HIPO vs MDY: Correlation
How closely do Hippo Holdings Inc. (HIPO) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIPO and MDY?
On 3 years of weekly data the HIPO/MDY correlation comes out at 0.46, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 489.7 %².
By 3-year correlation, MDY places #5 of the 10 assets tracked against HIPO. The last year tells two different stories: MDY led by 21.5 percentage points, -3.2% for HIPO against +18.3% for MDY. Note the risk asymmetry: HIPO runs 3.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HIPO vs MDY: side by side
| HIPO (Hippo Holdings Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -3.2% | +18.3% |
| 5-year return | -73.4% | +47.5% |
| Volatility (ann.) | 64.1% | 16.5% |
| Beta vs S&P 500 | 1.59 | 0.91 |
| Max drawdown (3Y) | -39.6% | -24.0% |
| Market cap | $0.9B | – |
| P/E (trailing) | 7.0 | – |
| 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 | HIPO | MDY |
|---|---|---|
| 2022 | -80.8% | -13.3% |
| 2023 | -32.9% | +16.1% |
| 2024 | +193.5% | +13.6% |
| 2025 | +12.4% | +7.2% |
| 2026 | +8.4% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIPO and MDY good diversifiers for each other?
Reasonably. At 0.46, HIPO and MDY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HIPO and MDY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.39 over the last year and 0.42 over 5 years.
Is MDY a good diversifier for HIPO?
Reasonably. At 0.46, HIPO and MDY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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: HIPO correlations · MDY correlations
