MDY vs PENN: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and PENN Entertainment, Inc. (PENN) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and PENN?
Across a 3-year window, the weekly returns of MDY and PENN correlate at 0.55, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Stretching to 5 years gives 0.59, with an annualized covariance of 422.8 %².
Within MDY's tracked universe of 359 assets, PENN comes in at #249 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MDY ahead by 31.3 points (+18.3% versus -13.0%). One caveat on sizing: PENN is 2.8 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 PENN: side by side
| MDY (SPDR S&P MidCap 400 ETF) | PENN (PENN Entertainment, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | -13.0% |
| 5-year return | +47.5% | -78.7% |
| Volatility (ann.) | 16.5% | 47.0% |
| Beta vs S&P 500 | 0.91 | 1.50 |
| Max drawdown (3Y) | -24.0% | -55.8% |
| Market cap | – | $2.3B |
| 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 |
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 | PENN |
|---|---|---|
| 2022 | -13.3% | -42.7% |
| 2023 | +16.1% | -12.4% |
| 2024 | +13.6% | -23.8% |
| 2025 | +7.2% | -25.6% |
| 2026 | +16.4% | +17.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and PENN good diversifiers for each other?
To a limited degree. At 0.55 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 PENN?
The MDY/PENN correlation stands at 0.55 on a 3-year window (1 year: 0.47, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is PENN a good diversifier for MDY?
To a limited degree. At 0.55 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 0.55 mean?
On the −1 to +1 scale, 0.55 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.
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Related comparisons
Hubs: MDY correlations · PENN correlations
