FTV vs MDY: Correlation
How closely do Fortive (FTV) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTV and MDY?
Over the past 3 years, FTV and MDY moved with a correlation of 0.65, which is strong. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 255.6 %².
Few assets follow FTV as closely as MDY, which ranks #3 of 36 tracked partners. Over the last 12 months FTV came out ahead by 5.6 percentage points (+23.9% against +18.3%). Across three years, the rolling one-year figure varied moderately, from 0.50 to 0.82.
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.
FTV vs MDY: side by side
| FTV (Fortive) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +23.9% | +18.3% |
| 5-year return | +9.6% | +47.5% |
| Volatility (ann.) | 23.8% | 16.5% |
| Beta vs S&P 500 | 0.92 | 0.91 |
| Max drawdown (3Y) | -28.0% | -24.0% |
| Market cap | $18.1B | – |
| P/E (trailing) | 31.9 | – |
| Dividend yield | 0.20% | 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 | FTV | MDY |
|---|---|---|
| 2022 | -15.4% | -13.3% |
| 2023 | +15.1% | +16.1% |
| 2024 | +2.3% | +13.6% |
| 2025 | -1.9% | +7.2% |
| 2026 | +8.8% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTV and MDY good diversifiers for each other?
Only partially. A correlation of 0.65 means FTV 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 FTV and MDY?
The FTV/MDY correlation stands at 0.65 on a 3-year window (1 year: 0.58, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for FTV?
Only partially. A correlation of 0.65 means FTV 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 0.65 mean?
A reading of 0.65 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: FTV correlations · MDY correlations
