MDY vs VNT: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and Vontier Corporation (VNT) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and VNT?
On 3 years of weekly data the MDY/VNT correlation comes out at 0.68, strong. The link has loosened recently: the 1-year correlation (0.55) runs below the 3-year figure (0.68). The 5-year figure is 0.67, and annualized covariance runs at 349.9 %².
Within MDY's tracked universe of 359 assets, VNT comes in at #86 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 41.9 percentage points (+18.3% for MDY against -23.6% for VNT). Note the risk asymmetry: VNT 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 VNT: side by side
| MDY (SPDR S&P MidCap 400 ETF) | VNT (Vontier Corporation) | |
|---|---|---|
| 1-year return | +18.3% | -23.6% |
| 5-year return | +47.5% | -7.6% |
| Volatility (ann.) | 16.5% | 31.1% |
| Beta vs S&P 500 | 0.91 | 1.13 |
| Max drawdown (3Y) | -24.0% | -38.4% |
| Market cap | – | $4.5B |
| P/E (trailing) | – | 14.0 |
| Dividend yield | 1.02% | 0.30% |
| 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 | VNT |
|---|---|---|
| 2022 | -13.3% | -36.8% |
| 2023 | +16.1% | +79.3% |
| 2024 | +13.6% | +5.8% |
| 2025 | +7.2% | +2.2% |
| 2026 | +16.4% | -10.8% |
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 VNT at a 0.13% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MDY and VNT good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MDY and VNT?
As of 2026-08-27, the correlation of weekly returns between MDY and VNT is 0.68 over 3 years, 0.55 over 1 year and 0.67 over 5 years.
Is VNT a good diversifier for MDY?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-vnt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-vnt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · VNT correlations
