MAIN vs VXZ: Correlation
Main Street Capital Corporation (MAIN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAIN and VXZ?
Across a 3-year window, the weekly returns of MAIN and VXZ correlate at -0.47, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.43) sits close to the 3-year figure. Stretching to 5 years gives -0.50, with an annualized covariance of -238.2 %².
VXZ is close to the least connected end of MAIN's tracked universe, ranking #11 of 12. On 12-month performance MAIN holds a 13.6-point edge, -2.5% against -16.1%.
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.
MAIN vs VXZ: side by side
| MAIN (Main Street Capital Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.5% | -16.1% |
| 5-year return | +106.5% | -53.1% |
| Volatility (ann.) | 19.6% | 25.6% |
| Beta vs S&P 500 | 0.69 | -1.31 |
| Max drawdown (3Y) | -22.4% | -36.4% |
| Market cap | $5.5B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 5.29% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MAIN | VXZ |
|---|---|---|
| 2022 | -11.4% | +0.5% |
| 2023 | +28.2% | -44.0% |
| 2024 | +47.3% | -12.7% |
| 2025 | +10.7% | +5.7% |
| 2026 | +1.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAIN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.47, MAIN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MAIN and VXZ?
As of 2026-08-27, the correlation of weekly returns between MAIN and VXZ is -0.47 over 3 years, -0.43 over 1 year and -0.50 over 5 years.
Is VXZ a good diversifier for MAIN?
Yes. With a correlation of -0.47, MAIN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.47 mean?
On the −1 to +1 scale, -0.47 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/main-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/main-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MAIN correlations · VXZ correlations
