MDY vs VRA: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and Vera Bradley, Inc. (VRA) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and VRA?
Over the past 3 years, MDY and VRA moved with a correlation of 0.41, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.26 versus 0.41 over 3 years. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 419.4 %².
Among the 359 assets we track against MDY, VRA ranks #342 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VRA ahead by 43.1 points (+18.3% versus +61.4%). Note the risk asymmetry: VRA runs 3.7 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 VRA: side by side
| MDY (SPDR S&P MidCap 400 ETF) | VRA (Vera Bradley, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +61.4% |
| 5-year return | +47.5% | -71.6% |
| Volatility (ann.) | 16.5% | 61.5% |
| Beta vs S&P 500 | 0.91 | 1.11 |
| Max drawdown (3Y) | -24.0% | -78.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| 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, 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 | VRA |
|---|---|---|
| 2022 | -13.3% | -46.8% |
| 2023 | +16.1% | +70.0% |
| 2024 | +13.6% | -49.0% |
| 2025 | +7.2% | -38.4% |
| 2026 | +16.4% | +38.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and VRA good diversifiers for each other?
Reasonably. At 0.41, MDY and VRA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MDY and VRA?
As of 2026-08-27, the correlation of weekly returns between MDY and VRA is 0.41 over 3 years, 0.26 over 1 year and 0.44 over 5 years.
Is VRA a good diversifier for MDY?
Reasonably. At 0.41, MDY and VRA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 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-vra.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-vra/)
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Related comparisons
Hubs: MDY correlations · VRA correlations
