GTES vs MDY: Correlation
Measured on weekly returns over the past three years, Gates Industrial Corporation Ltd. (GTES) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTES and MDY?
Over the past 3 years, GTES and MDY moved with a correlation of 0.71, which is strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 408.8 %².
MDY is one of the assets that tracks GTES most closely: it ranks #1 out of the 22 assets we track against GTES. Correlation aside, the last 12 months split them widely, with MDY ahead by 16.8 points (+1.5% versus +18.3%). One caveat on sizing: GTES 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.
GTES vs MDY: side by side
| GTES (Gates Industrial Corporation Ltd.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +1.5% | +18.3% |
| 5-year return | +56.6% | +47.5% |
| Volatility (ann.) | 35.0% | 16.5% |
| Beta vs S&P 500 | 1.27 | 0.91 |
| Max drawdown (3Y) | -33.8% | -24.0% |
| Market cap | $6.7B | – |
| P/E (trailing) | 18.8 | – |
| 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 | GTES | MDY |
|---|---|---|
| 2022 | -28.3% | -13.3% |
| 2023 | +17.6% | +16.1% |
| 2024 | +53.3% | +13.6% |
| 2025 | +4.4% | +7.2% |
| 2026 | +22.9% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTES and MDY good diversifiers for each other?
Only partially. A correlation of 0.71 means GTES 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 GTES and MDY?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.69 over the last year and 0.71 over 5 years.
Is MDY a good diversifier for GTES?
Only partially. A correlation of 0.71 means GTES 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 0.71 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: GTES correlations · MDY correlations
