CRS vs MDY: Correlation
Carpenter Technology Corporation (CRS) and SPDR S&P MidCap 400 ETF (MDY) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRS and MDY?
Across a 3-year window, the weekly returns of CRS and MDY correlate at 0.58, moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.58 over 3. Stretching to 5 years gives 0.60, with an annualized covariance of 438.0 %².
Within CRS's tracked universe of 12 assets, MDY comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CRS ahead by 87.9 points (+106.2% versus +18.3%). Risk is not evenly split, since CRS carries 2.8 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.
CRS vs MDY: side by side
| CRS (Carpenter Technology Corporation) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +106.2% | +18.3% |
| 5-year return | +1445.7% | +47.5% |
| Volatility (ann.) | 46.1% | 16.5% |
| Beta vs S&P 500 | 1.32 | 0.91 |
| Max drawdown (3Y) | -28.7% | -24.0% |
| Market cap | $24.3B | – |
| P/E (trailing) | 46.1 | – |
| Dividend yield | 0.17% | 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 | CRS | MDY |
|---|---|---|
| 2022 | +29.5% | -13.3% |
| 2023 | +94.5% | +16.1% |
| 2024 | +141.7% | +13.6% |
| 2025 | +86.2% | +7.2% |
| 2026 | +56.0% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.66% of MDY is CRS itself, so the fund partly moves with the stock by construction.
Are CRS and MDY good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CRS and MDY?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.54 over the last year and 0.60 over 5 years.
Is MDY a good diversifier for CRS?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
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
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Related comparisons
Hubs: CRS correlations · MDY correlations
