MDY vs UPBD: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Upbound Group, Inc. (UPBD) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and UPBD?
Over the past 3 years, MDY and UPBD moved with a correlation of 0.66, which is strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 450.5 %².
Among the 359 assets we track against MDY, UPBD ranks #104 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 38.1 percentage points (+18.3% for MDY against -19.8% for UPBD). Note the risk asymmetry: UPBD runs 2.5 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 UPBD: side by side
| MDY (SPDR S&P MidCap 400 ETF) | UPBD (Upbound Group, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | -19.8% |
| 5-year return | +47.5% | -60.7% |
| Volatility (ann.) | 16.5% | 41.4% |
| Beta vs S&P 500 | 0.91 | 1.23 |
| Max drawdown (3Y) | -24.0% | -54.2% |
| Market cap | – | $1.1B |
| P/E (trailing) | – | 12.6 |
| Dividend yield | 1.02% | 8.02% |
| 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 | UPBD |
|---|---|---|
| 2022 | -13.3% | -49.9% |
| 2023 | +16.1% | +57.9% |
| 2024 | +13.6% | -10.1% |
| 2025 | +7.2% | -35.4% |
| 2026 | +16.4% | +14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and UPBD good diversifiers for each other?
Only partially. A correlation of 0.66 means MDY and UPBD 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 UPBD?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.66 over the last year and 0.56 over 5 years.
Is UPBD a good diversifier for MDY?
Only partially. A correlation of 0.66 means MDY and UPBD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-upbd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-upbd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDY correlations · UPBD correlations
