CZR vs MDY: Correlation
How closely do Caesars Entertainment, Inc. (CZR) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CZR and MDY?
Across a 3-year window, the weekly returns of CZR and MDY correlate at 0.55, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.55 over 3 years. Stretching to 5 years gives 0.68, with an annualized covariance of 380.6 %².
By 3-year correlation, MDY places #4 of the 13 assets tracked against CZR. The trailing year gives MDY the advantage: +9.9% versus +18.3%, a 8.4-point spread. One caveat on sizing: CZR is 2.5 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.
CZR vs MDY: side by side
| CZR (Caesars Entertainment, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +9.9% | +18.3% |
| 5-year return | -71.0% | +47.5% |
| Volatility (ann.) | 41.8% | 16.5% |
| Beta vs S&P 500 | 1.43 | 0.91 |
| Max drawdown (3Y) | -67.5% | -24.0% |
| Market cap | $6.0B | – |
| P/E (trailing) | – | – |
| 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 | CZR | MDY |
|---|---|---|
| 2022 | -55.5% | -13.3% |
| 2023 | +12.7% | +16.1% |
| 2024 | -28.7% | +13.6% |
| 2025 | -30.0% | +7.2% |
| 2026 | +26.7% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CZR and MDY good diversifiers for each other?
Only partially. A correlation of 0.55 means CZR 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 CZR and MDY?
The CZR/MDY correlation stands at 0.55 on a 3-year window (1 year: 0.29, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for CZR?
Only partially. A correlation of 0.55 means CZR 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 0.55 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
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Related comparisons
Hubs: CZR correlations · MDY correlations
