MDU vs VXZ: Correlation
MDU Resources Group, Inc. (MDU) 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 -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDU and VXZ?
On 3 years of weekly data the MDU/VXZ correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.04) runs above the 3-year figure (-0.34). The 5-year figure is -0.40, and annualized covariance runs at -221.6 %².
Out of 11 assets tracked against MDU, VXZ lands near the bottom at #11. The last year tells two different stories: MDU led by 42.4 percentage points, +26.3% for MDU 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.
MDU vs VXZ: side by side
| MDU (MDU Resources Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.3% | -16.1% |
| 5-year return | +90.7% | -53.1% |
| Volatility (ann.) | 25.2% | 25.6% |
| Beta vs S&P 500 | 0.55 | -1.31 |
| Max drawdown (3Y) | -21.5% | -36.4% |
| Market cap | $4.2B | – |
| P/E (trailing) | 21.7 | – |
| Dividend yield | 2.76% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MDU | VXZ |
|---|---|---|
| 2022 | +1.5% | +0.5% |
| 2023 | -1.9% | -44.0% |
| 2024 | +68.0% | -12.7% |
| 2025 | +11.8% | +5.7% |
| 2026 | +4.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDU and VXZ good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MDU and VXZ?
The MDU/VXZ correlation stands at -0.34 on a 3-year window (1 year: 0.04, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MDU?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
A reading of -0.34 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/mdu-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdu-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDU correlations · VXZ correlations
