MDY vs SMTC: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Semtech Corporation (SMTC) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and SMTC?
On 3 years of weekly data the MDY/SMTC correlation comes out at 0.53, moderate. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. The 5-year figure is 0.51, and annualized covariance runs at 598.4 %².
Within MDY's tracked universe of 359 assets, SMTC comes in at #272 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SMTC outperformed by 126.7 percentage points (+18.3% for MDY against +145.0% for SMTC). Risk is not evenly split, since SMTC carries 4.1 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 SMTC: side by side
| MDY (SPDR S&P MidCap 400 ETF) | SMTC (Semtech Corporation) | |
|---|---|---|
| 1-year return | +18.3% | +145.0% |
| 5-year return | +47.5% | +103.9% |
| Volatility (ann.) | 16.5% | 68.2% |
| Beta vs S&P 500 | 0.91 | 2.23 |
| Max drawdown (3Y) | -24.0% | -68.5% |
| Market cap | – | $13.3B |
| 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 |
On the fund side, MDY sits in the Mid-Cap Blend category at State Street Investment Management, with $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | SMTC |
|---|---|---|
| 2022 | -13.3% | -67.7% |
| 2023 | +16.1% | -23.6% |
| 2024 | +13.6% | +182.3% |
| 2025 | +7.2% | +19.1% |
| 2026 | +16.4% | +93.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that MDY holds SMTC at a 0.36% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MDY and SMTC good diversifiers for each other?
Only partially. A correlation of 0.53 means MDY and SMTC 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 SMTC?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.59 over the last year and 0.51 over 5 years.
Is SMTC a good diversifier for MDY?
Only partially. A correlation of 0.53 means MDY and SMTC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 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-smtc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-smtc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · SMTC correlations
