MDY vs WHLR: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) and Wheeler Real Estate Investment Trust, Inc. (WHLR) trade together? Their weekly returns over three years give a correlation of -0.14, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and WHLR?
On 3 years of weekly data the MDY/WHLR correlation comes out at -0.14, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.03 versus -0.14 over 3 years. The 5-year figure is -0.08, and annualized covariance runs at -1269.7 %².
Among the 359 assets we track against MDY, WHLR sits near the bottom by co-movement, at rank #355. Correlation aside, the last 12 months split them widely, with MDY ahead by 118.3 points (+18.3% versus -100.0%). One caveat on sizing: WHLR is 33.0 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 WHLR: side by side
| MDY (SPDR S&P MidCap 400 ETF) | WHLR (Wheeler Real Estate Investment Trust, Inc.) | |
|---|---|---|
| 1-year return | +18.3% | -100.0% |
| 5-year return | +47.5% | -100.0% |
| Volatility (ann.) | 16.5% | 545.0% |
| Beta vs S&P 500 | 0.91 | -5.84 |
| Max drawdown (3Y) | -24.0% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | 0.0 |
| 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 | WHLR |
|---|---|---|
| 2022 | -13.3% | -28.0% |
| 2023 | +16.1% | -98.4% |
| 2024 | +13.6% | -98.4% |
| 2025 | +7.2% | -100.0% |
| 2026 | +16.4% | -99.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and WHLR good diversifiers for each other?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between MDY and WHLR?
The MDY/WHLR correlation stands at -0.14 on a 3-year window (1 year: -0.03, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is WHLR a good diversifier for MDY?
By historical standards, yes. A correlation of -0.14 means the two rarely move for the same reasons.
What does a correlation of -0.14 mean?
On the −1 to +1 scale, -0.14 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 · WHLR correlations
