MDY vs RH: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and RH (RH) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and RH?
On 3 years of weekly data the MDY/RH correlation comes out at 0.72, strong. Little has changed lately, as the 1-year reading of 0.65 lands near the 3-year figure. The 5-year figure is 0.69, and annualized covariance runs at 796.2 %².
By 3-year correlation, RH places #50 of the 359 assets tracked against MDY. Correlation aside, the last 12 months split them widely, with MDY ahead by 54.8 points (+18.3% versus -36.5%). One caveat on sizing: RH is 4.1 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 RH: side by side
| MDY (SPDR S&P MidCap 400 ETF) | RH (RH) | |
|---|---|---|
| 1-year return | +18.3% | -36.5% |
| 5-year return | +47.5% | -79.8% |
| Volatility (ann.) | 16.5% | 67.4% |
| Beta vs S&P 500 | 0.91 | 2.60 |
| Max drawdown (3Y) | -24.0% | -75.2% |
| Market cap | – | $2.7B |
| P/E (trailing) | – | 28.7 |
| Dividend yield | 1.02% | 0.00% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
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 | MDY | RH |
|---|---|---|
| 2022 | -13.3% | -50.1% |
| 2023 | +16.1% | +9.1% |
| 2024 | +13.6% | +35.0% |
| 2025 | +7.2% | -54.5% |
| 2026 | +16.4% | -19.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.06% of MDY is RH itself, so the fund partly moves with the stock by construction.
Are MDY and RH good diversifiers for each other?
To a limited degree. At 0.72 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 RH?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.65 over the last year and 0.69 over 5 years.
Is RH a good diversifier for MDY?
To a limited degree. At 0.72 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 0.72 mean?
A reading of 0.72 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-rh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-rh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · RH correlations
