GENC vs MDY: Correlation
How closely do Gencor Industries, Inc. (GENC) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GENC and MDY?
On 3 years of weekly data the GENC/MDY correlation comes out at 0.52, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.52 over 3 years. The 5-year figure is 0.40, and annualized covariance runs at 313.2 %².
Among the 11 assets we track against GENC, MDY ranks #5 by 3-year correlation. Neither side won the trailing year by much: +15.9% against +18.3%. Risk is not evenly split, since GENC carries 2.2 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.
GENC vs MDY: side by side
| GENC (Gencor Industries, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +15.9% | +18.3% |
| 5-year return | +63.6% | +47.5% |
| Volatility (ann.) | 36.4% | 16.5% |
| Beta vs S&P 500 | 0.83 | 0.91 |
| Max drawdown (3Y) | -55.7% | -24.0% |
| Market cap | $0.3B | – |
| 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 | GENC | MDY |
|---|---|---|
| 2022 | -12.4% | -13.3% |
| 2023 | +59.8% | +16.1% |
| 2024 | +9.4% | +13.6% |
| 2025 | -26.6% | +7.2% |
| 2026 | +47.2% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GENC and MDY good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GENC and MDY?
As of 2026-08-27, the correlation of weekly returns between GENC and MDY is 0.52 over 3 years, 0.31 over 1 year and 0.40 over 5 years.
Is MDY a good diversifier for GENC?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
A reading of 0.52 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: GENC correlations · MDY correlations
