MBIN vs VXZ: Correlation
Merchants Bancorp (MBIN) 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 -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MBIN and VXZ?
On 3 years of weekly data the MBIN/VXZ correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.17) runs above the 3-year figure (-0.43). The 5-year figure is -0.43, and annualized covariance runs at -443.1 %².
Out of 11 assets tracked against MBIN, VXZ lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with MBIN ahead by 79.4 points (+63.3% versus -16.1%). Risk is not evenly split, since MBIN carries 1.6 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.
MBIN vs VXZ: side by side
| MBIN (Merchants Bancorp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +63.3% | -16.1% |
| 5-year return | +132.1% | -53.1% |
| Volatility (ann.) | 39.8% | 25.6% |
| Beta vs S&P 500 | 0.90 | -1.31 |
| Max drawdown (3Y) | -43.9% | -36.4% |
| Market cap | $2.4B | – |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 0.79% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MBIN | VXZ |
|---|---|---|
| 2022 | -22.1% | +0.5% |
| 2023 | +77.0% | -44.0% |
| 2024 | -13.6% | -12.7% |
| 2025 | -5.5% | +5.7% |
| 2026 | +57.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MBIN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
FAQ
What is the correlation between MBIN and VXZ?
As of 2026-08-27, the correlation of weekly returns between MBIN and VXZ is -0.43 over 3 years, -0.17 over 1 year and -0.43 over 5 years.
Is VXZ a good diversifier for MBIN?
By historical standards, yes. A correlation of -0.43 means the two rarely move for the same reasons.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/mbin-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mbin-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MBIN correlations · VXZ correlations
