MGRC vs VXZ: Correlation
Measured on weekly returns over the past three years, McGrath RentCorp (MGRC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGRC and VXZ?
Over the past 3 years, MGRC and VXZ moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.30 over 3. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -203.2 %².
Among the 10 assets we track against MGRC, VXZ sits near the bottom by co-movement, at rank #10. Over the last 12 months MGRC came out ahead by 8.6 percentage points (-7.5% against -16.1%).
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.
MGRC vs VXZ: side by side
| MGRC (McGrath RentCorp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.5% | -16.1% |
| 5-year return | +79.8% | -53.1% |
| Volatility (ann.) | 26.1% | 25.6% |
| Beta vs S&P 500 | 0.65 | -1.31 |
| Max drawdown (3Y) | -24.9% | -36.4% |
| Market cap | $2.8B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 1.72% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGRC | VXZ |
|---|---|---|
| 2022 | +25.8% | +0.5% |
| 2023 | +23.5% | -44.0% |
| 2024 | -4.9% | -12.7% |
| 2025 | -4.6% | +5.7% |
| 2026 | +9.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGRC and VXZ good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MGRC and VXZ?
As of 2026-08-27, the correlation of weekly returns between MGRC and VXZ is -0.30 over 3 years, -0.22 over 1 year and -0.35 over 5 years.
Is VXZ a good diversifier for MGRC?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/mgrc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mgrc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MGRC correlations · VXZ correlations
