MIDD vs SPY: Correlation
How closely do The Middleby Corporation (MIDD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MIDD and SPY?
Across a 3-year window, the weekly returns of MIDD and SPY correlate at 0.42, moderate. The past 12 months show a weaker link (0.30) than the 3-year average (0.42). Stretching to 5 years gives 0.54, with an annualized covariance of 216.4 %².
Among the 13 assets we track against MIDD, SPY ranks #8 by 3-year correlation. The last year tells two different stories: SPY led by 18.1 percentage points, +2.5% for MIDD against +20.6% for SPY. Note the risk asymmetry: MIDD 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.
MIDD vs SPY: side by side
| MIDD (The Middleby Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.5% | +20.6% |
| 5-year return | -24.2% | +82.4% |
| Volatility (ann.) | 36.0% | 14.5% |
| Beta vs S&P 500 | 1.04 | 1.00 |
| Max drawdown (3Y) | -35.4% | -18.8% |
| Market cap | $5.1B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | MIDD | SPY |
|---|---|---|
| 2022 | -31.9% | -18.2% |
| 2023 | +9.9% | +26.2% |
| 2024 | -8.0% | +24.9% |
| 2025 | +9.8% | +17.7% |
| 2026 | -5.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MIDD and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MIDD and SPY?
The MIDD/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.30, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for MIDD?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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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Hubs: MIDD correlations · SPY correlations
