CCL vs MDY: Correlation
Measured on weekly returns over the past three years, Carnival Corporation (CCL) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and MDY?
Across a 3-year window, the weekly returns of CCL and MDY correlate at 0.62, strong. Recent behaviour matches the longer record: 0.59 over 1 year against 0.62 over 3. Stretching to 5 years gives 0.64, with an annualized covariance of 472.8 %².
Within CCL's tracked universe of 40 assets, MDY comes in at #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 39.9 percentage points (-21.6% for CCL against +18.3% for MDY). Across three years, the rolling one-year figure varied moderately, from 0.44 to 0.73. Risk is not evenly split, since CCL carries 2.8 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.
CCL vs MDY: side by side
| CCL (Carnival Corporation) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -21.6% | +18.3% |
| 5-year return | +7.3% | +47.5% |
| Volatility (ann.) | 46.5% | 16.5% |
| Beta vs S&P 500 | 1.72 | 0.91 |
| Max drawdown (3Y) | -42.3% | -24.0% |
| Market cap | $34.2B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.17% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Consumer Discretionary | 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 | CCL | MDY |
|---|---|---|
| 2022 | -59.9% | -13.3% |
| 2023 | +130.0% | +16.1% |
| 2024 | +34.4% | +13.6% |
| 2025 | +22.6% | +7.2% |
| 2026 | -17.0% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and MDY good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CCL and MDY?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.59 over the last year and 0.64 over 5 years.
Is MDY a good diversifier for CCL?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 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: CCL correlations · MDY correlations
