LYV vs MDY: Correlation
Measured on weekly returns over the past three years, Live Nation Entertainment (LYV) and SPDR S&P MidCap 400 ETF (MDY) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LYV and MDY?
Across a 3-year window, the weekly returns of LYV and MDY correlate at 0.52, moderate. The past 12 months show a weaker link (0.27) than the 3-year average (0.52). Stretching to 5 years gives 0.57, with an annualized covariance of 239.7 %².
Within LYV's tracked universe of 35 assets, MDY comes in at #8 by 3-year correlation. The trailing year gives MDY the advantage: +9.1% versus +18.3%, a 9.2-point spread. The rolling one-year correlation moved between 0.25 and 0.67 over the past three years, a moderate range. Note the risk asymmetry: LYV runs 1.7 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.
LYV vs MDY: side by side
| LYV (Live Nation Entertainment) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +9.1% | +18.3% |
| 5-year return | +108.7% | +47.5% |
| Volatility (ann.) | 28.1% | 16.5% |
| Beta vs S&P 500 | 1.02 | 0.91 |
| Max drawdown (3Y) | -27.8% | -24.0% |
| Market cap | $42.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | Communication Services | 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 | LYV | MDY |
|---|---|---|
| 2022 | -41.7% | -13.3% |
| 2023 | +34.2% | +16.1% |
| 2024 | +38.4% | +13.6% |
| 2025 | +10.0% | +7.2% |
| 2026 | +26.8% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LYV and MDY good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between LYV and MDY?
As of 2026-08-27, the correlation of weekly returns between LYV and MDY is 0.52 over 3 years, 0.27 over 1 year and 0.57 over 5 years.
Is MDY a good diversifier for LYV?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 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: LYV correlations · MDY correlations
