DBD vs MDY: Correlation
How closely do Diebold Nixdorf Incorporated (DBD) 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 DBD and MDY?
On 3 years of weekly data the DBD/MDY correlation comes out at 0.50, moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 317.1 %².
In DBD's tracked universe of 12 assets, MDY sits right near the top at #1. The trailing year gives MDY the advantage: +7.4% versus +18.3%, a 10.9-point spread. Risk is not evenly split, since DBD carries 2.3 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.
DBD vs MDY: side by side
| DBD (Diebold Nixdorf Incorporated) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +7.4% | +18.3% |
| 5-year return | n/a | +47.5% |
| Volatility (ann.) | 38.5% | 16.5% |
| Beta vs S&P 500 | 1.07 | 0.91 |
| Max drawdown (3Y) | -25.8% | -24.0% |
| Market cap | $2.3B | – |
| P/E (trailing) | 22.4 | – |
| 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 | DBD | MDY |
|---|---|---|
| 2022 | – | -13.3% |
| 2023 | – | +16.1% |
| 2024 | +48.7% | +13.6% |
| 2025 | +57.7% | +7.2% |
| 2026 | -0.3% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DBD and MDY good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DBD and MDY?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.52 over the last year and n/a over 5 years.
Is MDY a good diversifier for DBD?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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.
Use this data
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Related comparisons
Hubs: DBD correlations · MDY correlations
