FLR vs MDY: Correlation
Measured on weekly returns over the past three years, Fluor Corporation (FLR) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLR and MDY?
Across a 3-year window, the weekly returns of FLR and MDY correlate at 0.48, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.35 versus 0.48 over 3 years. Stretching to 5 years gives 0.51, with an annualized covariance of 323.3 %².
Among the 10 assets we track against FLR, MDY ranks #5 by 3-year correlation. On 12-month performance FLR holds a 13.3-point edge, +31.6% against +18.3%. One caveat on sizing: FLR is 2.5 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.
FLR vs MDY: side by side
| FLR (Fluor Corporation) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +31.6% | +18.3% |
| 5-year return | +231.5% | +47.5% |
| Volatility (ann.) | 41.3% | 16.5% |
| Beta vs S&P 500 | 1.17 | 0.91 |
| Max drawdown (3Y) | -47.6% | -24.0% |
| Market cap | $7.2B | – |
| P/E (trailing) | – | – |
| 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 | FLR | MDY |
|---|---|---|
| 2022 | +39.9% | -13.3% |
| 2023 | +13.0% | +16.1% |
| 2024 | +25.9% | +13.6% |
| 2025 | -19.6% | +7.2% |
| 2026 | +36.5% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.2% of MDY is FLR itself, so the fund partly moves with the stock by construction.
Are FLR and MDY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FLR and MDY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.35 over the last year and 0.51 over 5 years.
Is MDY a good diversifier for FLR?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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: FLR correlations · MDY correlations
