IART vs MDY: Correlation
Measured on weekly returns over the past three years, Integra LifeSciences Holdings Corporation (IART) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IART and MDY?
Over the past 3 years, IART and MDY moved with a correlation of 0.57, which is moderate. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 545.8 %².
Among the 16 assets we track against IART, MDY ranks #4 by 3-year correlation. Over the last 12 months MDY came out ahead by 5.0 percentage points (+13.3% against +18.3%). One caveat on sizing: IART is 3.5 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.
IART vs MDY: side by side
| IART (Integra LifeSciences Holdings Corporation) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +13.3% | +18.3% |
| 5-year return | -77.0% | +47.5% |
| Volatility (ann.) | 58.0% | 16.5% |
| Beta vs S&P 500 | 1.66 | 0.91 |
| Max drawdown (3Y) | -80.3% | -24.0% |
| Market cap | $1.3B | – |
| P/E (trailing) | – | – |
| 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 | IART | MDY |
|---|---|---|
| 2022 | -16.3% | -13.3% |
| 2023 | -22.3% | +16.1% |
| 2024 | -47.9% | +13.6% |
| 2025 | -45.2% | +7.2% |
| 2026 | +35.7% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IART and MDY good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IART and MDY?
The IART/MDY correlation stands at 0.57 on a 3-year window (1 year: 0.63, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for IART?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 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: IART correlations · MDY correlations
