FXI vs MDY: Correlation & Overlap
Measured on weekly returns over the past three years, iShares China Large-Cap ETF (FXI) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.31, a moderate link. Looking through to holdings, 0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and MDY?
Across a 3-year window, the weekly returns of FXI and MDY correlate at 0.31, moderate. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. Stretching to 5 years gives 0.32, with an annualized covariance of 128.3 %².
Among the 74 assets we track against FXI, MDY ranks #49 by 3-year correlation. The last year tells two different stories: MDY led by 24.4 percentage points, -6.1% for FXI against +18.3% for MDY. The rolling one-year correlation moved between 0.20 and 0.63 over the past three years, a moderate range. One caveat on sizing: FXI is 1.5 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.
FXI vs MDY: side by side
| FXI (iShares China Large-Cap ETF) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -6.1% | +18.3% |
| 5-year return | -1.4% | +47.5% |
| Volatility (ann.) | 25.3% | 16.5% |
| Beta vs S&P 500 | 0.68 | 0.91 |
| Max drawdown (3Y) | -23.2% | -24.0% |
| Dividend yield | 1.87% | 1.02% |
| Expense ratio | 0.73% | 0.23% |
| Assets under management | $4.3B | $26.5B |
| Sector / category | ETF · International | ETF · US Small & Mid Cap |
FXI, iShares's Greater China Region fund, carries $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield. 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.
Portfolio overlap between FXI and MDY
The two portfolios are largely distinct, with 0 holdings in common adding up to 0% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
Largest positions held only by FXI: 9988 (9.72%), 939 (9.09%), 700 (8.51%), 1398 (6.35%), 1810 (5.16%). Only by MDY: TWLO (0.95%), P (0.94%), ILMN (0.93%), FTI (0.83%), ATI (0.80%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | FXI | MDY |
|---|---|---|
| 2022 | -20.7% | -13.3% |
| 2023 | -12.4% | +16.1% |
| 2024 | +29.0% | +13.6% |
| 2025 | +28.9% | +7.2% |
| 2026 | -7.3% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and MDY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FXI and MDY?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.32 over the last year and 0.32 over 5 years.
Is MDY a good diversifier for FXI?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
How much do FXI and MDY overlap?
0% by weight, across 0 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fxi-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fxi-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FXI correlations · MDY correlations
