FND vs MDY: Correlation
Measured on weekly returns over the past three years, Floor & Decor Holdings, Inc. (FND) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FND and MDY?
Across a 3-year window, the weekly returns of FND and MDY correlate at 0.65, strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.65 over 3. Stretching to 5 years gives 0.65, with an annualized covariance of 438.5 %².
Within FND's tracked universe of 23 assets, MDY comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 53.6 percentage points (-35.3% for FND against +18.3% for MDY). One caveat on sizing: FND 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.
FND vs MDY: side by side
| FND (Floor & Decor Holdings, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -35.3% | +18.3% |
| 5-year return | -56.3% | +47.5% |
| Volatility (ann.) | 40.8% | 16.5% |
| Beta vs S&P 500 | 1.32 | 0.91 |
| Max drawdown (3Y) | -67.5% | -24.0% |
| Market cap | $5.7B | – |
| P/E (trailing) | 25.4 | – |
| 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 | FND | MDY |
|---|---|---|
| 2022 | -46.4% | -13.3% |
| 2023 | +60.2% | +16.1% |
| 2024 | -10.6% | +13.6% |
| 2025 | -38.9% | +7.2% |
| 2026 | -12.4% | +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 FND at a 0.16% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are FND and MDY good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FND and MDY?
As of 2026-08-27, the correlation of weekly returns between FND and MDY is 0.65 over 3 years, 0.70 over 1 year and 0.65 over 5 years.
Is MDY a good diversifier for FND?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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.
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Related comparisons
Hubs: FND correlations · MDY correlations
