MDY vs SPHR: Correlation
SPDR S&P MidCap 400 ETF (MDY) and Sphere Entertainment Co. (SPHR) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and SPHR?
Across a 3-year window, the weekly returns of MDY and SPHR correlate at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.35 versus 0.47 over 3 years. Stretching to 5 years gives 0.47, with an annualized covariance of 400.2 %².
Within MDY's tracked universe of 359 assets, SPHR comes in at #323 by 3-year correlation. The last year tells two different stories: SPHR led by 224.4 percentage points, +18.3% for MDY against +242.7% for SPHR. Note the risk asymmetry: SPHR runs 3.1 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 SPHR: side by side
| MDY (SPDR S&P MidCap 400 ETF) | SPHR (Sphere Entertainment Co.) | |
|---|---|---|
| 1-year return | +18.3% | +242.7% |
| 5-year return | +47.5% | +308.6% |
| Volatility (ann.) | 16.5% | 51.1% |
| Beta vs S&P 500 | 0.91 | 1.54 |
| Max drawdown (3Y) | -24.0% | -52.3% |
| Market cap | – | $5.3B |
| 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 |
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 | SPHR |
|---|---|---|
| 2022 | -13.3% | -36.1% |
| 2023 | +16.1% | +63.5% |
| 2024 | +13.6% | +18.7% |
| 2025 | +7.2% | +135.8% |
| 2026 | +16.4% | +55.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and SPHR good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MDY and SPHR?
As of 2026-08-27, the correlation of weekly returns between MDY and SPHR is 0.47 over 3 years, 0.35 over 1 year and 0.47 over 5 years.
Is SPHR a good diversifier for MDY?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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-sphr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdy-vs-sphr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · SPHR correlations
