MDY vs SN: Correlation
SPDR S&P MidCap 400 ETF (MDY) and SharkNinja, Inc. (SN) 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 SN?
On 3 years of weekly data the MDY/SN correlation comes out at 0.56, moderate. Recent behaviour matches the longer record: 0.61 over 1 year against 0.56 over 3. The 5-year figure is n/a, and annualized covariance runs at 402.6 %².
By 3-year correlation, SN places #240 of the 359 assets tracked against MDY. Their recent paths diverged sharply: over the last 12 months SN outperformed by 42.0 percentage points (+18.3% for MDY against +60.3% for SN). Risk is not evenly split, since SN 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 SN: side by side
| MDY (SPDR S&P MidCap 400 ETF) | SN (SharkNinja, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +60.3% |
| 5-year return | +47.5% | n/a |
| Volatility (ann.) | 16.5% | 43.5% |
| Beta vs S&P 500 | 0.91 | 1.43 |
| Max drawdown (3Y) | -24.0% | -42.6% |
| Market cap | – | $27.3B |
| P/E (trailing) | – | 39.4 |
| 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 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 | SN |
|---|---|---|
| 2022 | -13.3% | – |
| 2023 | +16.1% | – |
| 2024 | +13.6% | +90.3% |
| 2025 | +7.2% | +14.9% |
| 2026 | +16.4% | +72.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
SN represents 0.37% of MDY's portfolio, so part of any move in MDY is SN itself, and the correlation between them is partly mechanical.
Are MDY and SN good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDY and SN?
The MDY/SN correlation stands at 0.56 on a 3-year window (1 year: 0.61, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SN a good diversifier for MDY?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
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-sn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-sn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · SN correlations
