MDY vs TG: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and Tredegar Corporation (TG) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and TG?
On 3 years of weekly data the MDY/TG correlation comes out at 0.46, moderate. Recent behaviour matches the longer record: 0.42 over 1 year against 0.46 over 3. The 5-year figure is 0.45, and annualized covariance runs at 362.6 %².
Within MDY's tracked universe of 359 assets, TG comes in at #331 by 3-year correlation. The last year tells two different stories: MDY led by 18.8 percentage points, +18.3% for MDY against -0.5% for TG. Risk is not evenly split, since TG carries 2.9 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 TG: side by side
| MDY (SPDR S&P MidCap 400 ETF) | TG (Tredegar Corporation) | |
|---|---|---|
| 1-year return | +18.3% | -0.5% |
| 5-year return | +47.5% | -35.5% |
| Volatility (ann.) | 16.5% | 47.3% |
| Beta vs S&P 500 | 0.91 | 1.03 |
| Max drawdown (3Y) | -24.0% | -33.4% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 8.2 |
| 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 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.
Year-by-year returns
| Year | MDY | TG |
|---|---|---|
| 2022 | -13.3% | -9.6% |
| 2023 | +16.1% | -45.2% |
| 2024 | +13.6% | +42.0% |
| 2025 | +7.2% | -6.5% |
| 2026 | +16.4% | +6.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and TG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MDY and TG?
The MDY/TG correlation stands at 0.46 on a 3-year window (1 year: 0.42, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is TG a good diversifier for MDY?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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-tg.json
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[](https://www.pairbook.io/pair/mdy-vs-tg/)
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Related comparisons
Hubs: MDY correlations · TG correlations
