MFC vs VXX: Correlation
Manulife Financial Corporation (MFC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFC and VXX?
Across a 3-year window, the weekly returns of MFC and VXX correlate at -0.58, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.43) runs above the 3-year figure (-0.58). Stretching to 5 years gives -0.54, with an annualized covariance of -756.7 %².
Out of 12 assets tracked against MFC, VXX lands near the bottom at #11. The last year tells two different stories: MFC led by 96.0 percentage points, +46.3% for MFC against -49.7% for VXX. One caveat on sizing: VXX is 2.9 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.
MFC vs VXX: side by side
| MFC (Manulife Financial Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +46.3% | -49.7% |
| 5-year return | +174.6% | -95.6% |
| Volatility (ann.) | 21.2% | 60.9% |
| Beta vs S&P 500 | 0.87 | -3.31 |
| Max drawdown (3Y) | -16.8% | -83.3% |
| Market cap | $71.7B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 4.28% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MFC | VXX |
|---|---|---|
| 2022 | -1.2% | -23.8% |
| 2023 | +31.1% | -72.5% |
| 2024 | +45.2% | -26.2% |
| 2025 | +20.6% | -42.2% |
| 2026 | +22.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFC and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.58 means the two rarely move for the same reasons.
FAQ
What is the correlation between MFC and VXX?
The MFC/VXX correlation stands at -0.58 on a 3-year window (1 year: -0.43, 5 years: -0.54), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for MFC?
By historical standards, yes. A correlation of -0.58 means the two rarely move for the same reasons.
What does a correlation of -0.58 mean?
On the −1 to +1 scale, -0.58 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/mfc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mfc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MFC correlations · VXX correlations
