MGTX vs VXZ: Correlation
Measured on weekly returns over the past three years, MeiraGTx Holdings plc (MGTX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGTX and VXZ?
Across a 3-year window, the weekly returns of MGTX and VXZ correlate at -0.35, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.56) runs below the 3-year figure (-0.35). Stretching to 5 years gives -0.35, with an annualized covariance of -696.7 %².
Among the 20 assets we track against MGTX, VXZ sits near the bottom by co-movement, at rank #19. Their recent paths diverged sharply: over the last 12 months MGTX outperformed by 106.2 percentage points (+90.1% for MGTX against -16.1% for VXZ). Risk is not evenly split, since MGTX carries 3.0 times the volatility of the other side.
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.
MGTX vs VXZ: side by side
| MGTX (MeiraGTx Holdings plc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +90.1% | -16.1% |
| 5-year return | +2.2% | -53.1% |
| Volatility (ann.) | 77.0% | 25.6% |
| Beta vs S&P 500 | 2.02 | -1.31 |
| Max drawdown (3Y) | -47.1% | -36.4% |
| Market cap | $1.4B | – |
| P/E (trailing) | 16.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGTX | VXZ |
|---|---|---|
| 2022 | -72.5% | +0.5% |
| 2023 | +7.7% | -44.0% |
| 2024 | -13.2% | -12.7% |
| 2025 | +30.5% | +5.7% |
| 2026 | +77.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGTX and VXZ good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MGTX and VXZ?
As of 2026-08-27, the correlation of weekly returns between MGTX and VXZ is -0.35 over 3 years, -0.56 over 1 year and -0.35 over 5 years.
Is VXZ a good diversifier for MGTX?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 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/mgtx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mgtx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MGTX correlations · VXZ correlations
