ITRN vs MDY: Correlation
How closely do Ituran Location and Control Ltd. (ITRN) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ITRN and MDY?
Across a 3-year window, the weekly returns of ITRN and MDY correlate at 0.49, moderate. Recent behaviour matches the longer record: 0.46 over 1 year against 0.49 over 3. Stretching to 5 years gives 0.48, with an annualized covariance of 233.5 %².
In ITRN's tracked universe of 11 assets, MDY sits right near the top at #2. The last year tells two different stories: ITRN led by 34.0 percentage points, +52.3% for ITRN against +18.3% for MDY. One caveat on sizing: ITRN is 1.8 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.
ITRN vs MDY: side by side
| ITRN (Ituran Location and Control Ltd.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +52.3% | +18.3% |
| 5-year return | +146.4% | +47.5% |
| Volatility (ann.) | 29.1% | 16.5% |
| Beta vs S&P 500 | 0.84 | 0.91 |
| Max drawdown (3Y) | -26.8% | -24.0% |
| Market cap | $1.0B | – |
| P/E (trailing) | 16.1 | – |
| 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 | ITRN | MDY |
|---|---|---|
| 2022 | -18.8% | -13.3% |
| 2023 | +32.5% | +16.1% |
| 2024 | +21.0% | +13.6% |
| 2025 | +45.6% | +7.2% |
| 2026 | +25.4% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ITRN and MDY good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ITRN and MDY?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.46 over the last year and 0.48 over 5 years.
Is MDY a good diversifier for ITRN?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
A reading of 0.49 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/itrn-vs-mdy.json
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[](https://www.pairbook.io/pair/itrn-vs-mdy/)
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Related comparisons
Hubs: ITRN correlations · MDY correlations
