MDY vs XPO: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and XPO, Inc. (XPO) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and XPO?
Across a 3-year window, the weekly returns of MDY and XPO correlate at 0.60, strong. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. Stretching to 5 years gives 0.61, with an annualized covariance of 479.2 %².
Within MDY's tracked universe of 359 assets, XPO comes in at #186 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XPO outperformed by 26.7 percentage points (+18.3% for MDY against +45.0% for XPO). One caveat on sizing: XPO is 3.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 XPO: side by side
| MDY (SPDR S&P MidCap 400 ETF) | XPO (XPO, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +45.0% |
| 5-year return | +47.5% | +267.0% |
| Volatility (ann.) | 16.5% | 48.7% |
| Beta vs S&P 500 | 0.91 | 1.58 |
| Max drawdown (3Y) | -24.0% | -42.2% |
| Market cap | – | $22.4B |
| P/E (trailing) | – | 56.9 |
| 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 is a Mid-Cap Blend fund from State Street Investment Management: $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | XPO |
|---|---|---|
| 2022 | -13.3% | -27.6% |
| 2023 | +16.1% | +163.1% |
| 2024 | +13.6% | +49.7% |
| 2025 | +7.2% | +3.6% |
| 2026 | +16.4% | +41.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
XPO represents 0.62% of MDY's portfolio, so part of any move in MDY is XPO itself, and the correlation between them is partly mechanical.
Are MDY and XPO good diversifiers for each other?
Only partially. A correlation of 0.60 means MDY and XPO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MDY and XPO?
The MDY/XPO correlation stands at 0.60 on a 3-year window (1 year: 0.52, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is XPO a good diversifier for MDY?
Only partially. A correlation of 0.60 means MDY and XPO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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.
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Related comparisons
Hubs: MDY correlations · XPO correlations
