CMC vs MDY: Correlation
Measured on weekly returns over the past three years, Commercial Metals Company (CMC) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMC and MDY?
Across a 3-year window, the weekly returns of CMC and MDY correlate at 0.74, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. Stretching to 5 years gives 0.70, with an annualized covariance of 406.5 %².
Few assets follow CMC as closely as MDY, which ranks #3 of 19 tracked partners. Twelve-month performance is nearly a tie, at +22.0% for CMC and +18.3% for MDY. Risk is not evenly split, since CMC 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.
CMC vs MDY: side by side
| CMC (Commercial Metals Company) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +22.0% | +18.3% |
| 5-year return | +119.5% | +47.5% |
| Volatility (ann.) | 33.3% | 16.5% |
| Beta vs S&P 500 | 1.26 | 0.91 |
| Max drawdown (3Y) | -37.6% | -24.0% |
| Market cap | – | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 1.08% | 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 | CMC | MDY |
|---|---|---|
| 2022 | +35.0% | -13.3% |
| 2023 | +5.0% | +16.1% |
| 2024 | +0.4% | +13.6% |
| 2025 | +41.5% | +7.2% |
| 2026 | +0.2% | +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 CMC at a 0.21% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CMC and MDY good diversifiers for each other?
To a limited degree. At 0.74 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 CMC and MDY?
The CMC/MDY correlation stands at 0.74 on a 3-year window (1 year: 0.65, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for CMC?
To a limited degree. At 0.74 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 0.74 mean?
On the −1 to +1 scale, 0.74 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.
Use this data
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Related comparisons
Hubs: CMC correlations · MDY correlations
