HON vs MDY: Correlation
How closely do Honeywell Technologies (HON) 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 HON and MDY?
On 3 years of weekly data the HON/MDY correlation comes out at 0.52, moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.52 over 3. The 5-year figure is 0.60, and annualized covariance runs at 199.7 %².
Among the 32 assets we track against HON, MDY ranks #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 15.6 percentage points (+2.7% for HON against +18.3% for MDY). The rolling one-year correlation moved between 0.34 and 0.71 over the past three years, a moderate range.
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.
HON vs MDY: side by side
| HON (Honeywell Technologies) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +2.7% | +18.3% |
| 5-year return | +6.6% | +47.5% |
| Volatility (ann.) | 23.2% | 16.5% |
| Beta vs S&P 500 | 0.74 | 0.91 |
| Max drawdown (3Y) | -22.1% | -24.0% |
| Market cap | $69.9B | – |
| P/E (trailing) | 8.5 | – |
| Dividend yield | 4.26% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Industrials | 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 | HON | MDY |
|---|---|---|
| 2022 | +4.9% | -13.3% |
| 2023 | +0.0% | +16.1% |
| 2024 | +10.0% | +13.6% |
| 2025 | -6.4% | +7.2% |
| 2026 | +9.2% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HON 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 HON and MDY?
As of 2026-08-27, the correlation of weekly returns between HON and MDY is 0.52 over 3 years, 0.48 over 1 year and 0.60 over 5 years.
Is MDY a good diversifier for HON?
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?
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: HON correlations · MDY correlations
