HZO vs MDY: Correlation
MarineMax, Inc. (FL) (HZO) and SPDR S&P MidCap 400 ETF (MDY) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HZO and MDY?
On 3 years of weekly data the HZO/MDY correlation comes out at 0.59, moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. The 5-year figure is 0.56, and annualized covariance runs at 553.9 %².
Few assets follow HZO as closely as MDY, which ranks #3 of 16 tracked partners. Their recent paths diverged sharply: over the last 12 months HZO outperformed by 68.5 percentage points (+86.8% for HZO against +18.3% for MDY). Note the risk asymmetry: HZO runs 3.5 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.
HZO vs MDY: side by side
| HZO (MarineMax, Inc. (FL)) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +86.8% | +18.3% |
| 5-year return | +5.1% | +47.5% |
| Volatility (ann.) | 57.2% | 16.5% |
| Beta vs S&P 500 | 1.70 | 0.91 |
| Max drawdown (3Y) | -55.0% | -24.0% |
| Market cap | $1.2B | – |
| P/E (trailing) | 326.2 | – |
| 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 | HZO | MDY |
|---|---|---|
| 2022 | -47.1% | -13.3% |
| 2023 | +24.6% | +16.1% |
| 2024 | -25.6% | +13.6% |
| 2025 | -16.3% | +7.2% |
| 2026 | +115.4% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HZO and MDY good diversifiers for each other?
Only partially. A correlation of 0.59 means HZO 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 HZO and MDY?
As of 2026-08-27, the correlation of weekly returns between HZO and MDY is 0.59 over 3 years, 0.53 over 1 year and 0.56 over 5 years.
Is MDY a good diversifier for HZO?
Only partially. A correlation of 0.59 means HZO 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 0.59 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: HZO correlations · MDY correlations
