GCO vs MDY: Correlation
Measured on weekly returns over the past three years, Genesco Inc. (GCO) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GCO and MDY?
On 3 years of weekly data the GCO/MDY correlation comes out at 0.58, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. The 5-year figure is 0.55, and annualized covariance runs at 609.0 %².
In GCO's tracked universe of 13 assets, MDY sits right near the top at #3. The last year tells two different stories: MDY led by 18.3 percentage points, -0.0% for GCO against +18.3% for MDY. Risk is not evenly split, since GCO carries 3.9 times the volatility of the other side.
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.
GCO vs MDY: side by side
| GCO (Genesco Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -0.0% | +18.3% |
| 5-year return | -47.8% | +47.5% |
| Volatility (ann.) | 63.6% | 16.5% |
| Beta vs S&P 500 | 1.80 | 0.91 |
| Max drawdown (3Y) | -60.9% | -24.0% |
| Market cap | $0.4B | – |
| P/E (trailing) | 18.7 | – |
| 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 | GCO | MDY |
|---|---|---|
| 2022 | -28.3% | -13.3% |
| 2023 | -23.5% | +16.1% |
| 2024 | +21.4% | +13.6% |
| 2025 | -42.1% | +7.2% |
| 2026 | +33.1% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GCO and MDY good diversifiers for each other?
Only partially. A correlation of 0.58 means GCO 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 GCO and MDY?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.48 over the last year and 0.55 over 5 years.
Is MDY a good diversifier for GCO?
Only partially. A correlation of 0.58 means GCO 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 0.58 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: GCO correlations · MDY correlations
