MDT vs SCHD: Correlation
How closely do Medtronic (MDT) and Schwab US Dividend Equity ETF (SCHD) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDT and SCHD?
On 3 years of weekly data the MDT/SCHD correlation comes out at 0.48, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.48 over 3 years. The 5-year figure is 0.49, and annualized covariance runs at 130.5 %².
By 3-year correlation, SCHD places #10 of the 34 assets tracked against MDT. Their recent paths diverged sharply: over the last 12 months SCHD outperformed by 28.7 percentage points (+0.9% for MDT against +29.6% for SCHD). Across three years, the rolling one-year figure varied moderately, from 0.27 to 0.67. One caveat on sizing: MDT is 1.6 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.
MDT vs SCHD: side by side
| MDT (Medtronic) | SCHD (Schwab US Dividend Equity ETF) | |
|---|---|---|
| 1-year return | +0.9% | +29.6% |
| 5-year return | -21.4% | +60.9% |
| Volatility (ann.) | 21.0% | 12.9% |
| Beta vs S&P 500 | 0.37 | 0.52 |
| Max drawdown (3Y) | -28.9% | -16.1% |
| Market cap | $115.2B | – |
| P/E (trailing) | 24.1 | – |
| Dividend yield | 3.09% | 3.13% |
| Expense ratio | – | 0.06% |
| Assets under management | – | $104.2B |
| Sector / category | Health Care | ETF · Dividend |
SCHD, Schwab ETFs's Large Value fund, carries $104.2B under management, 101 holdings, a 0.06% expense ratio, a 3.13% trailing dividend yield.
Year-by-year returns
| Year | MDT | SCHD |
|---|---|---|
| 2022 | -22.6% | -3.3% |
| 2023 | +9.6% | +4.5% |
| 2024 | +0.3% | +11.7% |
| 2025 | +24.0% | +4.3% |
| 2026 | -4.7% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDT and SCHD good diversifiers for each other?
Reasonably. At 0.48, MDT and SCHD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MDT and SCHD?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.32 over the last year and 0.49 over 5 years.
Is SCHD a good diversifier for MDT?
Reasonably. At 0.48, MDT and SCHD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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/mdt-vs-schd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdt-vs-schd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDT correlations · SCHD correlations
