CPRT vs MDY: Correlation
Copart (CPRT) and SPDR S&P MidCap 400 ETF (MDY) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPRT and MDY?
Across a 3-year window, the weekly returns of CPRT and MDY correlate at 0.48, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.48 over 3 years. Stretching to 5 years gives 0.56, with an annualized covariance of 207.3 %².
Within CPRT's tracked universe of 35 assets, MDY comes in at #12 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 50.9 percentage points (-32.6% for CPRT against +18.3% for MDY). Across three years, the rolling one-year figure varied moderately, from 0.40 to 0.67. Risk is not evenly split, since CPRT carries 1.6 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.
CPRT vs MDY: side by side
| CPRT (Copart) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -32.6% | +18.3% |
| 5-year return | -9.3% | +47.5% |
| Volatility (ann.) | 26.0% | 16.5% |
| Beta vs S&P 500 | 0.86 | 0.91 |
| Max drawdown (3Y) | -57.4% | -24.0% |
| Market cap | $30.3B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 0.00% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Industrials | 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 | CPRT | MDY |
|---|---|---|
| 2022 | -19.7% | -13.3% |
| 2023 | +60.9% | +16.1% |
| 2024 | +17.1% | +13.6% |
| 2025 | -31.8% | +7.2% |
| 2026 | -16.3% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPRT and MDY good diversifiers for each other?
Reasonably. At 0.48, CPRT and MDY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CPRT and MDY?
As of 2026-08-27, the correlation of weekly returns between CPRT and MDY is 0.48 over 3 years, 0.29 over 1 year and 0.56 over 5 years.
Is MDY a good diversifier for CPRT?
Reasonably. At 0.48, CPRT and MDY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 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: CPRT correlations · MDY correlations
