FELE vs MDY: Correlation
Measured on weekly returns over the past three years, Franklin Electric Co., Inc. (FELE) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FELE and MDY?
Over the past 3 years, FELE and MDY moved with a correlation of 0.70, which is strong. Recent behaviour matches the longer record: 0.61 over 1 year against 0.70 over 3. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 261.0 %².
MDY is one of the assets that tracks FELE most closely: it ranks #2 out of the 25 assets we track against FELE. On 12-month performance MDY holds a 14.5-point edge, +3.8% against +18.3%.
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.
FELE vs MDY: side by side
| FELE (Franklin Electric Co., Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +3.8% | +18.3% |
| 5-year return | +25.2% | +47.5% |
| Volatility (ann.) | 22.7% | 16.5% |
| Beta vs S&P 500 | 0.79 | 0.91 |
| Max drawdown (3Y) | -23.5% | -24.0% |
| Market cap | $4.5B | – |
| P/E (trailing) | 29.4 | – |
| Dividend yield | 1.06% | 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 | FELE | MDY |
|---|---|---|
| 2022 | -14.9% | -13.3% |
| 2023 | +22.4% | +16.1% |
| 2024 | +1.8% | +13.6% |
| 2025 | -0.9% | +7.2% |
| 2026 | +7.8% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FELE and MDY good diversifiers for each other?
Only partially. A correlation of 0.70 means FELE 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 FELE and MDY?
As of 2026-08-27, the correlation of weekly returns between FELE and MDY is 0.70 over 3 years, 0.61 over 1 year and 0.71 over 5 years.
Is MDY a good diversifier for FELE?
Only partially. A correlation of 0.70 means FELE 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 0.70 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.
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Related comparisons
Hubs: FELE correlations · MDY correlations
