MDY vs NUE: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Nucor (NUE) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and NUE?
On 3 years of weekly data the MDY/NUE correlation comes out at 0.59, moderate. The link has loosened recently: the 1-year correlation (0.46) runs below the 3-year figure (0.59). The 5-year figure is 0.62, and annualized covariance runs at 325.9 %².
Among the 359 assets we track against MDY, NUE ranks #194 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NUE ahead by 51.8 points (+18.3% versus +70.1%). Across three years, the rolling one-year figure varied moderately, from 0.44 to 0.77. Risk is not evenly split, since NUE carries 2.0 times the volatility of the other side.
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 NUE: side by side
| MDY (SPDR S&P MidCap 400 ETF) | NUE (Nucor) | |
|---|---|---|
| 1-year return | +18.3% | +70.1% |
| 5-year return | +47.5% | +124.6% |
| Volatility (ann.) | 16.5% | 33.3% |
| Beta vs S&P 500 | 0.91 | 1.08 |
| Max drawdown (3Y) | -24.0% | -47.8% |
| Market cap | – | $57.3B |
| P/E (trailing) | – | 20.1 |
| Dividend yield | 1.02% | 0.88% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | Materials |
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 | NUE |
|---|---|---|
| 2022 | -13.3% | +17.4% |
| 2023 | +16.1% | +33.8% |
| 2024 | +13.6% | -32.0% |
| 2025 | +7.2% | +42.0% |
| 2026 | +16.4% | +55.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and NUE good diversifiers for each other?
To a limited degree. At 0.59 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 NUE?
The MDY/NUE correlation stands at 0.59 on a 3-year window (1 year: 0.46, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is NUE a good diversifier for MDY?
To a limited degree. At 0.59 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 0.59 mean?
On the −1 to +1 scale, 0.59 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-nue.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdy-vs-nue/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · NUE correlations
