MDT vs SPY: Correlation
Medtronic (MDT) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDT and SPY?
Across a 3-year window, the weekly returns of MDT and SPY correlate at 0.25, weak. The past 12 months show a weaker link (-0.08) than the 3-year average (0.25). Stretching to 5 years gives 0.40, with an annualized covariance of 77.1 %².
Within MDT's tracked universe of 34 assets, SPY comes in at #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.7 percentage points (+0.9% for MDT against +20.6% for SPY). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.06 to 0.58.
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 SPY: side by side
| MDT (Medtronic) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.9% | +20.6% |
| 5-year return | -21.4% | +82.4% |
| Volatility (ann.) | 21.0% | 14.5% |
| Beta vs S&P 500 | 0.37 | 1.00 |
| Max drawdown (3Y) | -28.9% | -18.8% |
| Market cap | $115.2B | – |
| P/E (trailing) | 24.1 | – |
| Dividend yield | 3.09% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | MDT | SPY |
|---|---|---|
| 2022 | -22.6% | -18.2% |
| 2023 | +9.6% | +26.2% |
| 2024 | +0.3% | +24.9% |
| 2025 | +24.0% | +17.7% |
| 2026 | -4.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
MDT represents 0.18% of SPY's portfolio, so part of any move in SPY is MDT itself, and the correlation between them is partly mechanical.
Are MDT and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MDT and SPY?
As of 2026-08-27, the correlation of weekly returns between MDT and SPY is 0.25 over 3 years, -0.08 over 1 year and 0.40 over 5 years.
Is SPY a good diversifier for MDT?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: MDT correlations · SPY correlations
