MGM vs VXZ: Correlation
MGM Resorts (MGM) 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 MGM and VXZ?
Over the past 3 years, MGM and VXZ moved with a correlation of -0.48, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.31) runs above the 3-year figure (-0.48). Over 5 years the correlation is -0.51, and the annualized covariance of weekly returns is -435.9 %².
Out of 41 assets tracked against MGM, VXZ lands near the bottom at #40. Their recent paths diverged sharply: over the last 12 months MGM outperformed by 24.1 percentage points (+8.0% for MGM 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.
MGM vs VXZ: side by side
| MGM (MGM Resorts) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.0% | -16.1% |
| 5-year return | +0.8% | -53.1% |
| Volatility (ann.) | 35.2% | 25.6% |
| Beta vs S&P 500 | 1.18 | -1.31 |
| Max drawdown (3Y) | -46.0% | -36.4% |
| Market cap | $11.0B | – |
| P/E (trailing) | 26.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | MGM | VXZ |
|---|---|---|
| 2022 | -25.3% | +0.5% |
| 2023 | +33.3% | -44.0% |
| 2024 | -22.4% | -12.7% |
| 2025 | +5.3% | +5.7% |
| 2026 | +17.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGM 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 MGM and VXZ?
The MGM/VXZ correlation stands at -0.48 on a 3-year window (1 year: -0.31, 5 years: -0.51), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MGM?
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?
A reading of -0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mgm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mgm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MGM correlations · VXZ correlations
