MCHB vs VXZ: Correlation
Measured on weekly returns over the past three years, Mechanics Bancorp (MCHB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MCHB and VXZ?
Over the past 3 years, MCHB and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -430.3 %².
VXZ is close to the least connected end of MCHB's tracked universe, ranking #11 of 11. The last year tells two different stories: MCHB led by 42.1 percentage points, +26.0% for MCHB against -16.1% for VXZ. One caveat on sizing: MCHB is 2.5 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.
MCHB vs VXZ: side by side
| MCHB (Mechanics Bancorp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.0% | -16.1% |
| 5-year return | -51.9% | -53.1% |
| Volatility (ann.) | 63.9% | 25.6% |
| Beta vs S&P 500 | 1.12 | -1.31 |
| Max drawdown (3Y) | -56.1% | -36.4% |
| Market cap | $3.6B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 8.16% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MCHB | VXZ |
|---|---|---|
| 2022 | -44.8% | +0.5% |
| 2023 | -60.6% | -44.0% |
| 2024 | +10.9% | -12.7% |
| 2025 | +29.9% | +5.7% |
| 2026 | +18.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MCHB and VXZ good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MCHB and VXZ?
The MCHB/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.30, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MCHB?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/mchb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mchb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MCHB correlations · VXZ correlations
