MDY vs SPYV: Correlation & Overlap
How closely do SPDR S&P MidCap 400 ETF (MDY) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.89, which is very strong. Looking through to holdings, 0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and SPYV?
Over the past 3 years, MDY and SPYV moved with a correlation of 0.89, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.83 over 1 year against 0.89 over 3. Over 5 years the correlation is 0.91, and the annualized covariance of weekly returns is 177.4 %².
Among the 359 assets we track against MDY, SPYV ranks #8 by 3-year correlation. Neither side won the trailing year by much: +18.3% against +18.5%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.83 and 0.94.
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 SPYV: side by side
| MDY (SPDR S&P MidCap 400 ETF) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +18.3% | +18.5% |
| 5-year return | +47.5% | +73.5% |
| Volatility (ann.) | 16.5% | 12.1% |
| Beta vs S&P 500 | 0.91 | 0.70 |
| Max drawdown (3Y) | -24.0% | -17.5% |
| Dividend yield | 1.02% | 1.69% |
| Expense ratio | 0.23% | 0.04% |
| Assets under management | $26.5B | $36.2B |
| Sector / category | ETF · US Small & Mid Cap | ETF · US Style |
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. SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Portfolio overlap between MDY and SPYV
The two portfolios are largely distinct. Weighing the shared positions, 0% of the two funds is identical, spread across 0 common holdings. That shared book is a large part of why the returns line up.
Largest positions held only by MDY: TWLO (0.95%), P (0.94%), ILMN (0.93%), FTI (0.83%), ATI (0.80%). Only by SPYV: AAPL (7.58%), AMZN (3.95%), XOM (2.16%), WMT (1.51%), INTC (1.44%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | MDY | SPYV |
|---|---|---|
| 2022 | -13.3% | -5.3% |
| 2023 | +16.1% | +22.2% |
| 2024 | +13.6% | +12.2% |
| 2025 | +7.2% | +13.2% |
| 2026 | +16.4% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and SPYV good diversifiers for each other?
No. With a correlation of 0.89, MDY and SPYV move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MDY and SPYV?
The MDY/SPYV correlation stands at 0.89 on a 3-year window (1 year: 0.83, 5 years: 0.91), computed from weekly returns as of 2026-08-27.
Is SPYV a good diversifier for MDY?
No. With a correlation of 0.89, MDY and SPYV move nearly in lockstep, so holding both adds very little diversification.
How much do MDY and SPYV overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
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Related comparisons
Hubs: MDY correlations · SPYV correlations
