GEF vs MDY: Correlation
Measured on weekly returns over the past three years, Greif Inc. (GEF) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEF and MDY?
Across a 3-year window, the weekly returns of GEF and MDY correlate at 0.60, strong. The link has loosened recently: the 1-year correlation (0.49) runs below the 3-year figure (0.60). Stretching to 5 years gives 0.59, with an annualized covariance of 277.6 %².
Within GEF's tracked universe of 16 assets, MDY comes in at #5 by 3-year correlation. Over the last 12 months GEF came out ahead by 14.6 percentage points (+32.9% against +18.3%). One caveat on sizing: GEF is 1.7 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.
GEF vs MDY: side by side
| GEF (Greif Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +32.9% | +18.3% |
| 5-year return | +58.9% | +47.5% |
| Volatility (ann.) | 27.9% | 16.5% |
| Beta vs S&P 500 | 0.71 | 0.91 |
| Max drawdown (3Y) | -30.8% | -24.0% |
| Market cap | $4.8B | – |
| P/E (trailing) | 34.9 | – |
| Dividend yield | 4.84% | 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 | GEF | MDY |
|---|---|---|
| 2022 | +14.5% | -13.3% |
| 2023 | +0.9% | +16.1% |
| 2024 | -3.6% | +13.6% |
| 2025 | +14.8% | +7.2% |
| 2026 | +27.0% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.06% of MDY is GEF itself, so the fund partly moves with the stock by construction.
Are GEF and MDY good diversifiers for each other?
Only partially. A correlation of 0.60 means GEF 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 GEF and MDY?
The GEF/MDY correlation stands at 0.60 on a 3-year window (1 year: 0.49, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for GEF?
Only partially. A correlation of 0.60 means GEF 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 0.60 mean?
A reading of 0.60 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: GEF correlations · MDY correlations
