MDY vs PAX: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and Patria Investments Limited - Class A (PAX) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and PAX?
Over the past 3 years, MDY and PAX moved with a correlation of 0.59, which is moderate. Recent behaviour matches the longer record: 0.62 over 1 year against 0.59 over 3. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 280.8 %².
Among the 359 assets we track against MDY, PAX ranks #195 by 3-year correlation. The last year tells two different stories: MDY led by 27.1 percentage points, +18.3% for MDY against -8.8% for PAX. One caveat on sizing: PAX is 1.7 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 PAX: side by side
| MDY (SPDR S&P MidCap 400 ETF) | PAX (Patria Investments Limited - Class A) | |
|---|---|---|
| 1-year return | +18.3% | -8.8% |
| 5-year return | +47.5% | -3.0% |
| Volatility (ann.) | 16.5% | 28.8% |
| Beta vs S&P 500 | 0.91 | 0.98 |
| Max drawdown (3Y) | -24.0% | -37.7% |
| Market cap | – | $1.9B |
| P/E (trailing) | – | 25.9 |
| Dividend yield | 1.02% | 5.28% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
On the fund side, MDY sits in the Mid-Cap Blend category at State Street Investment Management, with $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | PAX |
|---|---|---|
| 2022 | -13.3% | -9.9% |
| 2023 | +16.1% | +18.9% |
| 2024 | +13.6% | -20.0% |
| 2025 | +7.2% | +43.1% |
| 2026 | +16.4% | -23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and PAX good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDY and PAX?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.62 over the last year and 0.54 over 5 years.
Is PAX a good diversifier for MDY?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
A reading of 0.59 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-pax.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdy-vs-pax/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · PAX correlations
