MDY vs TKO: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and TKO Group Holdings (TKO) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and TKO?
Across a 3-year window, the weekly returns of MDY and TKO correlate at 0.40, moderate. Recent behaviour matches the longer record: 0.42 over 1 year against 0.40 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 212.8 %².
Among the 359 assets we track against MDY, TKO ranks #345 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MDY ahead by 17.5 points (+18.3% versus +0.8%). On a rolling one-year basis the correlation drifted between 0.14 and 0.57, a moderate band. One caveat on sizing: TKO is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TKO: side by side
| MDY (SPDR S&P MidCap 400 ETF) | TKO (TKO Group Holdings) | |
|---|---|---|
| 1-year return | +18.3% | +0.8% |
| 5-year return | +47.5% | +281.8% |
| Volatility (ann.) | 16.5% | 32.1% |
| Beta vs S&P 500 | 0.91 | 0.70 |
| Max drawdown (3Y) | -24.0% | -34.8% |
| Market cap | – | $34.9B |
| P/E (trailing) | – | 65.8 |
| Dividend yield | 1.02% | 1.66% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | Communication Services |
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 | TKO |
|---|---|---|
| 2022 | -13.3% | +39.9% |
| 2023 | +16.1% | +23.9% |
| 2024 | +13.6% | +74.2% |
| 2025 | +7.2% | +48.9% |
| 2026 | +16.4% | -11.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and TKO good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MDY and TKO?
As of 2026-08-27, the correlation of weekly returns between MDY and TKO is 0.40 over 3 years, 0.42 over 1 year and 0.39 over 5 years.
Is TKO a good diversifier for MDY?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-tko.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-tko/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDY correlations · TKO correlations
