MAGN vs VXZ: Correlation
Measured on weekly returns over the past three years, Magnera Corporation (MAGN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAGN and VXZ?
Over the past 3 years, MAGN and VXZ moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.36) than the 3-year average (-0.22). Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -404.5 %².
Out of 11 assets tracked against MAGN, VXZ lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months MAGN outperformed by 15.1 percentage points (-1.0% for MAGN against -16.1% for VXZ). One caveat on sizing: MAGN 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.
MAGN vs VXZ: side by side
| MAGN (Magnera Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.0% | -16.1% |
| 5-year return | -93.7% | -53.1% |
| Volatility (ann.) | 71.5% | 25.6% |
| Beta vs S&P 500 | 1.31 | -1.31 |
| Max drawdown (3Y) | -76.8% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MAGN | VXZ |
|---|---|---|
| 2022 | -83.3% | +0.5% |
| 2023 | -30.2% | -44.0% |
| 2024 | -28.0% | -12.7% |
| 2025 | -16.7% | +5.7% |
| 2026 | -18.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAGN and VXZ good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MAGN and VXZ?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.36 over the last year and -0.29 over 5 years.
Is VXZ a good diversifier for MAGN?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/magn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/magn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MAGN correlations · VXZ correlations
