MDY vs SLAB: Correlation
SPDR S&P MidCap 400 ETF (MDY) and Silicon Laboratories, Inc. (SLAB) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and SLAB?
On 3 years of weekly data the MDY/SLAB correlation comes out at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 448.9 %².
Among the 359 assets we track against MDY, SLAB ranks #239 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SLAB outperformed by 38.5 percentage points (+18.3% for MDY against +56.8% for SLAB). Note the risk asymmetry: SLAB runs 2.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SLAB: side by side
| MDY (SPDR S&P MidCap 400 ETF) | SLAB (Silicon Laboratories, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +56.8% |
| 5-year return | +47.5% | +36.7% |
| Volatility (ann.) | 16.5% | 48.6% |
| Beta vs S&P 500 | 0.91 | 1.40 |
| Max drawdown (3Y) | -24.0% | -45.7% |
| Market cap | – | $7.3B |
| 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, 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 | SLAB |
|---|---|---|
| 2022 | -13.3% | -34.3% |
| 2023 | +16.1% | -2.5% |
| 2024 | +13.6% | -6.1% |
| 2025 | +7.2% | +5.2% |
| 2026 | +16.4% | +67.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.2% of MDY is SLAB itself, so the fund partly moves with the stock by construction.
Are MDY and SLAB good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MDY and SLAB?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.48 over the last year and 0.57 over 5 years.
Is SLAB a good diversifier for MDY?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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-slab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-slab/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · SLAB correlations
