MDY vs UAA: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and Under Armour, Inc. (UAA) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and UAA?
On 3 years of weekly data the MDY/UAA correlation comes out at 0.49, moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. The 5-year figure is 0.55, and annualized covariance runs at 394.6 %².
Among the 359 assets we track against MDY, UAA ranks #309 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MDY ahead by 17.7 points (+18.3% versus +0.6%). Risk is not evenly split, since UAA carries 3.0 times the volatility of the other side.
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 UAA: side by side
| MDY (SPDR S&P MidCap 400 ETF) | UAA (Under Armour, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | +0.6% |
| 5-year return | +47.5% | -79.0% |
| Volatility (ann.) | 16.5% | 49.2% |
| Beta vs S&P 500 | 0.91 | 0.99 |
| Max drawdown (3Y) | -24.0% | -62.5% |
| Market cap | – | $2.2B |
| 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 |
MDY is a Mid-Cap Blend fund from State Street Investment Management: $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | UAA |
|---|---|---|
| 2022 | -13.3% | -52.1% |
| 2023 | +16.1% | -13.5% |
| 2024 | +13.6% | -5.8% |
| 2025 | +7.2% | -40.0% |
| 2026 | +16.4% | +2.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and UAA good diversifiers for each other?
Reasonably. At 0.49, MDY and UAA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MDY and UAA?
As of 2026-08-27, the correlation of weekly returns between MDY and UAA is 0.49 over 3 years, 0.54 over 1 year and 0.55 over 5 years.
Is UAA a good diversifier for MDY?
Reasonably. At 0.49, MDY and UAA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 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-uaa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-uaa/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDY correlations · UAA correlations
