MDY vs UA: Correlation
SPDR S&P MidCap 400 ETF (MDY) and Under Armour, Inc. (UA) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and UA?
On 3 years of weekly data the MDY/UA correlation comes out at 0.50, moderate. Recent behaviour matches the longer record: 0.54 over 1 year against 0.50 over 3. The 5-year figure is 0.56, and annualized covariance runs at 388.3 %².
Among the 359 assets we track against MDY, UA ranks #295 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MDY outperformed by 18.1 percentage points (+18.3% for MDY against +0.2% for UA). One caveat on sizing: UA is 2.8 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 UA: side by side
| MDY (SPDR S&P MidCap 400 ETF) | UA (Under Armour, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +0.2% |
| 5-year return | +47.5% | -76.2% |
| Volatility (ann.) | 16.5% | 46.7% |
| Beta vs S&P 500 | 0.91 | 0.99 |
| Max drawdown (3Y) | -24.0% | -60.2% |
| Market cap | – | $2.1B |
| 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 |
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 | UA |
|---|---|---|
| 2022 | -13.3% | -50.6% |
| 2023 | +16.1% | -6.4% |
| 2024 | +13.6% | -10.7% |
| 2025 | +7.2% | -35.7% |
| 2026 | +16.4% | +3.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and UA good diversifiers for each other?
Only partially. A correlation of 0.50 means MDY and UA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MDY and UA?
As of 2026-08-27, the correlation of weekly returns between MDY and UA is 0.50 over 3 years, 0.54 over 1 year and 0.56 over 5 years.
Is UA a good diversifier for MDY?
Only partially. A correlation of 0.50 means MDY and UA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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.
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Related comparisons
Hubs: MDY correlations · UA correlations
