CXT vs MDY: Correlation
Crane NXT, Co. (CXT) and SPDR S&P MidCap 400 ETF (MDY) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CXT and MDY?
Over the past 3 years, CXT and MDY moved with a correlation of 0.56, which is moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 332.1 %².
In CXT's tracked universe of 11 assets, MDY sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 35.7 percentage points (-17.4% for CXT against +18.3% for MDY). Risk is not evenly split, since CXT carries 2.2 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.
CXT vs MDY: side by side
| CXT (Crane NXT, Co.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -17.4% | +18.3% |
| 5-year return | +48.9% | +47.5% |
| Volatility (ann.) | 35.7% | 16.5% |
| Beta vs S&P 500 | 0.98 | 0.91 |
| Max drawdown (3Y) | -47.0% | -24.0% |
| Market cap | $2.9B | – |
| P/E (trailing) | 20.5 | – |
| Dividend yield | 1.38% | 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 | CXT | MDY |
|---|---|---|
| 2022 | +0.6% | -13.3% |
| 2023 | +64.9% | +16.1% |
| 2024 | +3.5% | +13.6% |
| 2025 | -18.2% | +7.2% |
| 2026 | +6.5% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CXT represents 0.07% of MDY's portfolio, so part of any move in MDY is CXT itself, and the correlation between them is partly mechanical.
Are CXT and MDY good diversifiers for each other?
Only partially. A correlation of 0.56 means CXT 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 CXT and MDY?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.52 over the last year and 0.59 over 5 years.
Is MDY a good diversifier for CXT?
Only partially. A correlation of 0.56 means CXT 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 0.56 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/cxt-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cxt-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CXT correlations · MDY correlations
