KRT vs MDY: Correlation
Measured on weekly returns over the past three years, Karat Packaging Inc. (KRT) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KRT and MDY?
Across a 3-year window, the weekly returns of KRT and MDY correlate at 0.58, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.41 versus 0.58 over 3 years. Stretching to 5 years gives 0.42, with an annualized covariance of 388.3 %².
Few assets follow KRT as closely as MDY, which ranks #2 of 12 tracked partners. The last year tells two different stories: KRT led by 91.6 percentage points, +109.9% for KRT against +18.3% for MDY. Risk is not evenly split, since KRT carries 2.5 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.
KRT vs MDY: side by side
| KRT (Karat Packaging Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +109.9% | +18.3% |
| 5-year return | +172.9% | +47.5% |
| Volatility (ann.) | 40.5% | 16.5% |
| Beta vs S&P 500 | 1.09 | 0.91 |
| Max drawdown (3Y) | -34.0% | -24.0% |
| Market cap | $1.0B | – |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 3.65% | 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 | KRT | MDY |
|---|---|---|
| 2022 | -27.1% | -13.3% |
| 2023 | +82.2% | +16.1% |
| 2024 | +28.8% | +13.6% |
| 2025 | -20.1% | +7.2% |
| 2026 | +130.6% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KRT and MDY good diversifiers for each other?
To a limited degree. At 0.58 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 KRT and MDY?
As of 2026-08-27, the correlation of weekly returns between KRT and MDY is 0.58 over 3 years, 0.41 over 1 year and 0.42 over 5 years.
Is MDY a good diversifier for KRT?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 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/krt-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/krt-vs-mdy/)
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Related comparisons
Hubs: KRT correlations · MDY correlations
