EVR vs MDY: Correlation
How closely do Evercore Inc. (EVR) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EVR and MDY?
Across a 3-year window, the weekly returns of EVR and MDY correlate at 0.77, strong. Lately the two have drifted apart, with the 1-year correlation at 0.62 versus 0.77 over 3 years. Stretching to 5 years gives 0.77, with an annualized covariance of 454.8 %².
By 3-year correlation, MDY places #6 of the 22 assets tracked against EVR. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 27.3 percentage points (-9.0% for EVR against +18.3% for MDY). One caveat on sizing: EVR is 2.2 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.
EVR vs MDY: side by side
| EVR (Evercore Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -9.0% | +18.3% |
| 5-year return | +125.5% | +47.5% |
| Volatility (ann.) | 35.8% | 16.5% |
| Beta vs S&P 500 | 1.64 | 0.91 |
| Max drawdown (3Y) | -47.9% | -24.0% |
| Market cap | $11.2B | – |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 1.19% | 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 | EVR | MDY |
|---|---|---|
| 2022 | -17.6% | -13.3% |
| 2023 | +60.6% | +16.1% |
| 2024 | +64.3% | +13.6% |
| 2025 | +24.3% | +7.2% |
| 2026 | -13.7% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
EVR represents 0.31% of MDY's portfolio, so part of any move in MDY is EVR itself, and the correlation between them is partly mechanical.
Are EVR and MDY good diversifiers for each other?
Only partially. A correlation of 0.77 means EVR 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 EVR and MDY?
The EVR/MDY correlation stands at 0.77 on a 3-year window (1 year: 0.62, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for EVR?
Only partially. A correlation of 0.77 means EVR 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 0.77 mean?
A reading of 0.77 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EVR correlations · MDY correlations
