MKL vs VXX: Correlation
Markel Group Inc. (MKL) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MKL and VXX?
Over the past 3 years, MKL and VXX moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.19 versus -0.33 over 3 years. Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -419.5 %².
VXX is close to the least connected end of MKL's tracked universe, ranking #11 of 12. Their recent paths diverged sharply: over the last 12 months MKL outperformed by 41.9 percentage points (-7.8% for MKL against -49.7% for VXX). Risk is not evenly split, since VXX carries 2.9 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.
MKL vs VXX: side by side
| MKL (Markel Group Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.8% | -49.7% |
| 5-year return | +43.0% | -95.6% |
| Volatility (ann.) | 21.0% | 60.9% |
| Beta vs S&P 500 | 0.44 | -3.31 |
| Max drawdown (3Y) | -20.1% | -83.3% |
| Market cap | $22.4B | – |
| P/E (trailing) | 10.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MKL | VXX |
|---|---|---|
| 2022 | +6.8% | -23.8% |
| 2023 | +7.8% | -72.5% |
| 2024 | +21.6% | -26.2% |
| 2025 | +24.5% | -42.2% |
| 2026 | -16.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MKL and VXX good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MKL and VXX?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.19 over the last year and -0.38 over 5 years.
Is VXX a good diversifier for MKL?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/mkl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mkl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MKL correlations · VXX correlations
