MDY vs PFGC: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Performance Food Group Company (PFGC) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and PFGC?
Over the past 3 years, MDY and PFGC moved with a correlation of 0.57, which is moderate. The past 12 months show a weaker link (0.46) than the 3-year average (0.57). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 235.4 %².
By 3-year correlation, PFGC places #225 of the 359 assets tracked against MDY. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 17.6 percentage points (+18.3% for MDY against +0.7% for PFGC). One caveat on sizing: PFGC is 1.5 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 PFGC: side by side
| MDY (SPDR S&P MidCap 400 ETF) | PFGC (Performance Food Group Company) | |
|---|---|---|
| 1-year return | +18.3% | +0.7% |
| 5-year return | +47.5% | +113.4% |
| Volatility (ann.) | 16.5% | 25.2% |
| Beta vs S&P 500 | 0.91 | 0.80 |
| Max drawdown (3Y) | -24.0% | -25.5% |
| Market cap | – | $16.0B |
| P/E (trailing) | – | 44.8 |
| 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 | PFGC |
|---|---|---|
| 2022 | -13.3% | +27.2% |
| 2023 | +16.1% | +18.4% |
| 2024 | +13.6% | +22.3% |
| 2025 | +7.2% | +6.4% |
| 2026 | +16.4% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that MDY holds PFGC at a 0.44% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MDY and PFGC good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDY and PFGC?
The MDY/PFGC correlation stands at 0.57 on a 3-year window (1 year: 0.46, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is PFGC a good diversifier for MDY?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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-pfgc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-pfgc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · PFGC correlations
