GOLF vs MDY: Correlation
How closely do Acushnet Holdings Corp. (GOLF) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GOLF and MDY?
Over the past 3 years, GOLF and MDY moved with a correlation of 0.60, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.45 versus 0.60 over 3 years. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 287.0 %².
MDY is one of the assets that tracks GOLF most closely: it ranks #2 out of the 13 assets we track against GOLF. The trailing year gives MDY the advantage: +10.1% versus +18.3%, a 8.2-point spread. One caveat on sizing: GOLF is 1.8 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.
GOLF vs MDY: side by side
| GOLF (Acushnet Holdings Corp.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +10.1% | +18.3% |
| 5-year return | +77.9% | +47.5% |
| Volatility (ann.) | 29.1% | 16.5% |
| Beta vs S&P 500 | 0.77 | 0.91 |
| Max drawdown (3Y) | -28.3% | -24.0% |
| Market cap | $5.0B | – |
| P/E (trailing) | 23.6 | – |
| Dividend yield | 1.13% | 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 | GOLF | MDY |
|---|---|---|
| 2022 | -18.7% | -13.3% |
| 2023 | +51.0% | +16.1% |
| 2024 | +14.0% | +13.6% |
| 2025 | +13.7% | +7.2% |
| 2026 | +7.0% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GOLF and MDY good diversifiers for each other?
To a limited degree. At 0.60 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 GOLF and MDY?
The GOLF/MDY correlation stands at 0.60 on a 3-year window (1 year: 0.45, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for GOLF?
To a limited degree. At 0.60 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 0.60 mean?
A reading of 0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GOLF correlations · MDY correlations
