MBWM vs VXZ: Correlation
Mercantile Bank Corporation (MBWM) 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 -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MBWM and VXZ?
On 3 years of weekly data the MBWM/VXZ correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. The 5-year figure is -0.45, and annualized covariance runs at -372.6 %².
VXZ is close to the least connected end of MBWM's tracked universe, ranking #26 of 26. The last year tells two different stories: MBWM led by 39.8 percentage points, +23.7% for MBWM against -16.1% for VXZ.
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.
MBWM vs VXZ: side by side
| MBWM (Mercantile Bank Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.7% | -16.1% |
| 5-year return | +126.2% | -53.1% |
| Volatility (ann.) | 29.8% | 25.6% |
| Beta vs S&P 500 | 0.82 | -1.31 |
| Max drawdown (3Y) | -25.0% | -36.4% |
| Market cap | $1.0B | – |
| P/E (trailing) | 10.5 | – |
| Dividend yield | 2.57% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MBWM | VXZ |
|---|---|---|
| 2022 | -0.8% | +0.5% |
| 2023 | +25.8% | -44.0% |
| 2024 | +14.0% | -12.7% |
| 2025 | +11.7% | +5.7% |
| 2026 | +26.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MBWM and VXZ good diversifiers for each other?
Yes. With a correlation of -0.49, MBWM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MBWM and VXZ?
The MBWM/VXZ correlation stands at -0.49 on a 3-year window (1 year: -0.40, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MBWM?
Yes. With a correlation of -0.49, MBWM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 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/mbwm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mbwm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MBWM correlations · VXZ correlations
