LLYVA vs MDY: Correlation
How closely do Liberty Live Holdings, Inc. - Series A Liberty Live Group (LLYVA) and SPDR S&P MidCap 400 ETF (MDY) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LLYVA and MDY?
Over the past 3 years, LLYVA and MDY moved with a correlation of 0.51, which is moderate. The past 12 months show a weaker link (0.32) than the 3-year average (0.51). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 260.5 %².
Within LLYVA's tracked universe of 12 assets, MDY comes in at #5 by 3-year correlation. Over the last 12 months MDY came out ahead by 11.9 percentage points (+6.4% against +18.3%). Note the risk asymmetry: LLYVA runs 1.9 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.
LLYVA vs MDY: side by side
| LLYVA (Liberty Live Holdings, Inc. - Series A Liberty Live Group) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +6.4% | +18.3% |
| 5-year return | n/a | +47.5% |
| Volatility (ann.) | 30.7% | 16.5% |
| Beta vs S&P 500 | 0.99 | 0.91 |
| Max drawdown (3Y) | -24.4% | -24.0% |
| Market cap | $9.2B | – |
| P/E (trailing) | – | – |
| 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 | LLYVA | MDY |
|---|---|---|
| 2022 | – | -13.3% |
| 2023 | – | +16.1% |
| 2024 | +82.1% | +13.6% |
| 2025 | +22.4% | +7.2% |
| 2026 | +22.4% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LLYVA and MDY good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between LLYVA and MDY?
As of 2026-08-27, the correlation of weekly returns between LLYVA and MDY is 0.51 over 3 years, 0.32 over 1 year and n/a over 5 years.
Is MDY a good diversifier for LLYVA?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/llyva-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/llyva-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LLYVA correlations · MDY correlations
