MDY vs RRR: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Red Rock Resorts, Inc. (RRR) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and RRR?
Across a 3-year window, the weekly returns of MDY and RRR correlate at 0.55, moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 288.9 %².
Within MDY's tracked universe of 359 assets, RRR comes in at #251 by 3-year correlation. The last year tells two different stories: MDY led by 22.5 percentage points, +18.3% for MDY against -4.2% for RRR. Note the risk asymmetry: RRR runs 1.9 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 RRR: side by side
| MDY (SPDR S&P MidCap 400 ETF) | RRR (Red Rock Resorts, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | -4.2% |
| 5-year return | +47.5% | +60.9% |
| Volatility (ann.) | 16.5% | 32.0% |
| Beta vs S&P 500 | 0.91 | 0.90 |
| Max drawdown (3Y) | -24.0% | -38.6% |
| Market cap | – | $6.0B |
| P/E (trailing) | – | 20.6 |
| Dividend yield | 1.02% | 1.73% |
| 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 | RRR |
|---|---|---|
| 2022 | -13.3% | -23.7% |
| 2023 | +16.1% | +36.3% |
| 2024 | +13.6% | -10.1% |
| 2025 | +7.2% | +39.5% |
| 2026 | +16.4% | -3.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and RRR good diversifiers for each other?
To a limited degree. At 0.55 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 RRR?
The MDY/RRR correlation stands at 0.55 on a 3-year window (1 year: 0.53, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is RRR a good diversifier for MDY?
To a limited degree. At 0.55 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 0.55 mean?
On the −1 to +1 scale, 0.55 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
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-rrr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-rrr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · RRR correlations
