MERC vs VXX: Correlation
Measured on weekly returns over the past three years, Mercer International Inc. (MERC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MERC and VXX?
On 3 years of weekly data the MERC/VXX correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.17) than the 3-year average (-0.29). The 5-year figure is -0.26, and annualized covariance runs at -1127.9 %².
VXX is close to the least connected end of MERC's tracked universe, ranking #10 of 11. The last year tells two different stories: VXX led by 38.3 percentage points, -88.0% for MERC against -49.7% for VXX.
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.
MERC vs VXX: side by side
| MERC (Mercer International Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -88.0% | -49.7% |
| 5-year return | -96.1% | -95.6% |
| Volatility (ann.) | 63.1% | 60.9% |
| Beta vs S&P 500 | 1.38 | -3.31 |
| Max drawdown (3Y) | -96.2% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MERC | VXX |
|---|---|---|
| 2022 | -0.6% | -23.8% |
| 2023 | -15.7% | -72.5% |
| 2024 | -28.7% | -26.2% |
| 2025 | -68.5% | -42.2% |
| 2026 | -80.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MERC and VXX good diversifiers for each other?
Yes. With a correlation of -0.29, MERC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MERC and VXX?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.17 over the last year and -0.26 over 5 years.
Is VXX a good diversifier for MERC?
Yes. With a correlation of -0.29, MERC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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/merc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/merc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MERC correlations · VXX correlations
