MFIN vs VXZ: Correlation
Medallion Financial Corp. (MFIN) 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 -0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFIN and VXZ?
Over the past 3 years, MFIN and VXZ moved with a correlation of -0.48, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.54 lands near the 3-year figure. Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -393.2 %².
Among the 14 assets we track against MFIN, VXZ sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months MFIN outperformed by 34.5 percentage points (+18.4% for MFIN 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.
MFIN vs VXZ: side by side
| MFIN (Medallion Financial Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.4% | -16.1% |
| 5-year return | +74.5% | -53.1% |
| Volatility (ann.) | 32.3% | 25.6% |
| Beta vs S&P 500 | 0.90 | -1.31 |
| Max drawdown (3Y) | -30.8% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 8.8 | – |
| Dividend yield | 4.27% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MFIN | VXZ |
|---|---|---|
| 2022 | +28.4% | +0.5% |
| 2023 | +44.0% | -44.0% |
| 2024 | +0.1% | -12.7% |
| 2025 | +15.1% | +5.7% |
| 2026 | +19.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFIN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
FAQ
What is the correlation between MFIN and VXZ?
As of 2026-08-27, the correlation of weekly returns between MFIN and VXZ is -0.48 over 3 years, -0.54 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for MFIN?
By historical standards, yes. A correlation of -0.48 means the two rarely move for the same reasons.
What does a correlation of -0.48 mean?
On the −1 to +1 scale, -0.48 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mfin-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MFIN correlations · VXZ correlations
