MCN vs VXX: Correlation
How closely do XAI Madison Equity Premium Income Fund (MCN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.50, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MCN and VXX?
On 3 years of weekly data the MCN/VXX correlation comes out at -0.50, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.57) sits close to the 3-year figure. The 5-year figure is -0.44, and annualized covariance runs at -428.6 %².
Out of 13 assets tracked against MCN, VXX lands near the bottom at #13. Correlation aside, the last 12 months split them widely, with MCN ahead by 51.5 points (+1.8% versus -49.7%). Note the risk asymmetry: VXX runs 4.4 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.
MCN vs VXX: side by side
| MCN (XAI Madison Equity Premium Income Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.8% | -49.7% |
| 5-year return | +17.0% | -95.6% |
| Volatility (ann.) | 13.9% | 60.9% |
| Beta vs S&P 500 | 0.46 | -3.31 |
| Max drawdown (3Y) | -24.5% | -83.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | 18.2 | – |
| Dividend yield | 12.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MCN | VXX |
|---|---|---|
| 2022 | +6.3% | -23.8% |
| 2023 | +7.0% | -72.5% |
| 2024 | -1.5% | -26.2% |
| 2025 | +0.7% | -42.2% |
| 2026 | +2.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MCN and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
FAQ
What is the correlation between MCN and VXX?
The MCN/VXX correlation stands at -0.50 on a 3-year window (1 year: -0.57, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for MCN?
By historical standards, yes. A correlation of -0.50 means the two rarely move for the same reasons.
What does a correlation of -0.50 mean?
A reading of -0.50 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mcn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mcn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MCN correlations · VXX correlations
