MGY vs VXZ: Correlation
Measured on weekly returns over the past three years, Magnolia Oil & Gas Corporation (MGY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGY and VXZ?
On 3 years of weekly data the MGY/VXZ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.30 versus -0.28 over 3 years. The 5-year figure is -0.28, and annualized covariance runs at -227.8 %².
Among the 28 assets we track against MGY, VXZ sits near the bottom by co-movement, at rank #28. The last year tells two different stories: MGY led by 26.7 percentage points, +10.6% for MGY 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.
MGY vs VXZ: side by side
| MGY (Magnolia Oil & Gas Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.6% | -16.1% |
| 5-year return | +92.1% | -53.1% |
| Volatility (ann.) | 32.0% | 25.6% |
| Beta vs S&P 500 | 0.40 | -1.31 |
| Max drawdown (3Y) | -31.5% | -36.4% |
| Market cap | $6.5B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 2.50% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGY | VXZ |
|---|---|---|
| 2022 | +26.5% | +0.5% |
| 2023 | -7.3% | -44.0% |
| 2024 | +12.2% | -12.7% |
| 2025 | -3.8% | +5.7% |
| 2026 | +24.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.28, MGY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MGY and VXZ?
The MGY/VXZ correlation stands at -0.28 on a 3-year window (1 year: 0.30, 5 years: -0.28), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MGY?
Yes. With a correlation of -0.28, MGY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/mgy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mgy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MGY correlations · VXZ correlations
