MDY vs VVX: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and V2X, Inc. (VVX) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and VVX?
On 3 years of weekly data the MDY/VVX correlation comes out at 0.46, moderate. The past 12 months show a weaker link (0.28) than the 3-year average (0.46). The 5-year figure is 0.45, and annualized covariance runs at 334.5 %².
Among the 359 assets we track against MDY, VVX ranks #332 by 3-year correlation. Correlation aside, the last 12 months split them widely, with VVX ahead by 16.0 points (+18.3% versus +34.3%). Risk is not evenly split, since VVX carries 2.7 times the volatility of the other side.
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 VVX: side by side
| MDY (SPDR S&P MidCap 400 ETF) | VVX (V2X, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +34.3% |
| 5-year return | +47.5% | +58.1% |
| Volatility (ann.) | 16.5% | 43.9% |
| Beta vs S&P 500 | 0.91 | 0.98 |
| Max drawdown (3Y) | -24.0% | -38.9% |
| Market cap | – | $2.5B |
| P/E (trailing) | – | 26.9 |
| 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 | VVX |
|---|---|---|
| 2022 | -13.3% | -9.8% |
| 2023 | +16.1% | +12.5% |
| 2024 | +13.6% | +3.0% |
| 2025 | +7.2% | +14.0% |
| 2026 | +16.4% | +43.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and VVX good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MDY and VVX?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.28 over the last year and 0.45 over 5 years.
Is VVX a good diversifier for MDY?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
A reading of 0.46 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-vvx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdy-vs-vvx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDY correlations · VVX correlations
