MDY vs SLVM: Correlation
SPDR S&P MidCap 400 ETF (MDY) and Sylvamo Corporation (SLVM) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and SLVM?
Over the past 3 years, MDY and SLVM moved with a correlation of 0.54, which is moderate. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 341.1 %².
By 3-year correlation, SLVM places #263 of the 359 assets tracked against MDY. The last year tells two different stories: MDY led by 33.8 percentage points, +18.3% for MDY against -15.5% for SLVM. One caveat on sizing: SLVM 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 SLVM: side by side
| MDY (SPDR S&P MidCap 400 ETF) | SLVM (Sylvamo Corporation) | |
|---|---|---|
| 1-year return | +18.3% | -15.5% |
| 5-year return | +47.5% | +65.7% |
| Volatility (ann.) | 16.5% | 38.0% |
| Beta vs S&P 500 | 0.91 | 0.92 |
| Max drawdown (3Y) | -24.0% | -60.6% |
| Market cap | – | $1.5B |
| P/E (trailing) | – | 19.6 |
| Dividend yield | 1.02% | 4.91% |
| 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 | SLVM |
|---|---|---|
| 2022 | -13.3% | +75.3% |
| 2023 | +16.1% | +4.2% |
| 2024 | +13.6% | +64.7% |
| 2025 | +7.2% | -37.1% |
| 2026 | +16.4% | -21.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and SLVM good diversifiers for each other?
Only partially. A correlation of 0.54 means MDY and SLVM 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 SLVM?
As of 2026-08-27, the correlation of weekly returns between MDY and SLVM is 0.54 over 3 years, 0.59 over 1 year and 0.41 over 5 years.
Is SLVM a good diversifier for MDY?
Only partially. A correlation of 0.54 means MDY and SLVM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 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-slvm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-slvm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · SLVM correlations
