MDY vs TNL: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Travel Leisure Co. (TNL) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and TNL?
On 3 years of weekly data the MDY/TNL correlation comes out at 0.72, strong. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. The 5-year figure is 0.71, and annualized covariance runs at 356.1 %².
Within MDY's tracked universe of 359 assets, TNL comes in at #53 by 3-year correlation. Twelve-month performance is nearly a tie, at +18.3% for MDY and +19.2% for TNL. Note the risk asymmetry: TNL runs 1.8 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 TNL: side by side
| MDY (SPDR S&P MidCap 400 ETF) | TNL (Travel Leisure Co.) | |
|---|---|---|
| 1-year return | +18.3% | +19.2% |
| 5-year return | +47.5% | +59.9% |
| Volatility (ann.) | 16.5% | 30.1% |
| Beta vs S&P 500 | 0.91 | 1.19 |
| Max drawdown (3Y) | -24.0% | -32.2% |
| Market cap | – | $4.4B |
| P/E (trailing) | – | 19.9 |
| Dividend yield | 1.02% | 3.15% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
On the fund side, MDY sits in the Mid-Cap Blend category at State Street Investment Management, with $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | TNL |
|---|---|---|
| 2022 | -13.3% | -31.7% |
| 2023 | +16.1% | +12.5% |
| 2024 | +13.6% | +34.8% |
| 2025 | +7.2% | +45.5% |
| 2026 | +16.4% | +3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
TNL represents 0.13% of MDY's portfolio, so part of any move in MDY is TNL itself, and the correlation between them is partly mechanical.
Are MDY and TNL good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDY and TNL?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.62 over the last year and 0.71 over 5 years.
Is TNL a good diversifier for MDY?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 mean?
On the −1 to +1 scale, 0.72 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-tnl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-tnl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · TNL correlations
