FDX vs MDY: Correlation
Measured on weekly returns over the past three years, FedEx (FDX) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDX and MDY?
Across a 3-year window, the weekly returns of FDX and MDY correlate at 0.53, moderate. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Stretching to 5 years gives 0.51, with an annualized covariance of 269.1 %².
By 3-year correlation, MDY places #12 of the 36 assets tracked against FDX. Correlation aside, the last 12 months split them widely, with FDX ahead by 62.3 points (+80.6% versus +18.3%). The rolling one-year correlation moved between 0.27 and 0.71 over the past three years, a moderate range. One caveat on sizing: FDX is 1.9 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.
FDX vs MDY: side by side
| FDX (FedEx) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +80.6% | +18.3% |
| 5-year return | +71.0% | +47.5% |
| Volatility (ann.) | 30.7% | 16.5% |
| Beta vs S&P 500 | 0.89 | 0.91 |
| Max drawdown (3Y) | -35.9% | -24.0% |
| Market cap | $78.4B | – |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 1.66% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Industrials | 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 | FDX | MDY |
|---|---|---|
| 2022 | -31.6% | -13.3% |
| 2023 | +49.1% | +16.1% |
| 2024 | +13.5% | +13.6% |
| 2025 | +5.1% | +7.2% |
| 2026 | +43.5% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDX and MDY good diversifiers for each other?
Only partially. A correlation of 0.53 means FDX 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 FDX and MDY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.63 over the last year and 0.51 over 5 years.
Is MDY a good diversifier for FDX?
Only partially. A correlation of 0.53 means FDX 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 0.53 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/fdx-vs-mdy.json
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Related comparisons
Hubs: FDX correlations · MDY correlations
