GRMN vs MDY: Correlation
Measured on weekly returns over the past three years, Garmin (GRMN) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRMN and MDY?
Across a 3-year window, the weekly returns of GRMN and MDY correlate at 0.49, moderate. The past 12 months show a weaker link (0.38) than the 3-year average (0.49). Stretching to 5 years gives 0.53, with an annualized covariance of 282.1 %².
Among the 36 assets we track against GRMN, MDY ranks #13 by 3-year correlation. The trailing year gives GRMN the advantage: +25.1% versus +18.3%, a 6.8-point spread. The rolling one-year correlation moved between 0.33 and 0.71 over the past three years, a moderate range. One caveat on sizing: GRMN is 2.1 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.
GRMN vs MDY: side by side
| GRMN (Garmin) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +25.1% | +18.3% |
| 5-year return | +80.9% | +47.5% |
| Volatility (ann.) | 34.7% | 16.5% |
| Beta vs S&P 500 | 1.06 | 0.91 |
| Max drawdown (3Y) | -28.0% | -24.0% |
| Market cap | $55.9B | – |
| P/E (trailing) | 29.9 | – |
| Dividend yield | 1.45% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Consumer Discretionary | 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 | GRMN | MDY |
|---|---|---|
| 2022 | -30.2% | -13.3% |
| 2023 | +43.1% | +16.1% |
| 2024 | +63.3% | +13.6% |
| 2025 | -0.1% | +7.2% |
| 2026 | +44.1% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRMN and MDY good diversifiers for each other?
Reasonably. At 0.49, GRMN and MDY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GRMN and MDY?
The GRMN/MDY correlation stands at 0.49 on a 3-year window (1 year: 0.38, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for GRMN?
Reasonably. At 0.49, GRMN and MDY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 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: GRMN correlations · MDY correlations
