INSE vs MDY: Correlation
How closely do Inspired Entertainment, Inc. (INSE) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INSE and MDY?
On 3 years of weekly data the INSE/MDY correlation comes out at 0.56, moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 415.2 %².
MDY is one of the assets that tracks INSE most closely: it ranks #2 out of the 11 assets we track against INSE. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 54.1 percentage points (-35.8% for INSE against +18.3% for MDY). Note the risk asymmetry: INSE runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
INSE vs MDY: side by side
| INSE (Inspired Entertainment, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -35.8% | +18.3% |
| 5-year return | -52.5% | +47.5% |
| Volatility (ann.) | 45.1% | 16.5% |
| Beta vs S&P 500 | 1.37 | 0.91 |
| Max drawdown (3Y) | -56.8% | -24.0% |
| Market cap | $0.2B | – |
| 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 | INSE | MDY |
|---|---|---|
| 2022 | -2.2% | -13.3% |
| 2023 | -22.0% | +16.1% |
| 2024 | -8.4% | +13.6% |
| 2025 | +3.4% | +7.2% |
| 2026 | -37.3% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INSE and MDY good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between INSE and MDY?
The INSE/MDY correlation stands at 0.56 on a 3-year window (1 year: 0.53, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for INSE?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 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: INSE correlations · MDY correlations
