HRI vs MDY: Correlation
Measured on weekly returns over the past three years, Herc Holdings Inc. (HRI) 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 HRI and MDY?
Over the past 3 years, HRI and MDY moved with a correlation of 0.65, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.54 versus 0.65 over 3 years. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 576.5 %².
MDY is one of the assets that tracks HRI most closely: it ranks #2 out of the 14 assets we track against HRI. Neither side won the trailing year by much: +18.9% against +18.3%. One caveat on sizing: HRI is 3.3 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.
HRI vs MDY: side by side
| HRI (Herc Holdings Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +18.9% | +18.3% |
| 5-year return | +27.3% | +47.5% |
| Volatility (ann.) | 54.2% | 16.5% |
| Beta vs S&P 500 | 1.68 | 0.91 |
| Max drawdown (3Y) | -60.9% | -24.0% |
| Market cap | $5.2B | – |
| P/E (trailing) | 92.0 | – |
| Dividend yield | 1.79% | 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 | HRI | MDY |
|---|---|---|
| 2022 | -14.4% | -13.3% |
| 2023 | +15.5% | +16.1% |
| 2024 | +29.4% | +13.6% |
| 2025 | -20.1% | +7.2% |
| 2026 | +5.8% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRI 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 HRI and MDY?
The HRI/MDY correlation stands at 0.65 on a 3-year window (1 year: 0.54, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for HRI?
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?
On the −1 to +1 scale, 0.65 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: HRI correlations · MDY correlations
