CAVA vs MDY: Correlation
Measured on weekly returns over the past three years, CAVA Group, Inc. (CAVA) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAVA and MDY?
Across a 3-year window, the weekly returns of CAVA and MDY correlate at 0.49, moderate. Recent behaviour matches the longer record: 0.42 over 1 year against 0.49 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 488.7 %².
MDY is one of the assets that tracks CAVA most closely: it ranks #3 out of the 13 assets we track against CAVA. Correlation aside, the last 12 months split them widely, with MDY ahead by 19.5 points (-1.2% versus +18.3%). Risk is not evenly split, since CAVA carries 3.6 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.
CAVA vs MDY: side by side
| CAVA (CAVA Group, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -1.2% | +18.3% |
| 5-year return | n/a | +47.5% |
| Volatility (ann.) | 59.9% | 16.5% |
| Beta vs S&P 500 | 1.78 | 0.91 |
| Max drawdown (3Y) | -71.1% | -24.0% |
| Market cap | $7.8B | – |
| P/E (trailing) | 119.6 | – |
| 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 | CAVA | MDY |
|---|---|---|
| 2022 | – | -13.3% |
| 2023 | – | +16.1% |
| 2024 | +162.4% | +13.6% |
| 2025 | -48.0% | +7.2% |
| 2026 | +14.1% | +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 CAVA at a 0.19% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CAVA and MDY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CAVA and MDY?
As of 2026-08-27, the correlation of weekly returns between CAVA and MDY is 0.49 over 3 years, 0.42 over 1 year and n/a over 5 years.
Is MDY a good diversifier for CAVA?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 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.
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Related comparisons
Hubs: CAVA correlations · MDY correlations
