MDY vs TGLS: Correlation
SPDR S&P MidCap 400 ETF (MDY) and Tecnoglass Holdings Inc. (TGLS) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and TGLS?
Over the past 3 years, MDY and TGLS moved with a correlation of 0.52, which is moderate. The link has loosened recently: the 1-year correlation (0.40) runs below the 3-year figure (0.52). Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 359.0 %².
By 3-year correlation, TGLS places #281 of the 359 assets tracked against MDY. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 62.7 percentage points (+18.3% for MDY against -44.4% for TGLS). Note the risk asymmetry: TGLS runs 2.5 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 TGLS: side by side
| MDY (SPDR S&P MidCap 400 ETF) | TGLS (Tecnoglass Holdings Inc.) | |
|---|---|---|
| 1-year return | +18.3% | -44.4% |
| 5-year return | +47.5% | +85.6% |
| Volatility (ann.) | 16.5% | 41.6% |
| Beta vs S&P 500 | 0.91 | 1.28 |
| Max drawdown (3Y) | -24.0% | -56.8% |
| Market cap | – | $1.8B |
| P/E (trailing) | – | 14.1 |
| Dividend yield | 1.02% | 1.47% |
| 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 | TGLS |
|---|---|---|
| 2022 | -13.3% | +18.9% |
| 2023 | +16.1% | +49.9% |
| 2024 | +13.6% | +74.9% |
| 2025 | +7.2% | -36.3% |
| 2026 | +16.4% | -19.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and TGLS good diversifiers for each other?
To a limited degree. At 0.52 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 TGLS?
As of 2026-08-27, the correlation of weekly returns between MDY and TGLS is 0.52 over 3 years, 0.40 over 1 year and 0.43 over 5 years.
Is TGLS a good diversifier for MDY?
To a limited degree. At 0.52 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 0.52 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-tgls.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdy-vs-tgls/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · TGLS correlations
