JCI vs MDY: Correlation
Measured on weekly returns over the past three years, Johnson Controls (JCI) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JCI and MDY?
Over the past 3 years, JCI and MDY moved with a correlation of 0.54, which is moderate. The link has loosened recently: the 1-year correlation (0.35) runs below the 3-year figure (0.54). Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 250.0 %².
By 3-year correlation, MDY places #11 of the 32 assets tracked against JCI. On 12-month performance JCI holds a 12.6-point edge, +30.9% against +18.3%. On a rolling one-year basis the correlation drifted between 0.31 and 0.74, a moderate band. Risk is not evenly split, since JCI carries 1.7 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.
JCI vs MDY: side by side
| JCI (Johnson Controls) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +30.9% | +18.3% |
| 5-year return | +108.2% | +47.5% |
| Volatility (ann.) | 28.1% | 16.5% |
| Beta vs S&P 500 | 0.98 | 0.91 |
| Max drawdown (3Y) | -21.1% | -24.0% |
| Market cap | $86.1B | – |
| P/E (trailing) | 40.1 | – |
| Dividend yield | 1.11% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Industrials | 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 | JCI | MDY |
|---|---|---|
| 2022 | -19.3% | -13.3% |
| 2023 | -7.6% | +16.1% |
| 2024 | +39.8% | +13.6% |
| 2025 | +53.0% | +7.2% |
| 2026 | +19.5% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JCI and MDY good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between JCI and MDY?
The JCI/MDY correlation stands at 0.54 on a 3-year window (1 year: 0.35, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for JCI?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/jci-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/jci-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: JCI correlations · MDY correlations
