MDY vs POWW: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Outdoor Holding Company (POWW) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and POWW?
Over the past 3 years, MDY and POWW moved with a correlation of 0.43, which is moderate. The relationship has been stable: the 1-year correlation (0.37) sits close to the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 385.3 %².
Among the 359 assets we track against MDY, POWW ranks #340 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months POWW outperformed by 27.7 percentage points (+18.3% for MDY against +46.0% for POWW). Note the risk asymmetry: POWW runs 3.3 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 POWW: side by side
| MDY (SPDR S&P MidCap 400 ETF) | POWW (Outdoor Holding Company) | |
|---|---|---|
| 1-year return | +18.3% | +46.0% |
| 5-year return | +47.5% | -70.6% |
| Volatility (ann.) | 16.5% | 54.9% |
| Beta vs S&P 500 | 0.91 | 0.93 |
| Max drawdown (3Y) | -24.0% | -67.5% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 109.5 |
| Dividend yield | 1.02% | 0.00% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
On the fund side, MDY sits in the Mid-Cap Blend category at State Street Investment Management, with $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | POWW |
|---|---|---|
| 2022 | -13.3% | -68.3% |
| 2023 | +16.1% | +21.4% |
| 2024 | +13.6% | -47.6% |
| 2025 | +7.2% | +55.5% |
| 2026 | +16.4% | +28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and POWW good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MDY and POWW?
As of 2026-08-27, the correlation of weekly returns between MDY and POWW is 0.43 over 3 years, 0.37 over 1 year and 0.51 over 5 years.
Is POWW a good diversifier for MDY?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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-poww.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-poww/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · POWW correlations
