MDY vs MOV: Correlation
SPDR S&P MidCap 400 ETF (MDY) and Movado Group Inc. (MOV) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and MOV?
Across a 3-year window, the weekly returns of MDY and MOV correlate at 0.55, moderate. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 355.0 %².
By 3-year correlation, MOV places #247 of the 359 assets tracked against MDY. The last year tells two different stories: MOV led by 90.9 percentage points, +18.3% for MDY against +109.2% for MOV. One caveat on sizing: MOV is 2.4 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.
MDY vs MOV: side by side
| MDY (SPDR S&P MidCap 400 ETF) | MOV (Movado Group Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +109.2% |
| 5-year return | +47.5% | +29.6% |
| Volatility (ann.) | 16.5% | 39.1% |
| Beta vs S&P 500 | 0.91 | 1.15 |
| Max drawdown (3Y) | -24.0% | -55.1% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 19.4 |
| Dividend yield | 1.02% | 2.00% |
| 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 | MOV |
|---|---|---|
| 2022 | -13.3% | -19.7% |
| 2023 | +16.1% | +2.0% |
| 2024 | +13.6% | -30.6% |
| 2025 | +7.2% | +13.9% |
| 2026 | +16.4% | +71.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and MOV good diversifiers for each other?
Only partially. A correlation of 0.55 means MDY and MOV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MDY and MOV?
The MDY/MOV correlation stands at 0.55 on a 3-year window (1 year: 0.54, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is MOV a good diversifier for MDY?
Only partially. A correlation of 0.55 means MDY and MOV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
A reading of 0.55 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/mdy-vs-mov.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-mov/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · MOV correlations
