BNT vs MDY: Correlation
How closely do Brookfield Wealth Solutions Ltd. Class A Exchangeable (BNT) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNT and MDY?
Over the past 3 years, BNT and MDY moved with a correlation of 0.78, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.62 versus 0.78 over 3 years. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 361.3 %².
Within BNT's tracked universe of 28 assets, MDY comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 22.8 percentage points (-4.5% for BNT against +18.3% for MDY). One caveat on sizing: BNT is 1.7 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.
BNT vs MDY: side by side
| BNT (Brookfield Wealth Solutions Ltd. Class A Exchangeable) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -4.5% | +18.3% |
| 5-year return | +3.6% | +47.5% |
| Volatility (ann.) | 28.1% | 16.5% |
| Beta vs S&P 500 | 1.44 | 0.91 |
| Max drawdown (3Y) | -27.6% | -24.0% |
| Market cap | $11.4B | – |
| P/E (trailing) | 50.0 | – |
| 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 | BNT | MDY |
|---|---|---|
| 2022 | -49.5% | -13.3% |
| 2023 | +30.1% | +16.1% |
| 2024 | +43.3% | +13.6% |
| 2025 | +20.6% | +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 BNT and MDY good diversifiers for each other?
To a limited degree. At 0.78 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 BNT and MDY?
The BNT/MDY correlation stands at 0.78 on a 3-year window (1 year: 0.62, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for BNT?
To a limited degree. At 0.78 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 0.78 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.
Use this data
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Related comparisons
Hubs: BNT correlations · MDY correlations
