MAN vs VXZ: Correlation
How closely do ManpowerGroup (MAN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAN and VXZ?
On 3 years of weekly data the MAN/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.08 versus -0.24 over 3 years. The 5-year figure is -0.33, and annualized covariance runs at -269.9 %².
Out of 14 assets tracked against MAN, VXZ lands near the bottom at #13. The last year tells two different stories: MAN led by 72.2 percentage points, +56.1% for MAN against -16.1% for VXZ. Note the risk asymmetry: MAN runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MAN vs VXZ: side by side
| MAN (ManpowerGroup) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +56.1% | -16.1% |
| 5-year return | -37.6% | -53.1% |
| Volatility (ann.) | 44.3% | 25.6% |
| Beta vs S&P 500 | 0.79 | -1.31 |
| Max drawdown (3Y) | -64.7% | -36.4% |
| Market cap | $2.9B | – |
| P/E (trailing) | 27.9 | – |
| Dividend yield | 2.32% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MAN | VXZ |
|---|---|---|
| 2022 | -11.8% | +0.5% |
| 2023 | -0.6% | -44.0% |
| 2024 | -24.0% | -12.7% |
| 2025 | -46.2% | +5.7% |
| 2026 | +114.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAN and VXZ good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MAN and VXZ?
The MAN/VXZ correlation stands at -0.24 on a 3-year window (1 year: -0.08, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MAN?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/man-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/man-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MAN correlations · VXZ correlations
