MGF vs VXZ: Correlation
Measured on weekly returns over the past three years, Aberdeen Government Markets Income Fund (MGF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGF and VXZ?
On 3 years of weekly data the MGF/VXZ correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.40) than the 3-year average (-0.22). The 5-year figure is -0.26, and annualized covariance runs at -49.4 %².
VXZ is close to the least connected end of MGF's tracked universe, ranking #10 of 10. The last year tells two different stories: MGF led by 17.8 percentage points, +1.7% for MGF against -16.1% for VXZ. One caveat on sizing: VXZ is 2.9 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.
MGF vs VXZ: side by side
| MGF (Aberdeen Government Markets Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.7% | -16.1% |
| 5-year return | -3.4% | -53.1% |
| Volatility (ann.) | 8.8% | 25.6% |
| Beta vs S&P 500 | 0.17 | -1.31 |
| Max drawdown (3Y) | -8.7% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 26.3 | – |
| Dividend yield | 8.17% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGF | VXZ |
|---|---|---|
| 2022 | -15.8% | +0.5% |
| 2023 | +3.8% | -44.0% |
| 2024 | +4.2% | -12.7% |
| 2025 | +6.3% | +5.7% |
| 2026 | +0.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGF and VXZ good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MGF and VXZ?
The MGF/VXZ correlation stands at -0.22 on a 3-year window (1 year: -0.40, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MGF?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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/mgf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mgf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MGF correlations · VXZ correlations
