MDY vs VXX: Correlation
How closely do SPDR S&P MidCap 400 ETF (MDY) 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 -0.73, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and VXX?
Across a 3-year window, the weekly returns of MDY and VXX correlate at -0.73, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.63) sits close to the 3-year figure. Stretching to 5 years gives -0.68, with an annualized covariance of -733.7 %².
Out of 359 assets tracked against MDY, VXX lands near the bottom at #359. Correlation aside, the last 12 months split them widely, with MDY ahead by 68.0 points (+18.3% versus -49.7%). One caveat on sizing: VXX is 3.7 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.
MDY vs VXX: side by side
| MDY (SPDR S&P MidCap 400 ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.3% | -49.7% |
| 5-year return | +47.5% | -95.6% |
| Volatility (ann.) | 16.5% | 60.9% |
| Beta vs S&P 500 | 0.91 | -3.31 |
| Max drawdown (3Y) | -24.0% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.02% | 0.00% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
MDY is a Mid-Cap Blend fund from State Street Investment Management: $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | VXX |
|---|---|---|
| 2022 | -13.3% | -23.8% |
| 2023 | +16.1% | -72.5% |
| 2024 | +13.6% | -26.2% |
| 2025 | +7.2% | -42.2% |
| 2026 | +16.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and VXX good diversifiers for each other?
Yes: at -0.73, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MDY and VXX?
As of 2026-08-27, the correlation of weekly returns between MDY and VXX is -0.73 over 3 years, -0.63 over 1 year and -0.68 over 5 years.
Is VXX a good diversifier for MDY?
Yes: at -0.73, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.73 mean?
On the −1 to +1 scale, -0.73 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/mdy-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDY correlations · VXX correlations
