ASH vs MDY: Correlation
How closely do Ashland Inc. (ASH) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASH and MDY?
On 3 years of weekly data the ASH/MDY correlation comes out at 0.54, moderate. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 283.9 %².
Among the 12 assets we track against ASH, MDY ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ASH outperformed by 16.4 percentage points (+34.7% for ASH against +18.3% for MDY). One caveat on sizing: ASH is 1.9 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.
ASH vs MDY: side by side
| ASH (Ashland Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +34.7% | +18.3% |
| 5-year return | -6.5% | +47.5% |
| Volatility (ann.) | 31.6% | 16.5% |
| Beta vs S&P 500 | 0.98 | 0.91 |
| Max drawdown (3Y) | -53.3% | -24.0% |
| Market cap | $3.4B | – |
| P/E (trailing) | 47.7 | – |
| Dividend yield | 2.24% | 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 | ASH | MDY |
|---|---|---|
| 2022 | +1.1% | -13.3% |
| 2023 | -20.2% | +16.1% |
| 2024 | -13.7% | +13.6% |
| 2025 | -15.4% | +7.2% |
| 2026 | +27.8% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ASH represents 0.09% of MDY's portfolio, so part of any move in MDY is ASH itself, and the correlation between them is partly mechanical.
Are ASH and MDY good diversifiers for each other?
Only partially. A correlation of 0.54 means ASH 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 ASH and MDY?
As of 2026-08-27, the correlation of weekly returns between ASH and MDY is 0.54 over 3 years, 0.55 over 1 year and 0.59 over 5 years.
Is MDY a good diversifier for ASH?
Only partially. A correlation of 0.54 means ASH 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 0.54 mean?
On the −1 to +1 scale, 0.54 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: ASH correlations · MDY correlations
