MDY vs MXC: Correlation
SPDR S&P MidCap 400 ETF (MDY) and Mexco Energy Corporation (MXC) show a negative relationship: their 3-year correlation of weekly returns is -0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and MXC?
Across a 3-year window, the weekly returns of MDY and MXC correlate at -0.14, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.28 versus -0.14 over 3 years. Stretching to 5 years gives 0.04, with an annualized covariance of -144.3 %².
By 3-year correlation, MXC places #353 of the 359 assets tracked against MDY. Twelve-month performance is nearly a tie, at +18.3% for MDY and +21.6% for MXC. Note the risk asymmetry: MXC runs 3.8 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 MXC: side by side
| MDY (SPDR S&P MidCap 400 ETF) | MXC (Mexco Energy Corporation) | |
|---|---|---|
| 1-year return | +18.3% | +21.6% |
| 5-year return | +47.5% | +7.2% |
| Volatility (ann.) | 16.5% | 62.1% |
| Beta vs S&P 500 | 0.91 | -0.31 |
| Max drawdown (3Y) | -24.0% | -60.6% |
| Market cap | – | – |
| P/E (trailing) | – | 13.0 |
| Dividend yield | 1.02% | 1.02% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
MDY, State Street Investment Management's Mid-Cap Blend fund, carries $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | MXC |
|---|---|---|
| 2022 | -13.3% | +33.0% |
| 2023 | +16.1% | -26.2% |
| 2024 | +13.6% | +24.6% |
| 2025 | +7.2% | -10.8% |
| 2026 | +16.4% | -0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and MXC good diversifiers for each other?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between MDY and MXC?
Using weekly returns as of 2026-08-27: -0.14 over 3 years, with -0.28 over the last year and 0.04 over 5 years.
Is MXC a good diversifier for MDY?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
What does a correlation of -0.14 mean?
A reading of -0.14 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-mxc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-mxc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · MXC correlations
