MDY vs NVRI: Correlation
SPDR S&P MidCap 400 ETF (MDY) and Enviri Corporation (NVRI) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and NVRI?
On 3 years of weekly data the MDY/NVRI correlation comes out at 0.48, moderate. The past 12 months show a weaker link (0.14) than the 3-year average (0.48). The 5-year figure is 0.45, and annualized covariance runs at 391.8 %².
Among the 359 assets we track against MDY, NVRI ranks #317 by 3-year correlation. The last year tells two different stories: NVRI led by 79.7 percentage points, +18.3% for MDY against +98.0% for NVRI. Risk is not evenly split, since NVRI carries 3.0 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 NVRI: side by side
| MDY (SPDR S&P MidCap 400 ETF) | NVRI (Enviri Corporation) | |
|---|---|---|
| 1-year return | +18.3% | +98.0% |
| 5-year return | +47.5% | +22.4% |
| Volatility (ann.) | 16.5% | 49.8% |
| Beta vs S&P 500 | 0.91 | 1.20 |
| Max drawdown (3Y) | -24.0% | -60.7% |
| Market cap | – | $0.6B |
| 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, 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 | NVRI |
|---|---|---|
| 2022 | -13.3% | -62.4% |
| 2023 | +16.1% | +43.1% |
| 2024 | +13.6% | -14.4% |
| 2025 | +7.2% | +132.7% |
| 2026 | +16.4% | +25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and NVRI good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MDY and NVRI?
The MDY/NVRI correlation stands at 0.48 on a 3-year window (1 year: 0.14, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is NVRI a good diversifier for MDY?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 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-nvri.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-nvri/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · NVRI correlations
