GE vs MDY: Correlation
How closely do GE Aerospace (GE) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GE and MDY?
Across a 3-year window, the weekly returns of GE and MDY correlate at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 294.4 %².
Within GE's tracked universe of 32 assets, MDY comes in at #9 by 3-year correlation. On 12-month performance GE holds a 7.7-point edge, +26.0% against +18.3%. On a rolling one-year basis the correlation drifted between 0.32 and 0.78, a moderate band. Risk is not evenly split, since GE carries 1.9 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.
GE vs MDY: side by side
| GE (GE Aerospace) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +26.0% | +18.3% |
| 5-year return | +435.6% | +47.5% |
| Volatility (ann.) | 30.9% | 16.5% |
| Beta vs S&P 500 | 1.24 | 0.91 |
| Max drawdown (3Y) | -21.4% | -24.0% |
| Market cap | $355.6B | – |
| P/E (trailing) | 41.8 | – |
| Dividend yield | 0.47% | 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 | GE | MDY |
|---|---|---|
| 2022 | -10.9% | -13.3% |
| 2023 | +95.7% | +16.1% |
| 2024 | +64.8% | +13.6% |
| 2025 | +85.7% | +7.2% |
| 2026 | +11.6% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GE and MDY good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GE and MDY?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.51 over the last year and 0.62 over 5 years.
Is MDY a good diversifier for GE?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ge-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ge-vs-mdy/)
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Related comparisons
Hubs: GE correlations · MDY correlations
