MDY vs SPB: Correlation
SPDR S&P MidCap 400 ETF (MDY) and Spectrum Brands Holdings, Inc. (SPB) 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 SPB?
Across a 3-year window, the weekly returns of MDY and SPB correlate at 0.54, moderate. Little has changed lately, as the 1-year reading of 0.64 lands near the 3-year figure. Stretching to 5 years gives 0.53, with an annualized covariance of 285.8 %².
Among the 359 assets we track against MDY, SPB ranks #264 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPB outperformed by 42.4 percentage points (+18.3% for MDY against +60.7% for SPB). Note the risk asymmetry: SPB runs 1.9 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 SPB: side by side
| MDY (SPDR S&P MidCap 400 ETF) | SPB (Spectrum Brands Holdings, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +60.7% |
| 5-year return | +47.5% | +26.1% |
| Volatility (ann.) | 16.5% | 31.9% |
| Beta vs S&P 500 | 0.91 | 0.83 |
| Max drawdown (3Y) | -24.0% | -46.3% |
| Market cap | – | $2.0B |
| P/E (trailing) | – | 27.7 |
| Dividend yield | 1.02% | 2.11% |
| 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 | SPB |
|---|---|---|
| 2022 | -13.3% | -38.7% |
| 2023 | +16.1% | +34.1% |
| 2024 | +13.6% | +8.0% |
| 2025 | +7.2% | -27.9% |
| 2026 | +16.4% | +52.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and SPB good diversifiers for each other?
To a limited degree. At 0.54 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 SPB?
As of 2026-08-27, the correlation of weekly returns between MDY and SPB is 0.54 over 3 years, 0.64 over 1 year and 0.53 over 5 years.
Is SPB a good diversifier for MDY?
To a limited degree. At 0.54 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 0.54 mean?
On the −1 to +1 scale, 0.54 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-spb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-spb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDY correlations · SPB correlations
