CSL vs MDY: Correlation
Carlisle Companies Incorporated (CSL) and SPDR S&P MidCap 400 ETF (MDY) show a strong relationship: their 3-year correlation of weekly returns is 0.68.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSL and MDY?
On 3 years of weekly data the CSL/MDY correlation comes out at 0.68, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. The 5-year figure is 0.65, and annualized covariance runs at 381.1 %².
By 3-year correlation, MDY places #5 of the 19 assets tracked against CSL. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 24.7 percentage points (-6.4% for CSL against +18.3% for MDY). Risk is not evenly split, since CSL carries 2.1 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.
CSL vs MDY: side by side
| CSL (Carlisle Companies Incorporated) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -6.4% | +18.3% |
| 5-year return | +78.0% | +47.5% |
| Volatility (ann.) | 33.9% | 16.5% |
| Beta vs S&P 500 | 1.10 | 0.91 |
| Max drawdown (3Y) | -37.7% | -24.0% |
| Market cap | $14.3B | – |
| P/E (trailing) | 20.5 | – |
| Dividend yield | 1.20% | 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 | CSL | MDY |
|---|---|---|
| 2022 | -4.1% | -13.3% |
| 2023 | +34.3% | +16.1% |
| 2024 | +19.1% | +13.6% |
| 2025 | -12.3% | +7.2% |
| 2026 | +13.9% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CSL represents 0.4% of MDY's portfolio, so part of any move in MDY is CSL itself, and the correlation between them is partly mechanical.
Are CSL and MDY good diversifiers for each other?
Only partially. A correlation of 0.68 means CSL 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 CSL and MDY?
The CSL/MDY correlation stands at 0.68 on a 3-year window (1 year: 0.65, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for CSL?
Only partially. A correlation of 0.68 means CSL 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 0.68 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/csl-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/csl-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CSL correlations · MDY correlations
