MDY vs VXZ: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.72, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and VXZ?
On 3 years of weekly data the MDY/VXZ correlation comes out at -0.72, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.67 lands near the 3-year figure. The 5-year figure is -0.72, and annualized covariance runs at -303.3 %².
VXZ is close to the least connected end of MDY's tracked universe, ranking #358 of 359. Correlation aside, the last 12 months split them widely, with MDY ahead by 34.4 points (+18.3% versus -16.1%). Note the risk asymmetry: VXZ runs 1.6 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.
MDY vs VXZ: side by side
| MDY (SPDR S&P MidCap 400 ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.3% | -16.1% |
| 5-year return | +47.5% | -53.1% |
| Volatility (ann.) | 16.5% | 25.6% |
| Beta vs S&P 500 | 0.91 | -1.31 |
| Max drawdown (3Y) | -24.0% | -36.4% |
| Dividend yield | 1.02% | – |
| 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 | VXZ |
|---|---|---|
| 2022 | -13.3% | +0.5% |
| 2023 | +16.1% | -44.0% |
| 2024 | +13.6% | -12.7% |
| 2025 | +7.2% | +5.7% |
| 2026 | +16.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and VXZ good diversifiers for each other?
Yes: at -0.72, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MDY and VXZ?
As of 2026-08-27, the correlation of weekly returns between MDY and VXZ is -0.72 over 3 years, -0.67 over 1 year and -0.72 over 5 years.
Is VXZ a good diversifier for MDY?
Yes: at -0.72, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.72 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDY correlations · VXZ correlations
