HHH vs MDY: Correlation
Measured on weekly returns over the past three years, Howard Hughes Holdings Inc. (HHH) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HHH and MDY?
Across a 3-year window, the weekly returns of HHH and MDY correlate at 0.65, strong. The link has loosened recently: the 1-year correlation (0.49) runs below the 3-year figure (0.65). Stretching to 5 years gives 0.70, with an annualized covariance of 313.2 %².
Among the 17 assets we track against HHH, MDY ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MDY ahead by 32.5 points (-14.2% versus +18.3%). One caveat on sizing: HHH 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.
HHH vs MDY: side by side
| HHH (Howard Hughes Holdings Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -14.2% | +18.3% |
| 5-year return | -25.2% | +47.5% |
| Volatility (ann.) | 29.3% | 16.5% |
| Beta vs S&P 500 | 0.96 | 0.91 |
| Max drawdown (3Y) | -31.4% | -24.0% |
| Market cap | $3.9B | – |
| P/E (trailing) | 12.8 | – |
| 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 | HHH | MDY |
|---|---|---|
| 2022 | -24.9% | -13.3% |
| 2023 | +11.9% | +16.1% |
| 2024 | -5.7% | +13.6% |
| 2025 | +3.7% | +7.2% |
| 2026 | -18.6% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HHH and MDY good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HHH and MDY?
As of 2026-08-27, the correlation of weekly returns between HHH and MDY is 0.65 over 3 years, 0.49 over 1 year and 0.70 over 5 years.
Is MDY a good diversifier for HHH?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 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: HHH correlations · MDY correlations
