MDY vs PTON: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Peloton Interactive, Inc. (PTON) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and PTON?
On 3 years of weekly data the MDY/PTON correlation comes out at 0.46, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.33 versus 0.46 over 3 years. The 5-year figure is 0.47, and annualized covariance runs at 562.2 %².
By 3-year correlation, PTON places #330 of the 359 assets tracked against MDY. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 49.3 percentage points (+18.3% for MDY against -31.0% for PTON). One caveat on sizing: PTON is 4.5 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 PTON: side by side
| MDY (SPDR S&P MidCap 400 ETF) | PTON (Peloton Interactive, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | -31.0% |
| 5-year return | +47.5% | -94.8% |
| Volatility (ann.) | 16.5% | 74.3% |
| Beta vs S&P 500 | 0.91 | 2.10 |
| Max drawdown (3Y) | -24.0% | -64.9% |
| Market cap | – | $2.3B |
| P/E (trailing) | – | 37.9 |
| 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 | PTON |
|---|---|---|
| 2022 | -13.3% | -77.8% |
| 2023 | +16.1% | -23.3% |
| 2024 | +13.6% | +42.9% |
| 2025 | +7.2% | -29.2% |
| 2026 | +16.4% | -14.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and PTON good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MDY and PTON?
As of 2026-08-27, the correlation of weekly returns between MDY and PTON is 0.46 over 3 years, 0.33 over 1 year and 0.47 over 5 years.
Is PTON a good diversifier for MDY?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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-pton.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-pton/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · PTON correlations
