MFG vs VXZ: Correlation
How closely do Mizuho Financial Group, Inc. Sponosred ADR (Japan) (MFG) 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 -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFG and VXZ?
On 3 years of weekly data the MFG/VXZ correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.44 over 1 year against -0.40 over 3. The 5-year figure is -0.43, and annualized covariance runs at -344.3 %².
VXZ is close to the least connected end of MFG's tracked universe, ranking #9 of 10. The last year tells two different stories: MFG led by 75.2 percentage points, +59.1% for MFG 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.
MFG vs VXZ: side by side
| MFG (Mizuho Financial Group, Inc. Sponosred ADR (Japan)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +59.1% | -16.1% |
| 5-year return | +297.9% | -53.1% |
| Volatility (ann.) | 33.9% | 25.6% |
| Beta vs S&P 500 | 1.03 | -1.31 |
| Max drawdown (3Y) | -28.3% | -36.4% |
| Market cap | $126.8B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 1387.56% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MFG | VXZ |
|---|---|---|
| 2022 | +11.4% | +0.5% |
| 2023 | +21.1% | -44.0% |
| 2024 | +47.9% | -12.7% |
| 2025 | +52.5% | +5.7% |
| 2026 | +42.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.40, MFG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MFG and VXZ?
As of 2026-08-27, the correlation of weekly returns between MFG and VXZ is -0.40 over 3 years, -0.44 over 1 year and -0.43 over 5 years.
Is VXZ a good diversifier for MFG?
Yes. With a correlation of -0.40, MFG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/mfg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mfg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MFG correlations · VXZ correlations
