GXO vs MDY: Correlation
GXO Logistics, Inc. (GXO) and SPDR S&P MidCap 400 ETF (MDY) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GXO and MDY?
Over the past 3 years, GXO and MDY moved with a correlation of 0.59, which is moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 366.8 %².
Few assets follow GXO as closely as MDY, which ranks #1 of 16 tracked partners. The last year tells two different stories: MDY led by 28.4 percentage points, -10.1% for GXO against +18.3% for MDY. One caveat on sizing: GXO is 2.3 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.
GXO vs MDY: side by side
| GXO (GXO Logistics, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -10.1% | +18.3% |
| 5-year return | -43.5% | +47.5% |
| Volatility (ann.) | 37.5% | 16.5% |
| Beta vs S&P 500 | 1.06 | 0.91 |
| Max drawdown (3Y) | -51.6% | -24.0% |
| Market cap | $5.5B | – |
| P/E (trailing) | 42.5 | – |
| 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 | GXO | MDY |
|---|---|---|
| 2022 | -53.0% | -13.3% |
| 2023 | +43.3% | +16.1% |
| 2024 | -28.9% | +13.6% |
| 2025 | +21.0% | +7.2% |
| 2026 | -8.9% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
GXO represents 0.15% of MDY's portfolio, so part of any move in MDY is GXO itself, and the correlation between them is partly mechanical.
Are GXO and MDY good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GXO and MDY?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.52 over the last year and 0.67 over 5 years.
Is MDY a good diversifier for GXO?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 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: GXO correlations · MDY correlations
