MDY vs NCLH: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and Norwegian Cruise Line Holdings (NCLH) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and NCLH?
Across a 3-year window, the weekly returns of MDY and NCLH correlate at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 476.0 %².
By 3-year correlation, NCLH places #208 of the 359 assets tracked against MDY. Correlation aside, the last 12 months split them widely, with MDY ahead by 51.4 points (+18.3% versus -33.1%). Across three years, the rolling one-year figure varied moderately, from 0.44 to 0.71. Note the risk asymmetry: NCLH runs 3.0 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.
MDY vs NCLH: side by side
| MDY (SPDR S&P MidCap 400 ETF) | NCLH (Norwegian Cruise Line Holdings) | |
|---|---|---|
| 1-year return | +18.3% | -33.1% |
| 5-year return | +47.5% | -34.4% |
| Volatility (ann.) | 16.5% | 49.9% |
| Beta vs S&P 500 | 0.91 | 1.52 |
| Max drawdown (3Y) | -24.0% | -49.1% |
| Market cap | – | $7.6B |
| P/E (trailing) | – | 10.1 |
| Dividend yield | 1.02% | 0.00% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | Consumer Discretionary |
MDY is a Mid-Cap Blend fund from State Street Investment Management: $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | NCLH |
|---|---|---|
| 2022 | -13.3% | -41.0% |
| 2023 | +16.1% | +63.7% |
| 2024 | +13.6% | +28.4% |
| 2025 | +7.2% | -13.3% |
| 2026 | +16.4% | -25.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and NCLH good diversifiers for each other?
To a limited degree. At 0.58 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 MDY and NCLH?
As of 2026-08-27, the correlation of weekly returns between MDY and NCLH is 0.58 over 3 years, 0.56 over 1 year and 0.62 over 5 years.
Is NCLH a good diversifier for MDY?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 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/mdy-vs-nclh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mdy-vs-nclh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · NCLH correlations
