023 | +28.6% | +16.1% |
| 2024 | +44.2% | +13.6% |
| 2025 | +20.5% | +7.2% |
| 2026 | -9.4% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BN and MDY good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BN and MDY?
As of 2026-08-27, the correlation of weekly returns between BN and MDY is 0.78 over 3 years, 0.63 over 1 year and 0.81 over 5 years.
Is MDY a good diversifier for BN?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 mean?
On the −1 to +1 scale, 0.78 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.
Use this data
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Related comparisons
Hubs: BN correlations · MDY correlations
