CSW vs MDY: Correlation
Measured on weekly returns over the past three years, CSW Industrials, Inc. (CSW) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSW and MDY?
On 3 years of weekly data the CSW/MDY correlation comes out at 0.60, strong. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 374.7 %².
Within CSW's tracked universe of 12 assets, MDY comes in at #4 by 3-year correlation. Their 12-month results are close: +18.4% for CSW against +18.3% for MDY. Note the risk asymmetry: CSW runs 2.3 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.
CSW vs MDY: side by side
| CSW (CSW Industrials, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +18.4% | +18.3% |
| 5-year return | +140.7% | +47.5% |
| Volatility (ann.) | 37.7% | 16.5% |
| Beta vs S&P 500 | 1.34 | 0.91 |
| Max drawdown (3Y) | -46.2% | -24.0% |
| Market cap | $5.2B | – |
| P/E (trailing) | 44.2 | – |
| Dividend yield | 0.34% | 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 | CSW | MDY |
|---|---|---|
| 2022 | -3.5% | -13.3% |
| 2023 | +79.8% | +16.1% |
| 2024 | +70.6% | +13.6% |
| 2025 | -16.5% | +7.2% |
| 2026 | +8.8% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSW and MDY good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CSW and MDY?
As of 2026-08-27, the correlation of weekly returns between CSW and MDY is 0.60 over 3 years, 0.57 over 1 year and 0.57 over 5 years.
Is MDY a good diversifier for CSW?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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.
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Related comparisons
Hubs: CSW correlations · MDY correlations
