MLAB vs VXZ: Correlation
Mesa Laboratories, Inc. (MLAB) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLAB and VXZ?
On 3 years of weekly data the MLAB/VXZ correlation comes out at -0.33, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.41 over 1 year against -0.33 over 3. The 5-year figure is -0.32, and annualized covariance runs at -435.3 %².
Among the 12 assets we track against MLAB, VXZ sits near the bottom by co-movement, at rank #12. The last year tells two different stories: MLAB led by 104.5 percentage points, +88.4% for MLAB against -16.1% for VXZ. One caveat on sizing: MLAB is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MLAB vs VXZ: side by side
| MLAB (Mesa Laboratories, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +88.4% | -16.1% |
| 5-year return | -51.1% | -53.1% |
| Volatility (ann.) | 52.3% | 25.6% |
| Beta vs S&P 500 | 1.12 | -1.31 |
| Max drawdown (3Y) | -62.8% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 151.4 | – |
| Dividend yield | 0.50% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MLAB | VXZ |
|---|---|---|
| 2022 | -49.2% | +0.5% |
| 2023 | -36.6% | -44.0% |
| 2024 | +26.6% | -12.7% |
| 2025 | -40.0% | +5.7% |
| 2026 | +64.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLAB and VXZ good diversifiers for each other?
Yes. With a correlation of -0.33, MLAB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MLAB and VXZ?
As of 2026-08-27, the correlation of weekly returns between MLAB and VXZ is -0.33 over 3 years, -0.41 over 1 year and -0.32 over 5 years.
Is VXZ a good diversifier for MLAB?
Yes. With a correlation of -0.33, MLAB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 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/mlab-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mlab-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MLAB correlations · VXZ correlations
