MDY vs SHOE: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Shoe Station Group, Inc. (SHOE) 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 SHOE?
On 3 years of weekly data the MDY/SHOE correlation comes out at 0.57, moderate. Recent behaviour matches the longer record: 0.61 over 1 year against 0.57 over 3. The 5-year figure is 0.55, and annualized covariance runs at 408.2 %².
Within MDY's tracked universe of 359 assets, SHOE comes in at #227 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 53.0 percentage points (+18.3% for MDY against -34.7% for SHOE). Risk is not evenly split, since SHOE carries 2.6 times the volatility of the other side.
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 SHOE: side by side
| MDY (SPDR S&P MidCap 400 ETF) | SHOE (Shoe Station Group, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | -34.7% |
| 5-year return | +47.5% | -59.3% |
| Volatility (ann.) | 16.5% | 43.2% |
| Beta vs S&P 500 | 0.91 | 1.24 |
| Max drawdown (3Y) | -24.0% | -68.0% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 10.3 |
| Dividend yield | 1.02% | 4.30% |
| 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 | SHOE |
|---|---|---|
| 2022 | -13.3% | -38.0% |
| 2023 | +16.1% | +28.5% |
| 2024 | +13.6% | +11.2% |
| 2025 | +7.2% | -47.6% |
| 2026 | +16.4% | -15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and SHOE good diversifiers for each other?
Only partially. A correlation of 0.57 means MDY and SHOE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MDY and SHOE?
As of 2026-08-27, the correlation of weekly returns between MDY and SHOE is 0.57 over 3 years, 0.61 over 1 year and 0.55 over 5 years.
Is SHOE a good diversifier for MDY?
Only partially. A correlation of 0.57 means MDY and SHOE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
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-shoe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-shoe/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDY correlations · SHOE correlations
