BOOT vs MDY: Correlation
How closely do Boot Barn Holdings, Inc. (BOOT) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOOT and MDY?
On 3 years of weekly data the BOOT/MDY correlation comes out at 0.51, moderate. The past 12 months show a tighter link (0.62) than the 3-year average (0.51). The 5-year figure is 0.56, and annualized covariance runs at 403.2 %².
In BOOT's tracked universe of 12 assets, MDY sits right near the top at #3. Correlation aside, the last 12 months split them widely, with MDY ahead by 30.4 points (-12.1% versus +18.3%). Note the risk asymmetry: BOOT runs 2.9 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.
BOOT vs MDY: side by side
| BOOT (Boot Barn Holdings, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -12.1% | +18.3% |
| 5-year return | +77.0% | +47.5% |
| Volatility (ann.) | 47.6% | 16.5% |
| Beta vs S&P 500 | 1.52 | 0.91 |
| Max drawdown (3Y) | -48.9% | -24.0% |
| Market cap | $4.7B | – |
| P/E (trailing) | 20.2 | – |
| 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 | BOOT | MDY |
|---|---|---|
| 2022 | -49.2% | -13.3% |
| 2023 | +22.8% | +16.1% |
| 2024 | +97.8% | +13.6% |
| 2025 | +16.2% | +7.2% |
| 2026 | -11.8% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOOT and MDY good diversifiers for each other?
Only partially. A correlation of 0.51 means BOOT 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 BOOT and MDY?
The BOOT/MDY correlation stands at 0.51 on a 3-year window (1 year: 0.62, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for BOOT?
Only partially. A correlation of 0.51 means BOOT 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 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/boot-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/boot-vs-mdy/)
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Related comparisons
Hubs: BOOT correlations · MDY correlations
