MDY vs RDNW: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and RideNow Group, Inc. (RDNW) 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 MDY and RDNW?
On 3 years of weekly data the MDY/RDNW correlation comes out at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.31) runs below the 3-year figure (0.52). The 5-year figure is 0.44, and annualized covariance runs at 691.3 %².
By 3-year correlation, RDNW places #280 of the 359 assets tracked against MDY. The last year tells two different stories: RDNW led by 54.7 percentage points, +18.3% for MDY against +73.0% for RDNW. One caveat on sizing: RDNW is 4.9 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.
MDY vs RDNW: side by side
| MDY (SPDR S&P MidCap 400 ETF) | RDNW (RideNow Group, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +73.0% |
| 5-year return | +47.5% | -83.4% |
| Volatility (ann.) | 16.5% | 80.4% |
| Beta vs S&P 500 | 0.91 | 2.03 |
| Max drawdown (3Y) | -24.0% | -82.3% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| 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 | RDNW |
|---|---|---|
| 2022 | -13.3% | -84.4% |
| 2023 | +16.1% | +25.8% |
| 2024 | +13.6% | -33.3% |
| 2025 | +7.2% | +1.7% |
| 2026 | +16.4% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and RDNW 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 MDY and RDNW?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.31 over the last year and 0.44 over 5 years.
Is RDNW a good diversifier for MDY?
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-rdnw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-rdnw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · RDNW correlations
