ASO vs MDY: Correlation
Academy Sports and Outdoors, Inc. (ASO) and SPDR S&P MidCap 400 ETF (MDY) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASO and MDY?
On 3 years of weekly data the ASO/MDY correlation comes out at 0.55, moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 358.4 %².
Among the 16 assets we track against ASO, MDY ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MDY ahead by 41.8 points (-23.5% versus +18.3%). Risk is not evenly split, since ASO carries 2.4 times the volatility of the other side.
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.
ASO vs MDY: side by side
| ASO (Academy Sports and Outdoors, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -23.5% | +18.3% |
| 5-year return | +2.0% | +47.5% |
| Volatility (ann.) | 39.7% | 16.5% |
| Beta vs S&P 500 | 1.26 | 0.91 |
| Max drawdown (3Y) | -54.2% | -24.0% |
| Market cap | $2.6B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 1.29% | 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 | ASO | MDY |
|---|---|---|
| 2022 | +20.6% | -13.3% |
| 2023 | +26.4% | +16.1% |
| 2024 | -12.2% | +13.6% |
| 2025 | -12.2% | +7.2% |
| 2026 | -14.2% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASO and MDY good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ASO and MDY?
As of 2026-08-27, the correlation of weekly returns between ASO and MDY is 0.55 over 3 years, 0.48 over 1 year and 0.54 over 5 years.
Is MDY a good diversifier for ASO?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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: ASO correlations · MDY correlations
