MDY vs VMI: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and Valmont Industries, Inc. (VMI) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and VMI?
Across a 3-year window, the weekly returns of MDY and VMI correlate at 0.55, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.43 versus 0.55 over 3 years. Stretching to 5 years gives 0.60, with an annualized covariance of 286.2 %².
Among the 359 assets we track against MDY, VMI ranks #254 by 3-year correlation. Over the last 12 months VMI came out ahead by 10.9 percentage points (+18.3% against +29.2%). Note the risk asymmetry: VMI runs 1.9 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 VMI: side by side
| MDY (SPDR S&P MidCap 400 ETF) | VMI (Valmont Industries, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +29.2% |
| 5-year return | +47.5% | +102.0% |
| Volatility (ann.) | 16.5% | 31.8% |
| Beta vs S&P 500 | 0.91 | 1.02 |
| Max drawdown (3Y) | -24.0% | -29.8% |
| Market cap | – | $9.3B |
| P/E (trailing) | – | 18.6 |
| Dividend yield | 1.02% | 0.61% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
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 | VMI |
|---|---|---|
| 2022 | -13.3% | +33.1% |
| 2023 | +16.1% | -28.7% |
| 2024 | +13.6% | +32.5% |
| 2025 | +7.2% | +32.2% |
| 2026 | +16.4% | +19.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that MDY holds VMI at a 0.25% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MDY and VMI good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDY and VMI?
As of 2026-08-27, the correlation of weekly returns between MDY and VMI is 0.55 over 3 years, 0.43 over 1 year and 0.60 over 5 years.
Is VMI a good diversifier for MDY?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 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-vmi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-vmi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · VMI correlations
