MERC vs VXZ: Correlation
Mercer International Inc. (MERC) 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 -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MERC and VXZ?
On 3 years of weekly data the MERC/VXZ correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. The 5-year figure is -0.26, and annualized covariance runs at -479.4 %².
VXZ is close to the least connected end of MERC's tracked universe, ranking #11 of 11. The last year tells two different stories: VXZ led by 71.9 percentage points, -88.0% for MERC against -16.1% for VXZ. Risk is not evenly split, since MERC carries 2.5 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.
MERC vs VXZ: side by side
| MERC (Mercer International Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -88.0% | -16.1% |
| 5-year return | -96.1% | -53.1% |
| Volatility (ann.) | 63.1% | 25.6% |
| Beta vs S&P 500 | 1.38 | -1.31 |
| Max drawdown (3Y) | -96.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MERC | VXZ |
|---|---|---|
| 2022 | -0.6% | +0.5% |
| 2023 | -15.7% | -44.0% |
| 2024 | -28.7% | -12.7% |
| 2025 | -68.5% | +5.7% |
| 2026 | -80.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MERC and VXZ good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MERC and VXZ?
As of 2026-08-27, the correlation of weekly returns between MERC and VXZ is -0.30 over 3 years, -0.25 over 1 year and -0.26 over 5 years.
Is VXZ a good diversifier for MERC?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 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/merc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/merc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MERC correlations · VXZ correlations
