CNNE vs MDY: Correlation
Measured on weekly returns over the past three years, Cannae Holdings, Inc. (CNNE) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNNE and MDY?
Over the past 3 years, CNNE and MDY moved with a correlation of 0.58, which is moderate. Recent behaviour matches the longer record: 0.53 over 1 year against 0.58 over 3. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 286.1 %².
Among the 11 assets we track against CNNE, MDY ranks #5 by 3-year correlation. The last year tells two different stories: MDY led by 32.1 percentage points, -13.8% for CNNE against +18.3% for MDY. Note the risk asymmetry: CNNE runs 1.8 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.
CNNE vs MDY: side by side
| CNNE (Cannae Holdings, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -13.8% | +18.3% |
| 5-year return | -47.5% | +47.5% |
| Volatility (ann.) | 29.8% | 16.5% |
| Beta vs S&P 500 | 0.98 | 0.91 |
| Max drawdown (3Y) | -50.0% | -24.0% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.88% | 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 | CNNE | MDY |
|---|---|---|
| 2022 | -41.3% | -13.3% |
| 2023 | -5.5% | +16.1% |
| 2024 | +3.7% | +13.6% |
| 2025 | -18.3% | +7.2% |
| 2026 | +0.6% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNNE and MDY good diversifiers for each other?
To a limited degree. At 0.58 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 CNNE and MDY?
The CNNE/MDY correlation stands at 0.58 on a 3-year window (1 year: 0.53, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for CNNE?
To a limited degree. At 0.58 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 0.58 mean?
On the −1 to +1 scale, 0.58 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
$ curl https://www.pairbook.io/api/v1/pairs/cnne-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnne-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNNE correlations · MDY correlations
