MFIC vs VXZ: Correlation
MidCap Financial Investment Corporation - Closed End Fund (MFIC) 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 -0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFIC and VXZ?
Across a 3-year window, the weekly returns of MFIC and VXZ correlate at -0.50, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.25) than the 3-year average (-0.50). Stretching to 5 years gives -0.51, with an annualized covariance of -265.0 %².
Among the 11 assets we track against MFIC, VXZ sits near the bottom by co-movement, at rank #11. Their 12-month results are close: -17.7% for MFIC 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.
MFIC vs VXZ: side by side
| MFIC (MidCap Financial Investment Corporation - Closed End Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -17.7% | -16.1% |
| 5-year return | +29.0% | -53.1% |
| Volatility (ann.) | 20.8% | 25.6% |
| Beta vs S&P 500 | 0.57 | -1.31 |
| Max drawdown (3Y) | -27.0% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 14.32% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MFIC | VXZ |
|---|---|---|
| 2022 | +0.2% | +0.5% |
| 2023 | +35.5% | -44.0% |
| 2024 | +11.2% | -12.7% |
| 2025 | -4.3% | +5.7% |
| 2026 | -9.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFIC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.50, MFIC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MFIC and VXZ?
Using weekly returns as of 2026-08-27: -0.50 over 3 years, with -0.25 over the last year and -0.51 over 5 years.
Is VXZ a good diversifier for MFIC?
Yes. With a correlation of -0.50, MFIC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.50 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/mfic-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mfic-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MFIC correlations · VXZ correlations
