MFIN vs VXX: Correlation
How closely do Medallion Financial Corp. (MFIN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFIN and VXX?
On 3 years of weekly data the MFIN/VXX correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.42 lands near the 3-year figure. The 5-year figure is -0.24, and annualized covariance runs at -849.1 %².
VXX is close to the least connected end of MFIN's tracked universe, ranking #13 of 14. Their recent paths diverged sharply: over the last 12 months MFIN outperformed by 68.1 percentage points (+18.4% for MFIN against -49.7% for VXX). Risk is not evenly split, since VXX carries 1.9 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.
MFIN vs VXX: side by side
| MFIN (Medallion Financial Corp.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.4% | -49.7% |
| 5-year return | +74.5% | -95.6% |
| Volatility (ann.) | 32.3% | 60.9% |
| Beta vs S&P 500 | 0.90 | -3.31 |
| Max drawdown (3Y) | -30.8% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 8.8 | – |
| Dividend yield | 4.27% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MFIN | VXX |
|---|---|---|
| 2022 | +28.4% | -23.8% |
| 2023 | +44.0% | -72.5% |
| 2024 | +0.1% | -26.2% |
| 2025 | +15.1% | -42.2% |
| 2026 | +19.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFIN and VXX good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MFIN and VXX?
The MFIN/VXX correlation stands at -0.43 on a 3-year window (1 year: -0.42, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for MFIN?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/mfin-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mfin-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MFIN correlations · VXX correlations
