EXEL vs MDY: Correlation
How closely do Exelixis, Inc. (EXEL) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXEL and MDY?
Across a 3-year window, the weekly returns of EXEL and MDY correlate at 0.39, moderate. Little has changed lately, as the 1-year reading of 0.31 lands near the 3-year figure. Stretching to 5 years gives 0.32, with an annualized covariance of 225.3 %².
In EXEL's tracked universe of 11 assets, MDY sits right near the top at #3. The last year tells two different stories: EXEL led by 25.2 percentage points, +43.5% for EXEL against +18.3% for MDY. Risk is not evenly split, since EXEL carries 2.1 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.
EXEL vs MDY: side by side
| EXEL (Exelixis, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +43.5% | +18.3% |
| 5-year return | +186.9% | +47.5% |
| Volatility (ann.) | 34.8% | 16.5% |
| Beta vs S&P 500 | 0.78 | 0.91 |
| Max drawdown (3Y) | -25.3% | -24.0% |
| Market cap | $13.7B | – |
| P/E (trailing) | 17.7 | – |
| 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 | EXEL | MDY |
|---|---|---|
| 2022 | -12.3% | -13.3% |
| 2023 | +49.6% | +16.1% |
| 2024 | +38.8% | +13.6% |
| 2025 | +31.6% | +7.2% |
| 2026 | +26.1% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.39% of MDY is EXEL itself, so the fund partly moves with the stock by construction.
Are EXEL and MDY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EXEL and MDY?
As of 2026-08-27, the correlation of weekly returns between EXEL and MDY is 0.39 over 3 years, 0.31 over 1 year and 0.32 over 5 years.
Is MDY a good diversifier for EXEL?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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: EXEL correlations · MDY correlations
