ITRI vs MDY: Correlation
How closely do Itron, Inc. (ITRI) 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 ITRI and MDY?
Over the past 3 years, ITRI and MDY moved with a correlation of 0.52, which is moderate. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.52). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 336.7 %².
Within ITRI's tracked universe of 21 assets, MDY comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 38.2 percentage points (-19.9% for ITRI against +18.3% for MDY). Note the risk asymmetry: ITRI runs 2.4 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.
ITRI vs MDY: side by side
| ITRI (Itron, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -19.9% | +18.3% |
| 5-year return | +17.0% | +47.5% |
| Volatility (ann.) | 38.9% | 16.5% |
| Beta vs S&P 500 | 1.14 | 0.91 |
| Max drawdown (3Y) | -43.6% | -24.0% |
| Market cap | $4.3B | – |
| P/E (trailing) | 16.5 | – |
| 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 | ITRI | MDY |
|---|---|---|
| 2022 | -26.1% | -13.3% |
| 2023 | +49.1% | +16.1% |
| 2024 | +43.8% | +13.6% |
| 2025 | -14.5% | +7.2% |
| 2026 | +6.9% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ITRI 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 ITRI and MDY?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.41 over the last year and 0.58 over 5 years.
Is MDY a good diversifier for ITRI?
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?
On the −1 to +1 scale, 0.52 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: ITRI correlations · MDY correlations
