MDY vs UFPT: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and UFP Technologies, Inc. (UFPT) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and UFPT?
Across a 3-year window, the weekly returns of MDY and UFPT correlate at 0.48, moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. Stretching to 5 years gives 0.47, with an annualized covariance of 412.6 %².
Among the 359 assets we track against MDY, UFPT ranks #319 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months UFPT outperformed by 21.5 percentage points (+18.3% for MDY against +39.8% for UFPT). Note the risk asymmetry: UFPT runs 3.1 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 UFPT: side by side
| MDY (SPDR S&P MidCap 400 ETF) | UFPT (UFP Technologies, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +39.8% |
| 5-year return | +47.5% | +340.3% |
| Volatility (ann.) | 16.5% | 51.7% |
| Beta vs S&P 500 | 0.91 | 1.34 |
| Max drawdown (3Y) | -24.0% | -48.3% |
| Market cap | – | $2.3B |
| P/E (trailing) | – | 32.9 |
| 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 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 | UFPT |
|---|---|---|
| 2022 | -13.3% | +67.8% |
| 2023 | +16.1% | +45.9% |
| 2024 | +13.6% | +42.1% |
| 2025 | +7.2% | -9.2% |
| 2026 | +16.4% | +35.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and UFPT good diversifiers for each other?
Reasonably. At 0.48, MDY and UFPT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MDY and UFPT?
The MDY/UFPT correlation stands at 0.48 on a 3-year window (1 year: 0.49, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is UFPT a good diversifier for MDY?
Reasonably. At 0.48, MDY and UFPT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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-ufpt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-ufpt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · UFPT correlations
