MDY vs THRM: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Gentherm Inc (THRM) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and THRM?
Across a 3-year window, the weekly returns of MDY and THRM correlate at 0.58, moderate. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Stretching to 5 years gives 0.57, with an annualized covariance of 347.8 %².
Within MDY's tracked universe of 359 assets, THRM comes in at #214 by 3-year correlation. The trailing year gives MDY the advantage: +18.3% versus +8.6%, a 9.7-point spread. Risk is not evenly split, since THRM carries 2.2 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 THRM: side by side
| MDY (SPDR S&P MidCap 400 ETF) | THRM (Gentherm Inc) | |
|---|---|---|
| 1-year return | +18.3% | +8.6% |
| 5-year return | +47.5% | -54.0% |
| Volatility (ann.) | 16.5% | 36.4% |
| Beta vs S&P 500 | 0.91 | 1.04 |
| Max drawdown (3Y) | -24.0% | -61.8% |
| Market cap | – | $1.2B |
| P/E (trailing) | – | 47.0 |
| 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 | THRM |
|---|---|---|
| 2022 | -13.3% | -24.9% |
| 2023 | +16.1% | -19.8% |
| 2024 | +13.6% | -23.8% |
| 2025 | +7.2% | -8.9% |
| 2026 | +16.4% | +11.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and THRM good diversifiers for each other?
Only partially. A correlation of 0.58 means MDY and THRM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MDY and THRM?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.54 over the last year and 0.57 over 5 years.
Is THRM a good diversifier for MDY?
Only partially. A correlation of 0.58 means MDY and THRM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
A reading of 0.58 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-thrm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-thrm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · THRM correlations
