GDV vs MDY: Correlation
Measured on weekly returns over the past three years, Gabelli Dividend & Income Trust (GDV) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDV and MDY?
Over the past 3 years, GDV and MDY moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.76 over 1 year against 0.86 over 3. Over 5 years the correlation is 0.90, and the annualized covariance of weekly returns is 214.1 %².
Within GDV's tracked universe of 71 assets, MDY comes in at #12 by 3-year correlation. Their 12-month results are close: +20.3% for GDV against +18.3% for MDY.
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.
GDV vs MDY: side by side
| GDV (Gabelli Dividend & Income Trust) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +20.3% | +18.3% |
| 5-year return | +53.8% | +47.5% |
| Volatility (ann.) | 15.0% | 16.5% |
| Beta vs S&P 500 | 0.90 | 0.91 |
| Max drawdown (3Y) | -16.1% | -24.0% |
| Market cap | $2.7B | – |
| P/E (trailing) | 6.3 | – |
| Dividend yield | 5.51% | 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 | GDV | MDY |
|---|---|---|
| 2022 | -18.6% | -13.3% |
| 2023 | +11.9% | +16.1% |
| 2024 | +18.1% | +13.6% |
| 2025 | +22.8% | +7.2% |
| 2026 | +13.8% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDV and MDY good diversifiers for each other?
No: a correlation of 0.86 means GDV and MDY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GDV and MDY?
As of 2026-08-27, the correlation of weekly returns between GDV and MDY is 0.86 over 3 years, 0.76 over 1 year and 0.90 over 5 years.
Is MDY a good diversifier for GDV?
No: a correlation of 0.86 means GDV and MDY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.86 mean?
A reading of 0.86 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/gdv-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdv-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDV correlations · MDY correlations
