CODI vs MDY: Correlation
Measured on weekly returns over the past three years, D/B/A Compass Diversified Holdings Shares of Beneficial (CODI) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODI and MDY?
Across a 3-year window, the weekly returns of CODI and MDY correlate at 0.40, moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. Stretching to 5 years gives 0.44, with an annualized covariance of 416.0 %².
Within CODI's tracked universe of 17 assets, MDY comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CODI outperformed by 31.1 percentage points (+49.4% for CODI against +18.3% for MDY). Risk is not evenly split, since CODI carries 3.8 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.
CODI vs MDY: side by side
| CODI (D/B/A Compass Diversified Holdings Shares of Beneficial) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +49.4% | +18.3% |
| 5-year return | -53.0% | +47.5% |
| Volatility (ann.) | 63.2% | 16.5% |
| Beta vs S&P 500 | 1.45 | 0.91 |
| Max drawdown (3Y) | -80.3% | -24.0% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | CODI | MDY |
|---|---|---|
| 2022 | -37.7% | -13.3% |
| 2023 | +29.4% | +16.1% |
| 2024 | +7.5% | +13.6% |
| 2025 | -78.6% | +7.2% |
| 2026 | +134.4% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODI and MDY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CODI and MDY?
The CODI/MDY correlation stands at 0.40 on a 3-year window (1 year: 0.41, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for CODI?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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: CODI correlations · MDY correlations
