CBRE vs MDY: Correlation
Measured on weekly returns over the past three years, CBRE Group (CBRE) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBRE and MDY?
On 3 years of weekly data the CBRE/MDY correlation comes out at 0.67, strong. The past 12 months show a weaker link (0.54) than the 3-year average (0.67). The 5-year figure is 0.70, and annualized covariance runs at 335.0 %².
Within CBRE's tracked universe of 41 assets, MDY comes in at #7 by 3-year correlation. The last year tells two different stories: MDY led by 28.0 percentage points, -9.7% for CBRE against +18.3% for MDY. On a rolling one-year basis the correlation drifted between 0.52 and 0.80, a moderate band. Risk is not evenly split, since CBRE carries 1.8 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.
CBRE vs MDY: side by side
| CBRE (CBRE Group) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -9.7% | +18.3% |
| 5-year return | +53.3% | +47.5% |
| Volatility (ann.) | 30.4% | 16.5% |
| Beta vs S&P 500 | 1.04 | 0.91 |
| Max drawdown (3Y) | -27.4% | -24.0% |
| Market cap | $42.6B | – |
| P/E (trailing) | 34.4 | – |
| Dividend yield | 0.00% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Real Estate | 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 | CBRE | MDY |
|---|---|---|
| 2022 | -29.1% | -13.3% |
| 2023 | +21.0% | +16.1% |
| 2024 | +41.0% | +13.6% |
| 2025 | +22.5% | +7.2% |
| 2026 | -8.4% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBRE and MDY good diversifiers for each other?
Only partially. A correlation of 0.67 means CBRE 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 CBRE and MDY?
As of 2026-08-27, the correlation of weekly returns between CBRE and MDY is 0.67 over 3 years, 0.54 over 1 year and 0.70 over 5 years.
Is MDY a good diversifier for CBRE?
Only partially. A correlation of 0.67 means CBRE 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 0.67 mean?
On the −1 to +1 scale, 0.67 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.
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Related comparisons
Hubs: CBRE correlations · MDY correlations
