MDT vs SPYV: Correlation
How closely do Medtronic (MDT) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDT and SPYV?
On 3 years of weekly data the MDT/SPYV correlation comes out at 0.47, moderate. The past 12 months show a weaker link (0.24) than the 3-year average (0.47). The 5-year figure is 0.53, and annualized covariance runs at 120.0 %².
Among the 34 assets we track against MDT, SPYV ranks #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPYV ahead by 17.6 points (+0.9% versus +18.5%). On a rolling one-year basis the correlation drifted between 0.23 and 0.65, a moderate band. Note the risk asymmetry: MDT runs 1.7 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.
MDT vs SPYV: side by side
| MDT (Medtronic) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +0.9% | +18.5% |
| 5-year return | -21.4% | +73.5% |
| Volatility (ann.) | 21.0% | 12.1% |
| Beta vs S&P 500 | 0.37 | 0.70 |
| Max drawdown (3Y) | -28.9% | -17.5% |
| Market cap | $115.2B | – |
| P/E (trailing) | 24.1 | – |
| Dividend yield | 3.09% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Health Care | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | MDT | SPYV |
|---|---|---|
| 2022 | -22.6% | -5.3% |
| 2023 | +9.6% | +22.2% |
| 2024 | +0.3% | +12.2% |
| 2025 | +24.0% | +13.2% |
| 2026 | -4.7% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.39% of SPYV is MDT itself, so the fund partly moves with the stock by construction.
Are MDT and SPYV good diversifiers for each other?
Reasonably. At 0.47, MDT and SPYV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MDT and SPYV?
The MDT/SPYV correlation stands at 0.47 on a 3-year window (1 year: 0.24, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for MDT?
Reasonably. At 0.47, MDT and SPYV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdt-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdt-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDT correlations · SPYV correlations
