MDY vs PHIN: Correlation
SPDR S&P MidCap 400 ETF (MDY) and PHINIA Inc. (PHIN) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and PHIN?
On 3 years of weekly data the MDY/PHIN correlation comes out at 0.67, strong. The link has loosened recently: the 1-year correlation (0.56) runs below the 3-year figure (0.67). The 5-year figure is n/a, and annualized covariance runs at 365.5 %².
Within MDY's tracked universe of 359 assets, PHIN comes in at #93 by 3-year correlation. Twelve-month performance is nearly a tie, at +18.3% for MDY and +16.9% for PHIN. One caveat on sizing: PHIN is 2.0 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 PHIN: side by side
| MDY (SPDR S&P MidCap 400 ETF) | PHIN (PHINIA Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +16.9% |
| 5-year return | +47.5% | n/a |
| Volatility (ann.) | 16.5% | 33.0% |
| Beta vs S&P 500 | 0.91 | 1.01 |
| Max drawdown (3Y) | -24.0% | -32.9% |
| Market cap | – | $2.5B |
| P/E (trailing) | – | 20.1 |
| Dividend yield | 1.02% | 1.63% |
| 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 | PHIN |
|---|---|---|
| 2022 | -13.3% | – |
| 2023 | +16.1% | – |
| 2024 | +13.6% | +62.7% |
| 2025 | +7.2% | +33.0% |
| 2026 | +16.4% | +9.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and PHIN good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDY and PHIN?
The MDY/PHIN correlation stands at 0.67 on a 3-year window (1 year: 0.56, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is PHIN a good diversifier for MDY?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-phin.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-phin/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDY correlations · PHIN correlations
