GEHC vs MDY: Correlation
How closely do GE HealthCare (GEHC) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GEHC and MDY?
Over the past 3 years, GEHC and MDY moved with a correlation of 0.60, which is strong. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 320.4 %².
By 3-year correlation, MDY places #13 of the 52 assets tracked against GEHC. The last year tells two different stories: MDY led by 20.5 percentage points, -2.2% for GEHC against +18.3% for MDY. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.31 to 0.84. Note the risk asymmetry: GEHC runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GEHC vs MDY: side by side
| GEHC (GE HealthCare) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -2.2% | +18.3% |
| 5-year return | n/a | +47.5% |
| Volatility (ann.) | 32.4% | 16.5% |
| Beta vs S&P 500 | 1.22 | 0.91 |
| Max drawdown (3Y) | -37.4% | -24.0% |
| Market cap | $32.7B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 0.19% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Health Care | 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 | GEHC | MDY |
|---|---|---|
| 2022 | – | -13.3% |
| 2023 | +32.6% | +16.1% |
| 2024 | +1.3% | +13.6% |
| 2025 | +5.1% | +7.2% |
| 2026 | -11.5% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GEHC and MDY good diversifiers for each other?
To a limited degree. At 0.60 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 GEHC and MDY?
The GEHC/MDY correlation stands at 0.60 on a 3-year window (1 year: 0.52, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for GEHC?
To a limited degree. At 0.60 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 0.60 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gehc-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gehc-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GEHC correlations · MDY correlations
