GAB vs MDY: Correlation
Gabelli Equity Trust, Inc. (The) (GAB) and SPDR S&P MidCap 400 ETF (MDY) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAB and MDY?
Over the past 3 years, GAB and MDY moved with a correlation of 0.73, which is strong. Recent behaviour matches the longer record: 0.63 over 1 year against 0.73 over 3. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 193.5 %².
Within GAB's tracked universe of 16 assets, MDY comes in at #5 by 3-year correlation. Over the last 12 months MDY came out ahead by 12.5 percentage points (+5.8% against +18.3%).
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.
GAB vs MDY: side by side
| GAB (Gabelli Equity Trust, Inc. (The)) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +5.8% | +18.3% |
| 5-year return | +40.3% | +47.5% |
| Volatility (ann.) | 16.2% | 16.5% |
| Beta vs S&P 500 | 0.72 | 0.91 |
| Max drawdown (3Y) | -14.8% | -24.0% |
| Market cap | – | – |
| P/E (trailing) | 5.8 | – |
| Dividend yield | 10.54% | 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 | GAB | MDY |
|---|---|---|
| 2022 | -16.3% | -13.3% |
| 2023 | +3.4% | +16.1% |
| 2024 | +18.0% | +13.6% |
| 2025 | +27.0% | +7.2% |
| 2026 | -1.4% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAB and MDY good diversifiers for each other?
Only partially. A correlation of 0.73 means GAB 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 GAB and MDY?
The GAB/MDY correlation stands at 0.73 on a 3-year window (1 year: 0.63, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for GAB?
Only partially. A correlation of 0.73 means GAB 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 0.73 mean?
On the −1 to +1 scale, 0.73 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: GAB correlations · MDY correlations
