KRNT vs MDY: Correlation
How closely do Kornit Digital Ltd. (KRNT) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KRNT and MDY?
On 3 years of weekly data the KRNT/MDY correlation comes out at 0.63, strong. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 550.4 %².
MDY is one of the assets that tracks KRNT most closely: it ranks #1 out of the 12 assets we track against KRNT. On 12-month performance MDY holds a 6.2-point edge, +12.1% against +18.3%. Note the risk asymmetry: KRNT runs 3.2 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.
KRNT vs MDY: side by side
| KRNT (Kornit Digital Ltd.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +12.1% | +18.3% |
| 5-year return | -87.2% | +47.5% |
| Volatility (ann.) | 53.2% | 16.5% |
| Beta vs S&P 500 | 2.06 | 0.91 |
| Max drawdown (3Y) | -62.6% | -24.0% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| 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 | KRNT | MDY |
|---|---|---|
| 2022 | -84.9% | -13.3% |
| 2023 | -16.6% | +16.1% |
| 2024 | +61.5% | +13.6% |
| 2025 | -53.5% | +7.2% |
| 2026 | +17.7% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KRNT and MDY good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between KRNT and MDY?
The KRNT/MDY correlation stands at 0.63 on a 3-year window (1 year: 0.58, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for KRNT?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 mean?
A reading of 0.63 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: KRNT correlations · MDY correlations
