MCO vs VXZ: Correlation
Measured on weekly returns over the past three years, Moody's Corporation (MCO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.52, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MCO and VXZ?
On 3 years of weekly data the MCO/VXZ correlation comes out at -0.52, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.32) runs above the 3-year figure (-0.52). The 5-year figure is -0.50, and annualized covariance runs at -340.8 %².
Among the 53 assets we track against MCO, VXZ sits near the bottom by co-movement, at rank #53. Their recent paths diverged sharply: over the last 12 months MCO outperformed by 16.8 percentage points (+0.7% for MCO 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.
MCO vs VXZ: side by side
| MCO (Moody's Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.7% | -16.1% |
| 5-year return | +39.4% | -53.1% |
| Volatility (ann.) | 25.8% | 25.6% |
| Beta vs S&P 500 | 1.08 | -1.31 |
| Max drawdown (3Y) | -24.7% | -36.4% |
| Market cap | $88.2B | – |
| P/E (trailing) | 32.7 | – |
| Dividend yield | 0.77% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MCO | VXZ |
|---|---|---|
| 2022 | -28.0% | +0.5% |
| 2023 | +41.5% | -44.0% |
| 2024 | +22.2% | -12.7% |
| 2025 | +8.7% | +5.7% |
| 2026 | +0.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MCO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.52, MCO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MCO and VXZ?
Using weekly returns as of 2026-08-27: -0.52 over 3 years, with -0.32 over the last year and -0.50 over 5 years.
Is VXZ a good diversifier for MCO?
Yes. With a correlation of -0.52, MCO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.52 mean?
On the −1 to +1 scale, -0.52 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/mco-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mco-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MCO correlations · VXZ correlations
