MDY vs TWI: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and Titan International, Inc. (DE) (TWI) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and TWI?
On 3 years of weekly data the MDY/TWI correlation comes out at 0.58, moderate. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. The 5-year figure is 0.55, and annualized covariance runs at 462.2 %².
Among the 359 assets we track against MDY, TWI ranks #215 by 3-year correlation. The last year tells two different stories: MDY led by 41.2 percentage points, +18.3% for MDY against -22.9% for TWI. One caveat on sizing: TWI is 2.9 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 TWI: side by side
| MDY (SPDR S&P MidCap 400 ETF) | TWI (Titan International, Inc. (DE)) | |
|---|---|---|
| 1-year return | +18.3% | -22.9% |
| 5-year return | +47.5% | -16.4% |
| Volatility (ann.) | 16.5% | 48.0% |
| Beta vs S&P 500 | 0.91 | 1.38 |
| Max drawdown (3Y) | -24.0% | -58.5% |
| Market cap | – | $0.5B |
| P/E (trailing) | – | – |
| 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 | TWI |
|---|---|---|
| 2022 | -13.3% | +39.8% |
| 2023 | +16.1% | -2.9% |
| 2024 | +13.6% | -54.4% |
| 2025 | +7.2% | +15.3% |
| 2026 | +16.4% | -10.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and TWI good diversifiers for each other?
Only partially. A correlation of 0.58 means MDY and TWI 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 TWI?
As of 2026-08-27, the correlation of weekly returns between MDY and TWI is 0.58 over 3 years, 0.63 over 1 year and 0.55 over 5 years.
Is TWI a good diversifier for MDY?
Only partially. A correlation of 0.58 means MDY and TWI 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-twi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-twi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · TWI correlations
