MFC vs VXZ: Correlation
Measured on weekly returns over the past three years, Manulife Financial Corporation (MFC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.58, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFC and VXZ?
On 3 years of weekly data the MFC/VXZ correlation comes out at -0.58, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.40) than the 3-year average (-0.58). The 5-year figure is -0.59, and annualized covariance runs at -314.0 %².
Among the 12 assets we track against MFC, VXZ sits near the bottom by co-movement, at rank #12. The last year tells two different stories: MFC led by 62.4 percentage points, +46.3% for MFC against -16.1% for VXZ.
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 VXZ: side by side
| MFC (Manulife Financial Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +46.3% | -16.1% |
| 5-year return | +174.6% | -53.1% |
| Volatility (ann.) | 21.2% | 25.6% |
| Beta vs S&P 500 | 0.87 | -1.31 |
| Max drawdown (3Y) | -16.8% | -36.4% |
| Market cap | $71.7B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 4.28% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MFC | VXZ |
|---|---|---|
| 2022 | -1.2% | +0.5% |
| 2023 | +31.1% | -44.0% |
| 2024 | +45.2% | -12.7% |
| 2025 | +20.6% | +5.7% |
| 2026 | +22.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.58, MFC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MFC and VXZ?
As of 2026-08-27, the correlation of weekly returns between MFC and VXZ is -0.58 over 3 years, -0.40 over 1 year and -0.59 over 5 years.
Is VXZ a good diversifier for MFC?
Yes. With a correlation of -0.58, MFC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.58 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/mfc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mfc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MFC correlations · VXZ correlations
