MDY vs VCEL: Correlation
SPDR S&P MidCap 400 ETF (MDY) and Vericel Corporation (VCEL) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and VCEL?
Over the past 3 years, MDY and VCEL moved with a correlation of 0.50, which is moderate. The link has loosened recently: the 1-year correlation (0.35) runs below the 3-year figure (0.50). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 344.4 %².
Within MDY's tracked universe of 359 assets, VCEL comes in at #296 by 3-year correlation. Their 12-month results are close: +18.3% for MDY against +14.7% for VCEL. One caveat on sizing: VCEL is 2.5 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 VCEL: side by side
| MDY (SPDR S&P MidCap 400 ETF) | VCEL (Vericel Corporation) | |
|---|---|---|
| 1-year return | +18.3% | +14.7% |
| 5-year return | +47.5% | -26.0% |
| Volatility (ann.) | 16.5% | 41.9% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -24.0% | -52.5% |
| Market cap | – | $2.1B |
| P/E (trailing) | – | 87.6 |
| 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 | VCEL |
|---|---|---|
| 2022 | -13.3% | -33.0% |
| 2023 | +16.1% | +35.2% |
| 2024 | +13.6% | +54.2% |
| 2025 | +7.2% | -34.4% |
| 2026 | +16.4% | +14.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and VCEL good diversifiers for each other?
Only partially. A correlation of 0.50 means MDY and VCEL 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 VCEL?
As of 2026-08-27, the correlation of weekly returns between MDY and VCEL is 0.50 over 3 years, 0.35 over 1 year and 0.47 over 5 years.
Is VCEL a good diversifier for MDY?
Only partially. A correlation of 0.50 means MDY and VCEL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
A reading of 0.50 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-vcel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-vcel/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDY correlations · VCEL correlations
