KEYS vs MDY: Correlation
How closely do Keysight Technologies (KEYS) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KEYS and MDY?
Over the past 3 years, KEYS and MDY moved with a correlation of 0.65, which is strong. The link has loosened recently: the 1-year correlation (0.47) runs below the 3-year figure (0.65). Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 392.8 %².
Within KEYS's tracked universe of 43 assets, MDY comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with KEYS ahead by 79.1 points (+97.4% versus +18.3%). On a rolling one-year basis the correlation drifted between 0.43 and 0.81, a moderate band. One caveat on sizing: KEYS is 2.2 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.
KEYS vs MDY: side by side
| KEYS (Keysight Technologies) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +97.4% | +18.3% |
| 5-year return | +81.9% | +47.5% |
| Volatility (ann.) | 36.8% | 16.5% |
| Beta vs S&P 500 | 1.58 | 0.91 |
| Max drawdown (3Y) | -31.4% | -24.0% |
| Market cap | $55.5B | – |
| P/E (trailing) | 43.5 | – |
| Dividend yield | 0.00% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Information Technology | 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 | KEYS | MDY |
|---|---|---|
| 2022 | -17.2% | -13.3% |
| 2023 | -7.0% | +16.1% |
| 2024 | +1.0% | +13.6% |
| 2025 | +26.5% | +7.2% |
| 2026 | +60.4% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KEYS and MDY good diversifiers for each other?
To a limited degree. At 0.65 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 KEYS and MDY?
As of 2026-08-27, the correlation of weekly returns between KEYS and MDY is 0.65 over 3 years, 0.47 over 1 year and 0.64 over 5 years.
Is MDY a good diversifier for KEYS?
To a limited degree. At 0.65 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 0.65 mean?
A reading of 0.65 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/keys-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/keys-vs-mdy/)
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Related comparisons
Hubs: KEYS correlations · MDY correlations
