MEDP vs VXZ: Correlation
How closely do Medpace Holdings, Inc. (MEDP) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MEDP and VXZ?
On 3 years of weekly data the MEDP/VXZ correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.30 lands near the 3-year figure. The 5-year figure is -0.36, and annualized covariance runs at -378.4 %².
VXZ is close to the least connected end of MEDP's tracked universe, ranking #15 of 15. Correlation aside, the last 12 months split them widely, with MEDP ahead by 45.3 points (+29.2% versus -16.1%). Risk is not evenly split, since MEDP carries 1.8 times the volatility of the other side.
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.
MEDP vs VXZ: side by side
| MEDP (Medpace Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +29.2% | -16.1% |
| 5-year return | +231.5% | -53.1% |
| Volatility (ann.) | 46.4% | 25.6% |
| Beta vs S&P 500 | 1.04 | -1.31 |
| Max drawdown (3Y) | -39.4% | -36.4% |
| Market cap | $17.1B | – |
| P/E (trailing) | 36.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MEDP | VXZ |
|---|---|---|
| 2022 | -2.4% | +0.5% |
| 2023 | +44.3% | -44.0% |
| 2024 | +8.4% | -12.7% |
| 2025 | +69.1% | +5.7% |
| 2026 | +8.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MEDP and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, MEDP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MEDP and VXZ?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.30 over the last year and -0.36 over 5 years.
Is VXZ a good diversifier for MEDP?
Yes. With a correlation of -0.32, MEDP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/medp-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/medp-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MEDP correlations · VXZ correlations
