MDY vs ONIT: Correlation
SPDR S&P MidCap 400 ETF (MDY) and Onity Group Inc. (ONIT) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and ONIT?
Across a 3-year window, the weekly returns of MDY and ONIT correlate at 0.54, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.34 versus 0.54 over 3 years. Stretching to 5 years gives 0.50, with an annualized covariance of 394.6 %².
Among the 359 assets we track against MDY, ONIT ranks #262 by 3-year correlation. The last year tells two different stories: MDY led by 36.6 percentage points, +18.3% for MDY against -18.3% for ONIT. Note the risk asymmetry: ONIT runs 2.7 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 ONIT: side by side
| MDY (SPDR S&P MidCap 400 ETF) | ONIT (Onity Group Inc.) | |
|---|---|---|
| 1-year return | +18.3% | -18.3% |
| 5-year return | +47.5% | +26.4% |
| Volatility (ann.) | 16.5% | 44.1% |
| Beta vs S&P 500 | 0.91 | 1.15 |
| Max drawdown (3Y) | -24.0% | -36.5% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 2.2 |
| 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 | ONIT |
|---|---|---|
| 2022 | -13.3% | -23.5% |
| 2023 | +16.1% | +0.6% |
| 2024 | +13.6% | -0.2% |
| 2025 | +7.2% | +49.1% |
| 2026 | +16.4% | -24.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and ONIT good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDY and ONIT?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.34 over the last year and 0.50 over 5 years.
Is ONIT a good diversifier for MDY?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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-onit.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdy-vs-onit/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · ONIT correlations
