CPAY vs MDY: Correlation
Measured on weekly returns over the past three years, Corpay (CPAY) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and MDY?
Across a 3-year window, the weekly returns of CPAY and MDY correlate at 0.68, strong. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. Stretching to 5 years gives 0.68, with an annualized covariance of 356.7 %².
In CPAY's tracked universe of 32 assets, MDY sits right near the top at #2. On 12-month performance CPAY holds a 5.8-point edge, +24.1% against +18.3%. On a rolling one-year basis the correlation drifted between 0.50 and 0.87, a moderate band. Note the risk asymmetry: CPAY runs 1.9 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.
CPAY vs MDY: side by side
| CPAY (Corpay) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +24.1% | +18.3% |
| 5-year return | +55.2% | +47.5% |
| Volatility (ann.) | 31.7% | 16.5% |
| Beta vs S&P 500 | 1.22 | 0.91 |
| Max drawdown (3Y) | -34.5% | -24.0% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 0.00% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Financials | 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 | CPAY | MDY |
|---|---|---|
| 2022 | -17.9% | -13.3% |
| 2023 | +53.9% | +16.1% |
| 2024 | +19.7% | +13.6% |
| 2025 | -11.1% | +7.2% |
| 2026 | +34.1% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPAY and MDY good diversifiers for each other?
To a limited degree. At 0.68 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 CPAY and MDY?
The CPAY/MDY correlation stands at 0.68 on a 3-year window (1 year: 0.59, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for CPAY?
To a limited degree. At 0.68 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 0.68 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: CPAY correlations · MDY correlations
