MDY vs ZBRA: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Zebra Technologies (ZBRA) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and ZBRA?
On 3 years of weekly data the MDY/ZBRA correlation comes out at 0.61, strong. Lately the two have drifted apart, with the 1-year correlation at 0.42 versus 0.61 over 3 years. The 5-year figure is 0.65, and annualized covariance runs at 407.7 %².
By 3-year correlation, ZBRA places #169 of the 359 assets tracked against MDY. The trailing year gives MDY the advantage: +18.3% versus +12.3%, a 6.0-point spread. On a rolling one-year basis the correlation drifted between 0.39 and 0.80, a moderate band. Note the risk asymmetry: ZBRA runs 2.5 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 ZBRA: side by side
| MDY (SPDR S&P MidCap 400 ETF) | ZBRA (Zebra Technologies) | |
|---|---|---|
| 1-year return | +18.3% | +12.3% |
| 5-year return | +47.5% | -38.2% |
| Volatility (ann.) | 16.5% | 40.8% |
| Beta vs S&P 500 | 0.91 | 1.54 |
| Max drawdown (3Y) | -24.0% | -52.7% |
| Market cap | – | $17.1B |
| P/E (trailing) | – | 33.0 |
| Dividend yield | 1.02% | 0.00% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | Information Technology |
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 | ZBRA |
|---|---|---|
| 2022 | -13.3% | -56.9% |
| 2023 | +16.1% | +6.6% |
| 2024 | +13.6% | +41.3% |
| 2025 | +7.2% | -37.1% |
| 2026 | +16.4% | +48.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and ZBRA good diversifiers for each other?
Only partially. A correlation of 0.61 means MDY and ZBRA 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 ZBRA?
The MDY/ZBRA correlation stands at 0.61 on a 3-year window (1 year: 0.42, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is ZBRA a good diversifier for MDY?
Only partially. A correlation of 0.61 means MDY and ZBRA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-zbra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-zbra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDY correlations · ZBRA correlations
