MDY vs RSKD: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Riskified Ltd. Class A (RSKD) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and RSKD?
Across a 3-year window, the weekly returns of MDY and RSKD correlate at 0.47, moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. Stretching to 5 years gives 0.44, with an annualized covariance of 293.1 %².
Among the 359 assets we track against MDY, RSKD ranks #322 by 3-year correlation. The trailing year gives RSKD the advantage: +18.3% versus +31.6%, a 13.3-point spread. One caveat on sizing: RSKD is 2.3 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 RSKD: side by side
| MDY (SPDR S&P MidCap 400 ETF) | RSKD (Riskified Ltd. Class A) | |
|---|---|---|
| 1-year return | +18.3% | +31.6% |
| 5-year return | +47.5% | -81.3% |
| Volatility (ann.) | 16.5% | 38.0% |
| Beta vs S&P 500 | 0.91 | 1.09 |
| Max drawdown (3Y) | -24.0% | -42.2% |
| Market cap | – | $0.8B |
| 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 |
MDY is a Mid-Cap Blend fund from State Street Investment Management: $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | RSKD |
|---|---|---|
| 2022 | -13.3% | -41.2% |
| 2023 | +16.1% | +1.3% |
| 2024 | +13.6% | +1.1% |
| 2025 | +7.2% | +5.1% |
| 2026 | +16.4% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and RSKD good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MDY and RSKD?
As of 2026-08-27, the correlation of weekly returns between MDY and RSKD is 0.47 over 3 years, 0.43 over 1 year and 0.44 over 5 years.
Is RSKD a good diversifier for MDY?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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.
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Related comparisons
Hubs: MDY correlations · RSKD correlations
