CARR vs MDY: Correlation
Carrier Global (CARR) and SPDR S&P MidCap 400 ETF (MDY) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and MDY?
Across a 3-year window, the weekly returns of CARR and MDY correlate at 0.62, strong. Lately the two have drifted apart, with the 1-year correlation at 0.50 versus 0.62 over 3 years. Stretching to 5 years gives 0.68, with an annualized covariance of 333.4 %².
Among the 29 assets we track against CARR, MDY ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 29.9 percentage points (-11.6% for CARR against +18.3% for MDY). On a rolling one-year basis the correlation drifted between 0.50 and 0.75, a moderate band. Risk is not evenly split, since CARR carries 2.0 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.
CARR vs MDY: side by side
| CARR (Carrier Global) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -11.6% | +18.3% |
| 5-year return | +8.8% | +47.5% |
| Volatility (ann.) | 32.6% | 16.5% |
| Beta vs S&P 500 | 1.21 | 0.91 |
| Max drawdown (3Y) | -38.1% | -24.0% |
| Market cap | $48.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 1.61% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Industrials | 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 | CARR | MDY |
|---|---|---|
| 2022 | -22.7% | -13.3% |
| 2023 | +41.5% | +16.1% |
| 2024 | +20.3% | +13.6% |
| 2025 | -21.8% | +7.2% |
| 2026 | +12.6% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARR and MDY good diversifiers for each other?
To a limited degree. At 0.62 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 CARR and MDY?
The CARR/MDY correlation stands at 0.62 on a 3-year window (1 year: 0.50, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for CARR?
To a limited degree. At 0.62 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 0.62 mean?
A reading of 0.62 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: CARR correlations · MDY correlations
