MDY vs SXI: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Standex International Corporation (SXI) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and SXI?
Over the past 3 years, MDY and SXI moved with a correlation of 0.62, which is strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 335.3 %².
By 3-year correlation, SXI places #156 of the 359 assets tracked against MDY. Their recent paths diverged sharply: over the last 12 months SXI outperformed by 26.2 percentage points (+18.3% for MDY against +44.5% for SXI). Note the risk asymmetry: SXI runs 2.0 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 SXI: side by side
| MDY (SPDR S&P MidCap 400 ETF) | SXI (Standex International Corporation) | |
|---|---|---|
| 1-year return | +18.3% | +44.5% |
| 5-year return | +47.5% | +218.6% |
| Volatility (ann.) | 16.5% | 33.0% |
| Beta vs S&P 500 | 0.91 | 1.04 |
| Max drawdown (3Y) | -24.0% | -38.0% |
| Market cap | – | $3.7B |
| P/E (trailing) | – | 35.2 |
| Dividend yield | 1.02% | 0.44% |
| 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 | SXI |
|---|---|---|
| 2022 | -13.3% | -6.5% |
| 2023 | +16.1% | +56.0% |
| 2024 | +13.6% | +18.9% |
| 2025 | +7.2% | +17.0% |
| 2026 | +16.4% | +40.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and SXI good diversifiers for each other?
To a limited degree. At 0.62 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 SXI?
The MDY/SXI correlation stands at 0.62 on a 3-year window (1 year: 0.63, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is SXI a good diversifier for MDY?
To a limited degree. At 0.62 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 0.62 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-sxi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-sxi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · SXI correlations
