DKS vs MDY: Correlation
How closely do Dick's Sporting Goods Inc (DKS) 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 DKS and MDY?
Across a 3-year window, the weekly returns of DKS and MDY correlate at 0.54, moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. Stretching to 5 years gives 0.48, with an annualized covariance of 372.2 %².
By 3-year correlation, MDY places #4 of the 18 assets tracked against DKS. Correlation aside, the last 12 months split them widely, with MDY ahead by 58.6 points (-40.3% versus +18.3%). One caveat on sizing: DKS is 2.5 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.
DKS vs MDY: side by side
| DKS (Dick's Sporting Goods Inc) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -40.3% | +18.3% |
| 5-year return | +8.3% | +47.5% |
| Volatility (ann.) | 41.9% | 16.5% |
| Beta vs S&P 500 | 1.33 | 0.91 |
| Max drawdown (3Y) | -48.5% | -24.0% |
| Market cap | $11.8B | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 3.80% | 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 | DKS | MDY |
|---|---|---|
| 2022 | +6.6% | -13.3% |
| 2023 | +25.9% | +16.1% |
| 2024 | +58.9% | +13.6% |
| 2025 | -11.5% | +7.2% |
| 2026 | -32.6% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
DKS represents 0.23% of MDY's portfolio, so part of any move in MDY is DKS itself, and the correlation between them is partly mechanical.
Are DKS and MDY good diversifiers for each other?
To a limited degree. At 0.54 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 DKS and MDY?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.49 over the last year and 0.48 over 5 years.
Is MDY a good diversifier for DKS?
To a limited degree. At 0.54 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 0.54 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: DKS correlations · MDY correlations
