CLAR vs MDY: Correlation
Clarus Corporation (CLAR) and SPDR S&P MidCap 400 ETF (MDY) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLAR and MDY?
Across a 3-year window, the weekly returns of CLAR and MDY correlate at 0.49, moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. Stretching to 5 years gives 0.48, with an annualized covariance of 356.9 %².
By 3-year correlation, MDY places #5 of the 11 assets tracked against CLAR. Over the last 12 months MDY came out ahead by 13.0 percentage points (+5.3% against +18.3%). Note the risk asymmetry: CLAR runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CLAR vs MDY: side by side
| CLAR (Clarus Corporation) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +5.3% | +18.3% |
| 5-year return | -85.0% | +47.5% |
| Volatility (ann.) | 44.2% | 16.5% |
| Beta vs S&P 500 | 1.03 | 0.91 |
| Max drawdown (3Y) | -64.4% | -24.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.68% | 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 | CLAR | MDY |
|---|---|---|
| 2022 | -71.5% | -13.3% |
| 2023 | -10.8% | +16.1% |
| 2024 | -33.4% | +13.6% |
| 2025 | -23.6% | +7.2% |
| 2026 | +15.1% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLAR and MDY good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CLAR and MDY?
As of 2026-08-27, the correlation of weekly returns between CLAR and MDY is 0.49 over 3 years, 0.54 over 1 year and 0.48 over 5 years.
Is MDY a good diversifier for CLAR?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
A reading of 0.49 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: CLAR correlations · MDY correlations
