LZB vs MDY: Correlation
La-Z-Boy Incorporated (LZB) and SPDR S&P MidCap 400 ETF (MDY) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LZB and MDY?
On 3 years of weekly data the LZB/MDY correlation comes out at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 310.6 %².
MDY is one of the assets that tracks LZB most closely: it ranks #2 out of the 14 assets we track against LZB. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 27.2 percentage points (-8.9% for LZB against +18.3% for MDY). Risk is not evenly split, since LZB carries 2.0 times the volatility of the other side.
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.
LZB vs MDY: side by side
| LZB (La-Z-Boy Incorporated) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | -8.9% | +18.3% |
| 5-year return | +3.8% | +47.5% |
| Volatility (ann.) | 33.7% | 16.5% |
| Beta vs S&P 500 | 0.78 | 0.91 |
| Max drawdown (3Y) | -37.9% | -24.0% |
| Market cap | $1.3B | – |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 2.93% | 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 | LZB | MDY |
|---|---|---|
| 2022 | -35.5% | -13.3% |
| 2023 | +65.7% | +16.1% |
| 2024 | +20.4% | +13.6% |
| 2025 | -12.5% | +7.2% |
| 2026 | -11.0% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LZB and MDY good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between LZB and MDY?
As of 2026-08-27, the correlation of weekly returns between LZB and MDY is 0.56 over 3 years, 0.53 over 1 year and 0.59 over 5 years.
Is MDY a good diversifier for LZB?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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.
Use this data
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Related comparisons
Hubs: LZB correlations · MDY correlations
