HXL vs MDY: Correlation
Measured on weekly returns over the past three years, Hexcel Corporation (HXL) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HXL and MDY?
On 3 years of weekly data the HXL/MDY correlation comes out at 0.64, strong. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. The 5-year figure is 0.67, and annualized covariance runs at 320.6 %².
Few assets follow HXL as closely as MDY, which ranks #1 of 10 tracked partners. Their recent paths diverged sharply: over the last 12 months HXL outperformed by 31.8 percentage points (+50.1% for HXL against +18.3% for MDY). Risk is not evenly split, since HXL carries 1.8 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.
HXL vs MDY: side by side
| HXL (Hexcel Corporation) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +50.1% | +18.3% |
| 5-year return | +74.4% | +47.5% |
| Volatility (ann.) | 30.4% | 16.5% |
| Beta vs S&P 500 | 1.15 | 0.91 |
| Max drawdown (3Y) | -37.8% | -24.0% |
| Market cap | $7.2B | – |
| P/E (trailing) | 47.8 | – |
| Dividend yield | 0.74% | 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 | HXL | MDY |
|---|---|---|
| 2022 | +14.4% | -13.3% |
| 2023 | +26.2% | +16.1% |
| 2024 | -14.2% | +13.6% |
| 2025 | +19.2% | +7.2% |
| 2026 | +28.9% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that MDY holds HXL at a 0.2% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are HXL and MDY good diversifiers for each other?
Only partially. A correlation of 0.64 means HXL 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 HXL and MDY?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.57 over the last year and 0.67 over 5 years.
Is MDY a good diversifier for HXL?
Only partially. A correlation of 0.64 means HXL 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 0.64 mean?
A reading of 0.64 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: HXL correlations · MDY correlations
