DLHC vs MDY: Correlation
DLH Holdings Corp. (DLHC) and SPDR S&P MidCap 400 ETF (MDY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLHC and MDY?
On 3 years of weekly data the DLHC/MDY correlation comes out at 0.44, moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.44). The 5-year figure is 0.47, and annualized covariance runs at 299.3 %².
Few assets follow DLHC as closely as MDY, which ranks #1 of 10 tracked partners. Correlation aside, the last 12 months split them widely, with MDY ahead by 37.4 points (-19.1% versus +18.3%). Risk is not evenly split, since DLHC carries 2.5 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.
DLHC vs MDY: side by side
| DLHC (DLH Holdings Corp.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -19.1% | +18.3% |
| 5-year return | -61.3% | +47.5% |
| Volatility (ann.) | 41.1% | 16.5% |
| Beta vs S&P 500 | 1.07 | 0.91 |
| Max drawdown (3Y) | -84.0% | -24.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| 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 | DLHC | MDY |
|---|---|---|
| 2022 | -42.7% | -13.3% |
| 2023 | +32.7% | +16.1% |
| 2024 | -49.0% | +13.6% |
| 2025 | -29.6% | +7.2% |
| 2026 | -20.7% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLHC and MDY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DLHC and MDY?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.32 over the last year and 0.47 over 5 years.
Is MDY a good diversifier for DLHC?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 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.
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Related comparisons
Hubs: DLHC correlations · MDY correlations
