MDY vs MGM: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and MGM Resorts (MGM) 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 MDY and MGM?
Over the past 3 years, MDY and MGM moved with a correlation of 0.58, which is moderate. The past 12 months show a weaker link (0.47) than the 3-year average (0.58). Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 335.4 %².
Among the 359 assets we track against MDY, MGM ranks #207 by 3-year correlation. The trailing year gives MDY the advantage: +18.3% versus +8.0%, a 10.3-point spread. The rolling one-year correlation moved between 0.48 and 0.74 over the past three years, a moderate range. Note the risk asymmetry: MGM runs 2.1 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.
MDY vs MGM: side by side
| MDY (SPDR S&P MidCap 400 ETF) | MGM (MGM Resorts) | |
|---|---|---|
| 1-year return | +18.3% | +8.0% |
| 5-year return | +47.5% | +0.8% |
| Volatility (ann.) | 16.5% | 35.2% |
| Beta vs S&P 500 | 0.91 | 1.18 |
| Max drawdown (3Y) | -24.0% | -46.0% |
| Market cap | – | $11.0B |
| P/E (trailing) | – | 26.4 |
| Dividend yield | 1.02% | 0.00% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | Consumer Discretionary |
MDY is a Mid-Cap Blend fund from State Street Investment Management: $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | MGM |
|---|---|---|
| 2022 | -13.3% | -25.3% |
| 2023 | +16.1% | +33.3% |
| 2024 | +13.6% | -22.4% |
| 2025 | +7.2% | +5.3% |
| 2026 | +16.4% | +17.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and MGM 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 MDY and MGM?
As of 2026-08-27, the correlation of weekly returns between MDY and MGM is 0.58 over 3 years, 0.47 over 1 year and 0.65 over 5 years.
Is MGM a good diversifier for MDY?
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?
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/mdy-vs-mgm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-mgm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · MGM correlations
