MDY vs NVNI: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Nvni Group Limited (NVNI) trade together? Their weekly returns over three years give a correlation of -0.14, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and NVNI?
On 3 years of weekly data the MDY/NVNI correlation comes out at -0.14, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.02 versus -0.14 over 3 years. The 5-year figure is -0.10, and annualized covariance runs at -2215.3 %².
By 3-year correlation, NVNI places #354 of the 359 assets tracked against MDY. Correlation aside, the last 12 months split them widely, with MDY ahead by 101.3 points (+18.3% versus -83.0%). Note the risk asymmetry: NVNI runs 57.5 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 NVNI: side by side
| MDY (SPDR S&P MidCap 400 ETF) | NVNI (Nvni Group Limited) | |
|---|---|---|
| 1-year return | +18.3% | -83.0% |
| 5-year return | +47.5% | -98.9% |
| Volatility (ann.) | 16.5% | 949.3% |
| Beta vs S&P 500 | 0.91 | -4.03 |
| Max drawdown (3Y) | -24.0% | -99.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | NVNI |
|---|---|---|
| 2022 | -13.3% | +4.4% |
| 2023 | +16.1% | -85.4% |
| 2024 | +13.6% | +64.4% |
| 2025 | +7.2% | -89.2% |
| 2026 | +16.4% | -60.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and NVNI good diversifiers for each other?
Yes: at -0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MDY and NVNI?
Using weekly returns as of 2026-08-27: -0.14 over 3 years, with -0.02 over the last year and -0.10 over 5 years.
Is NVNI a good diversifier for MDY?
Yes: at -0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.14 mean?
On the −1 to +1 scale, -0.14 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-nvni.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-nvni/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · NVNI correlations
