MATW vs MDY: Correlation
How closely do Matthews International Corporation (MATW) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MATW and MDY?
On 3 years of weekly data the MATW/MDY correlation comes out at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.52). The 5-year figure is 0.54, and annualized covariance runs at 309.2 %².
MDY is one of the assets that tracks MATW most closely: it ranks #1 out of the 12 assets we track against MATW. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 26.9 percentage points (-8.6% for MATW against +18.3% for MDY). Risk is not evenly split, since MATW carries 2.2 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.
MATW vs MDY: side by side
| MATW (Matthews International Corporation) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -8.6% | +18.3% |
| 5-year return | -30.2% | +47.5% |
| Volatility (ann.) | 36.3% | 16.5% |
| Beta vs S&P 500 | 0.87 | 0.91 |
| Max drawdown (3Y) | -54.7% | -24.0% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.73% | 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 | MATW | MDY |
|---|---|---|
| 2022 | -14.5% | -13.3% |
| 2023 | +23.4% | +16.1% |
| 2024 | -21.9% | +13.6% |
| 2025 | -1.5% | +7.2% |
| 2026 | -17.1% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MATW and MDY good diversifiers for each other?
To a limited degree. At 0.52 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 MATW and MDY?
The MATW/MDY correlation stands at 0.52 on a 3-year window (1 year: 0.40, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for MATW?
To a limited degree. At 0.52 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 0.52 mean?
A reading of 0.52 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: MATW correlations · MDY correlations
