MDY vs TROW: Correlation
SPDR S&P MidCap 400 ETF (MDY) and T. Rowe Price (TROW) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and TROW?
Over the past 3 years, MDY and TROW moved with a correlation of 0.67, which is strong. The link has loosened recently: the 1-year correlation (0.27) runs below the 3-year figure (0.67). Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 259.8 %².
Among the 359 assets we track against MDY, TROW ranks #96 by 3-year correlation. The trailing year gives MDY the advantage: +18.3% versus +8.1%, a 10.2-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between 0.31 and 0.84 over the past three years, so this pair behaves very differently depending on the market environment.
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 TROW: side by side
| MDY (SPDR S&P MidCap 400 ETF) | TROW (T. Rowe Price) | |
|---|---|---|
| 1-year return | +18.3% | +8.1% |
| 5-year return | +47.5% | -37.0% |
| Volatility (ann.) | 16.5% | 23.5% |
| Beta vs S&P 500 | 0.91 | 1.10 |
| Max drawdown (3Y) | -24.0% | -34.0% |
| Market cap | – | $24.0B |
| P/E (trailing) | – | 11.3 |
| Dividend yield | 1.02% | 4.57% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | Financials |
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 | TROW |
|---|---|---|
| 2022 | -13.3% | -42.2% |
| 2023 | +16.1% | +3.4% |
| 2024 | +13.6% | +9.7% |
| 2025 | +7.2% | -4.7% |
| 2026 | +16.4% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and TROW good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDY and TROW?
As of 2026-08-27, the correlation of weekly returns between MDY and TROW is 0.67 over 3 years, 0.27 over 1 year and 0.70 over 5 years.
Is TROW a good diversifier for MDY?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
A reading of 0.67 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-trow.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-trow/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · TROW correlations
