CX vs MDY: Correlation
How closely do Cemex, S.A.B. de C.V. Sponsored ADR (CX) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CX and MDY?
Across a 3-year window, the weekly returns of CX and MDY correlate at 0.50, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Stretching to 5 years gives 0.56, with an annualized covariance of 309.3 %².
Among the 10 assets we track against CX, MDY ranks #5 by 3-year correlation. Neither side won the trailing year by much: +23.0% against +18.3%. One caveat on sizing: CX is 2.3 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.
CX vs MDY: side by side
| CX (Cemex, S.A.B. de C.V. Sponsored ADR) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +23.0% | +18.3% |
| 5-year return | +37.2% | +47.5% |
| Volatility (ann.) | 37.4% | 16.5% |
| Beta vs S&P 500 | 1.14 | 0.91 |
| Max drawdown (3Y) | -44.4% | -24.0% |
| Market cap | – | – |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 0.00% | 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 | CX | MDY |
|---|---|---|
| 2022 | -40.3% | -13.3% |
| 2023 | +91.4% | +16.1% |
| 2024 | -26.5% | +13.6% |
| 2025 | +105.1% | +7.2% |
| 2026 | -4.4% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CX and MDY good diversifiers for each other?
Only partially. A correlation of 0.50 means CX 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 CX and MDY?
As of 2026-08-27, the correlation of weekly returns between CX and MDY is 0.50 over 3 years, 0.44 over 1 year and 0.56 over 5 years.
Is MDY a good diversifier for CX?
Only partially. A correlation of 0.50 means CX 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 0.50 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: CX correlations · MDY correlations
