MFM vs VXX: Correlation
How closely do Aberdeen Municipal Income Fund (MFM) 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 -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MFM and VXX?
Over the past 3 years, MFM and VXX moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -204.0 %².
VXX is close to the least connected end of MFM's tracked universe, ranking #8 of 10. Their recent paths diverged sharply: over the last 12 months MFM outperformed by 60.9 percentage points (+11.2% for MFM against -49.7% for VXX). One caveat on sizing: VXX is 4.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MFM vs VXX: side by side
| MFM (Aberdeen Municipal Income Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +11.2% | -49.7% |
| 5-year return | -4.9% | -95.6% |
| Volatility (ann.) | 12.8% | 60.9% |
| Beta vs S&P 500 | 0.28 | -3.31 |
| Max drawdown (3Y) | -11.7% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 5.25% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MFM | VXX |
|---|---|---|
| 2022 | -22.6% | -23.8% |
| 2023 | +4.2% | -72.5% |
| 2024 | +8.5% | -26.2% |
| 2025 | +7.0% | -42.2% |
| 2026 | +3.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MFM and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between MFM and VXX?
As of 2026-08-27, the correlation of weekly returns between MFM and VXX is -0.26 over 3 years, -0.28 over 1 year and -0.25 over 5 years.
Is VXX a good diversifier for MFM?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 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/mfm-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mfm-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MFM correlations · VXX correlations
