HGV vs MDY: Correlation
How closely do Hilton Grand Vacations Inc. (HGV) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HGV and MDY?
Across a 3-year window, the weekly returns of HGV and MDY correlate at 0.70, strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 416.1 %².
Few assets follow HGV as closely as MDY, which ranks #2 of 37 tracked partners. Correlation aside, the last 12 months split them widely, with MDY ahead by 25.5 points (-7.2% versus +18.3%). One caveat on sizing: HGV is 2.2 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.
HGV vs MDY: side by side
| HGV (Hilton Grand Vacations Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -7.2% | +18.3% |
| 5-year return | +1.7% | +47.5% |
| Volatility (ann.) | 36.3% | 16.5% |
| Beta vs S&P 500 | 1.38 | 0.91 |
| Max drawdown (3Y) | -34.6% | -24.0% |
| Market cap | $3.4B | – |
| P/E (trailing) | 25.6 | – |
| 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 | HGV | MDY |
|---|---|---|
| 2022 | -26.0% | -13.3% |
| 2023 | +4.3% | +16.1% |
| 2024 | -3.1% | +13.6% |
| 2025 | +14.9% | +7.2% |
| 2026 | -2.1% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that MDY holds HGV at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are HGV and MDY good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HGV and MDY?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.75 over the last year and 0.72 over 5 years.
Is MDY a good diversifier for HGV?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 mean?
A reading of 0.70 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
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Related comparisons
Hubs: HGV correlations · MDY correlations
