MDY vs VTV: Correlation & Overlap
How closely do SPDR S&P MidCap 400 ETF (MDY) and Vanguard Value ETF (VTV) trade together? Their weekly returns over three years give a correlation of 0.91, which is very strong. Looking through to holdings, 0% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and VTV?
Across a 3-year window, the weekly returns of MDY and VTV correlate at 0.91, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.86 lands near the 3-year figure. Stretching to 5 years gives 0.90, with an annualized covariance of 179.0 %².
By 3-year correlation, VTV places #4 of the 359 assets tracked against MDY. Over the last 12 months VTV came out ahead by 7.4 percentage points (+18.3% against +25.7%). The rolling one-year correlation stayed in a tight band between 0.86 and 0.95 over the past three years, which points to a structural rather than episodic relationship.
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 VTV: side by side
| MDY (SPDR S&P MidCap 400 ETF) | VTV (Vanguard Value ETF) | |
|---|---|---|
| 1-year return | +18.3% | +25.7% |
| 5-year return | +47.5% | +79.1% |
| Volatility (ann.) | 16.5% | 11.9% |
| Beta vs S&P 500 | 0.91 | 0.65 |
| Max drawdown (3Y) | -24.0% | -14.5% |
| Dividend yield | 1.02% | 1.86% |
| Expense ratio | 0.23% | 0.03% |
| Assets under management | $26.5B | $256.4B |
| Sector / category | ETF · US Small & Mid Cap | ETF · US Style |
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. On the fund side, VTV sits in the Large Value category at Vanguard, with $256.4B under management, 308 holdings, a 0.03% expense ratio, a 1.86% trailing dividend yield.
Portfolio overlap between MDY and VTV
The two portfolios are largely distinct: 0% of the funds' weight sits in the same underlying holdings (0 common positions). Correlation tells you they move together; overlap tells you why.
Largest positions held only by MDY: TWLO (0.95%), P (0.94%), ILMN (0.93%), FTI (0.83%), ATI (0.80%). Only by VTV: JPM (3.51%), MU (3.46%), BRK.B (2.99%), XOM (2.40%), JNJ (2.30%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26.
Year-by-year returns
| Year | MDY | VTV |
|---|---|---|
| 2022 | -13.3% | -2.1% |
| 2023 | +16.1% | +9.3% |
| 2024 | +13.6% | +16.0% |
| 2025 | +7.2% | +15.3% |
| 2026 | +16.4% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and VTV good diversifiers for each other?
No. With a correlation of 0.91, MDY and VTV move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MDY and VTV?
The MDY/VTV correlation stands at 0.91 on a 3-year window (1 year: 0.86, 5 years: 0.90), computed from weekly returns as of 2026-08-27.
Is VTV a good diversifier for MDY?
No. With a correlation of 0.91, MDY and VTV move nearly in lockstep, so holding both adds very little diversification.
How much do MDY and VTV overlap?
The two funds share 0 holdings amounting to 0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-vtv.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-vtv/)
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Related comparisons
Hubs: MDY correlations · VTV correlations
