ARHS vs MDY: Correlation
Arhaus, Inc. (ARHS) and SPDR S&P MidCap 400 ETF (MDY) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARHS and MDY?
Over the past 3 years, ARHS and MDY moved with a correlation of 0.53, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.64 versus 0.53 over 3 years. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 508.7 %².
Within ARHS's tracked universe of 15 assets, MDY comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MDY ahead by 41.2 points (-22.9% versus +18.3%). Note the risk asymmetry: ARHS runs 3.5 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.
ARHS vs MDY: side by side
| ARHS (Arhaus, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -22.9% | +18.3% |
| 5-year return | -25.3% | +47.5% |
| Volatility (ann.) | 57.7% | 16.5% |
| Beta vs S&P 500 | 1.73 | 0.91 |
| Max drawdown (3Y) | -69.3% | -24.0% |
| Market cap | $1.2B | – |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 0.00% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
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 | ARHS | MDY |
|---|---|---|
| 2022 | -26.4% | -13.3% |
| 2023 | +21.5% | +16.1% |
| 2024 | -17.9% | +13.6% |
| 2025 | +19.3% | +7.2% |
| 2026 | -17.5% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARHS and MDY good diversifiers for each other?
Only partially. A correlation of 0.53 means ARHS and MDY 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 ARHS and MDY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.64 over the last year and 0.56 over 5 years.
Is MDY a good diversifier for ARHS?
Only partially. A correlation of 0.53 means ARHS and MDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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.
Use this data
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Related comparisons
Hubs: ARHS correlations · MDY correlations
