FBIN vs MDY: Correlation
How closely do Fortune Brands Innovations, Inc. (FBIN) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBIN and MDY?
Over the past 3 years, FBIN and MDY moved with a correlation of 0.69, which is strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.69 over 3. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 444.2 %².
Among the 20 assets we track against FBIN, MDY ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MDY ahead by 40.4 points (-22.1% versus +18.3%). Risk is not evenly split, since FBIN carries 2.4 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.
FBIN vs MDY: side by side
| FBIN (Fortune Brands Innovations, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -22.1% | +18.3% |
| 5-year return | -42.9% | +47.5% |
| Volatility (ann.) | 38.8% | 16.5% |
| Beta vs S&P 500 | 1.29 | 0.91 |
| Max drawdown (3Y) | -61.9% | -24.0% |
| Market cap | $5.4B | – |
| P/E (trailing) | 37.4 | – |
| Dividend yield | 2.20% | 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 | FBIN | MDY |
|---|---|---|
| 2022 | -36.5% | -13.3% |
| 2023 | +35.2% | +16.1% |
| 2024 | -9.1% | +13.6% |
| 2025 | -25.4% | +7.2% |
| 2026 | -7.8% | +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 FBIN at a 0.15% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are FBIN and MDY good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FBIN and MDY?
The FBIN/MDY correlation stands at 0.69 on a 3-year window (1 year: 0.70, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for FBIN?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
A reading of 0.69 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: FBIN correlations · MDY correlations
