MDY vs SNX: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and TD SYNNEX Corporation (SNX) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and SNX?
Across a 3-year window, the weekly returns of MDY and SNX correlate at 0.56, moderate. The past 12 months show a weaker link (0.46) than the 3-year average (0.56). Stretching to 5 years gives 0.62, with an annualized covariance of 289.1 %².
By 3-year correlation, SNX places #241 of the 359 assets tracked against MDY. Their recent paths diverged sharply: over the last 12 months SNX outperformed by 57.9 percentage points (+18.3% for MDY against +76.2% for SNX). Risk is not evenly split, since SNX carries 1.9 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 SNX: side by side
| MDY (SPDR S&P MidCap 400 ETF) | SNX (TD SYNNEX Corporation) | |
|---|---|---|
| 1-year return | +18.3% | +76.2% |
| 5-year return | +47.5% | +114.5% |
| Volatility (ann.) | 16.5% | 31.3% |
| Beta vs S&P 500 | 0.91 | 1.15 |
| Max drawdown (3Y) | -24.0% | -33.8% |
| Market cap | – | – |
| P/E (trailing) | – | 18.6 |
| Dividend yield | 1.02% | 0.74% |
| 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 | SNX |
|---|---|---|
| 2022 | -13.3% | -16.1% |
| 2023 | +16.1% | +15.3% |
| 2024 | +13.6% | +10.5% |
| 2025 | +7.2% | +29.8% |
| 2026 | +16.4% | +74.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.52% of MDY is SNX itself, so the fund partly moves with the stock by construction.
Are MDY and SNX 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 SNX?
The MDY/SNX correlation stands at 0.56 on a 3-year window (1 year: 0.46, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is SNX 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?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-snx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdy-vs-snx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · SNX correlations
