CR vs MDY: Correlation
Crane Company (CR) and SPDR S&P MidCap 400 ETF (MDY) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CR and MDY?
On 3 years of weekly data the CR/MDY correlation comes out at 0.69, strong. The relationship has been stable: the 1-year correlation (0.72) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 352.2 %².
MDY is one of the assets that tracks CR most closely: it ranks #1 out of the 17 assets we track against CR. The trailing year gives MDY the advantage: +8.4% versus +18.3%, a 9.9-point spread. One caveat on sizing: CR is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CR vs MDY: side by side
| CR (Crane Company) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +8.4% | +18.3% |
| 5-year return | n/a | +47.5% |
| Volatility (ann.) | 31.2% | 16.5% |
| Beta vs S&P 500 | 1.13 | 0.91 |
| Max drawdown (3Y) | -28.0% | -24.0% |
| Market cap | $12.1B | – |
| P/E (trailing) | 36.6 | – |
| Dividend yield | 0.46% | 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 | CR | MDY |
|---|---|---|
| 2022 | – | -13.3% |
| 2023 | – | +16.1% |
| 2024 | +29.2% | +13.6% |
| 2025 | +22.2% | +7.2% |
| 2026 | +13.6% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CR represents 0.28% of MDY's portfolio, so part of any move in MDY is CR itself, and the correlation between them is partly mechanical.
Are CR and MDY good diversifiers for each other?
Only partially. A correlation of 0.69 means CR and MDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CR and MDY?
As of 2026-08-27, the correlation of weekly returns between CR and MDY is 0.69 over 3 years, 0.72 over 1 year and n/a over 5 years.
Is MDY a good diversifier for CR?
Only partially. A correlation of 0.69 means CR and MDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cr-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cr-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CR correlations · MDY correlations
