HVT vs MDY: Correlation
How closely do Haverty Furniture Companies, Inc. (HVT) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HVT and MDY?
Across a 3-year window, the weekly returns of HVT and MDY correlate at 0.63, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 358.2 %².
MDY is one of the assets that tracks HVT most closely: it ranks #2 out of the 17 assets we track against HVT. The trailing year gives HVT the advantage: +26.5% versus +18.3%, a 8.2-point spread. Risk is not evenly split, since HVT carries 2.1 times the volatility of the other side.
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.
HVT vs MDY: side by side
| HVT (Haverty Furniture Companies, Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +26.5% | +18.3% |
| 5-year return | +8.2% | +47.5% |
| Volatility (ann.) | 34.8% | 16.5% |
| Beta vs S&P 500 | 1.02 | 0.91 |
| Max drawdown (3Y) | -50.1% | -24.0% |
| Market cap | $0.4B | – |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 4.81% | 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 | HVT | MDY |
|---|---|---|
| 2022 | +4.8% | -13.3% |
| 2023 | +27.2% | +16.1% |
| 2024 | -34.4% | +13.6% |
| 2025 | +11.2% | +7.2% |
| 2026 | +22.2% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HVT and MDY good diversifiers for each other?
Only partially. A correlation of 0.63 means HVT and MDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HVT and MDY?
Using weekly returns as of 2026-08-27: 0.63 over 3 years, with 0.67 over the last year and 0.58 over 5 years.
Is MDY a good diversifier for HVT?
Only partially. A correlation of 0.63 means HVT and MDY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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: HVT correlations · MDY correlations
