JBHT vs MDY: Correlation
J.B. Hunt (JBHT) and SPDR S&P MidCap 400 ETF (MDY) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBHT and MDY?
Over the past 3 years, JBHT and MDY moved with a correlation of 0.60, which is strong. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 299.0 %².
By 3-year correlation, MDY places #14 of the 36 assets tracked against JBHT. Their recent paths diverged sharply: over the last 12 months JBHT outperformed by 63.8 percentage points (+82.1% for JBHT against +18.3% for MDY). The link looks structural: the rolling one-year correlation barely moved, holding between 0.51 and 0.75. Note the risk asymmetry: JBHT runs 1.8 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.
JBHT vs MDY: side by side
| JBHT (J.B. Hunt) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +82.1% | +18.3% |
| 5-year return | +51.0% | +47.5% |
| Volatility (ann.) | 30.0% | 16.5% |
| Beta vs S&P 500 | 0.93 | 0.91 |
| Max drawdown (3Y) | -42.4% | -24.0% |
| Market cap | $24.7B | – |
| P/E (trailing) | 37.5 | – |
| Dividend yield | 0.68% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Industrials | 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 | JBHT | MDY |
|---|---|---|
| 2022 | -13.9% | -13.3% |
| 2023 | +15.6% | +16.1% |
| 2024 | -13.8% | +13.6% |
| 2025 | +15.2% | +7.2% |
| 2026 | +36.3% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JBHT and MDY good diversifiers for each other?
Only partially. A correlation of 0.60 means JBHT 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 JBHT and MDY?
The JBHT/MDY correlation stands at 0.60 on a 3-year window (1 year: 0.51, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for JBHT?
Only partially. A correlation of 0.60 means JBHT 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 0.60 mean?
On the −1 to +1 scale, 0.60 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: JBHT correlations · MDY correlations
