MDY vs SHW: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and Sherwin-Williams (SHW) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and SHW?
Over the past 3 years, MDY and SHW moved with a correlation of 0.65, which is strong. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 265.0 %².
Among the 359 assets we track against MDY, SHW ranks #117 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 23.4 percentage points (+18.3% for MDY against -5.1% for SHW). Across three years, the rolling one-year figure varied moderately, from 0.48 to 0.81.
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 SHW: side by side
| MDY (SPDR S&P MidCap 400 ETF) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | +18.3% | -5.1% |
| 5-year return | +47.5% | +18.3% |
| Volatility (ann.) | 16.5% | 24.6% |
| Beta vs S&P 500 | 0.91 | 0.79 |
| Max drawdown (3Y) | -24.0% | -25.7% |
| Market cap | – | $83.8B |
| P/E (trailing) | – | 31.8 |
| Dividend yield | 1.02% | 0.91% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | Materials |
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 | SHW |
|---|---|---|
| 2022 | -13.3% | -32.0% |
| 2023 | +16.1% | +32.7% |
| 2024 | +13.6% | +9.9% |
| 2025 | +7.2% | -3.8% |
| 2026 | +16.4% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and SHW good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDY and SHW?
The MDY/SHW correlation stands at 0.65 on a 3-year window (1 year: 0.57, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is SHW a good diversifier for MDY?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 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-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · SHW correlations
