LYTS vs MDY: Correlation
Measured on weekly returns over the past three years, LSI Industries Inc. (LYTS) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LYTS and MDY?
Across a 3-year window, the weekly returns of LYTS and MDY correlate at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Stretching to 5 years gives 0.37, with an annualized covariance of 359.4 %².
Among the 12 assets we track against LYTS, MDY ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 28.3 percentage points (-10.0% for LYTS against +18.3% for MDY). One caveat on sizing: LYTS is 2.3 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.
LYTS vs MDY: side by side
| LYTS (LSI Industries Inc.) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -10.0% | +18.3% |
| 5-year return | +167.4% | +47.5% |
| Volatility (ann.) | 38.6% | 16.5% |
| Beta vs S&P 500 | 1.13 | 0.91 |
| Max drawdown (3Y) | -40.6% | -24.0% |
| Market cap | $0.7B | – |
| P/E (trailing) | 30.1 | – |
| Dividend yield | 0.99% | 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 | LYTS | MDY |
|---|---|---|
| 2022 | +82.9% | -13.3% |
| 2023 | +16.8% | +16.1% |
| 2024 | +39.7% | +13.6% |
| 2025 | -4.7% | +7.2% |
| 2026 | +10.6% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LYTS and MDY good diversifiers for each other?
To a limited degree. At 0.57 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 LYTS and MDY?
The LYTS/MDY correlation stands at 0.57 on a 3-year window (1 year: 0.57, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for LYTS?
To a limited degree. At 0.57 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 0.57 mean?
A reading of 0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/lyts-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/lyts-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LYTS correlations · MDY correlations
