MDY vs MLR: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Miller Industries, Inc. (MLR) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and MLR?
Over the past 3 years, MDY and MLR moved with a correlation of 0.60, which is strong. The past 12 months show a weaker link (0.40) than the 3-year average (0.60). Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 317.5 %².
Within MDY's tracked universe of 359 assets, MLR comes in at #179 by 3-year correlation. The last year tells two different stories: MLR led by 15.1 percentage points, +18.3% for MDY against +33.4% for MLR. Note the risk asymmetry: MLR runs 1.9 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 MLR: side by side
| MDY (SPDR S&P MidCap 400 ETF) | MLR (Miller Industries, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +33.4% |
| 5-year return | +47.5% | +70.2% |
| Volatility (ann.) | 16.5% | 31.9% |
| Beta vs S&P 500 | 0.91 | 0.88 |
| Max drawdown (3Y) | -24.0% | -52.7% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | 46.3 |
| Dividend yield | 1.02% | 1.43% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
On the fund side, MDY sits in the Mid-Cap Blend category at State Street Investment Management, with $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | MLR |
|---|---|---|
| 2022 | -13.3% | -17.9% |
| 2023 | +16.1% | +61.8% |
| 2024 | +13.6% | +56.6% |
| 2025 | +7.2% | -41.7% |
| 2026 | +16.4% | +56.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and MLR good diversifiers for each other?
To a limited degree. At 0.60 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 MLR?
As of 2026-08-27, the correlation of weekly returns between MDY and MLR is 0.60 over 3 years, 0.40 over 1 year and 0.54 over 5 years.
Is MLR a good diversifier for MDY?
To a limited degree. At 0.60 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 0.60 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-mlr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-mlr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · MLR correlations
