EEFT vs MDY: Correlation
How closely do Euronet Worldwide, Inc. (EEFT) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EEFT and MDY?
On 3 years of weekly data the EEFT/MDY correlation comes out at 0.51, moderate. The link has loosened recently: the 1-year correlation (0.37) runs below the 3-year figure (0.51). The 5-year figure is 0.54, and annualized covariance runs at 252.2 %².
Few assets follow EEFT as closely as MDY, which ranks #3 of 14 tracked partners. Correlation aside, the last 12 months split them widely, with MDY ahead by 45.3 points (-27.0% versus +18.3%). Note the risk asymmetry: EEFT runs 1.8 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.
EEFT vs MDY: side by side
| EEFT (Euronet Worldwide, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -27.0% | +18.3% |
| 5-year return | -48.7% | +47.5% |
| Volatility (ann.) | 30.1% | 16.5% |
| Beta vs S&P 500 | 0.89 | 0.91 |
| Max drawdown (3Y) | -45.3% | -24.0% |
| Market cap | $2.6B | – |
| P/E (trailing) | 11.2 | – |
| 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 | EEFT | MDY |
|---|---|---|
| 2022 | -20.8% | -13.3% |
| 2023 | +7.5% | +16.1% |
| 2024 | +1.3% | +13.6% |
| 2025 | -26.0% | +7.2% |
| 2026 | -10.0% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that MDY holds EEFT at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are EEFT and MDY good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EEFT and MDY?
The EEFT/MDY correlation stands at 0.51 on a 3-year window (1 year: 0.37, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for EEFT?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 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/eeft-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eeft-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EEFT correlations · MDY correlations
