MDY vs NGVT: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Ingevity Corporation (NGVT) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and NGVT?
Over the past 3 years, MDY and NGVT moved with a correlation of 0.63, which is strong. Recent behaviour matches the longer record: 0.62 over 1 year against 0.63 over 3. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 509.3 %².
Among the 359 assets we track against MDY, NGVT ranks #140 by 3-year correlation. Twelve-month performance is nearly a tie, at +18.3% for MDY and +21.5% for NGVT. One caveat on sizing: NGVT is 3.0 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 NGVT: side by side
| MDY (SPDR S&P MidCap 400 ETF) | NGVT (Ingevity Corporation) | |
|---|---|---|
| 1-year return | +18.3% | +21.5% |
| 5-year return | +47.5% | -14.1% |
| Volatility (ann.) | 16.5% | 48.8% |
| Beta vs S&P 500 | 0.91 | 1.39 |
| Max drawdown (3Y) | -24.0% | -45.8% |
| Market cap | – | $2.4B |
| P/E (trailing) | – | 98.2 |
| Dividend yield | 1.02% | 0.00% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
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 | NGVT |
|---|---|---|
| 2022 | -13.3% | -1.8% |
| 2023 | +16.1% | -33.0% |
| 2024 | +13.6% | -13.7% |
| 2025 | +7.2% | +45.2% |
| 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 NGVT good diversifiers for each other?
Only partially. A correlation of 0.63 means MDY and NGVT 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 NGVT?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.62 over the last year and 0.62 over 5 years.
Is NGVT a good diversifier for MDY?
Only partially. A correlation of 0.63 means MDY and NGVT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
A reading of 0.63 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-ngvt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-ngvt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDY correlations · NGVT correlations
