KALU vs MDY: Correlation
Measured on weekly returns over the past three years, Kaiser Aluminum Corporation (KALU) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KALU and MDY?
On 3 years of weekly data the KALU/MDY correlation comes out at 0.67, strong. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. The 5-year figure is 0.67, and annualized covariance runs at 518.1 %².
In KALU's tracked universe of 17 assets, MDY sits right near the top at #2. The last year tells two different stories: KALU led by 85.5 percentage points, +103.8% for KALU against +18.3% for MDY. Note the risk asymmetry: KALU runs 2.8 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.
KALU vs MDY: side by side
| KALU (Kaiser Aluminum Corporation) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +103.8% | +18.3% |
| 5-year return | +51.7% | +47.5% |
| Volatility (ann.) | 46.6% | 16.5% |
| Beta vs S&P 500 | 1.72 | 0.91 |
| Max drawdown (3Y) | -48.9% | -24.0% |
| Market cap | $2.6B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 1.98% | 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 | KALU | MDY |
|---|---|---|
| 2022 | -16.2% | -13.3% |
| 2023 | -2.1% | +16.1% |
| 2024 | +2.7% | +13.6% |
| 2025 | +70.1% | +7.2% |
| 2026 | +38.5% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KALU and MDY good diversifiers for each other?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between KALU and MDY?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.62 over the last year and 0.67 over 5 years.
Is MDY a good diversifier for KALU?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 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
$ curl https://www.pairbook.io/api/v1/pairs/kalu-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/kalu-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KALU correlations · MDY correlations
