MLPB vs VXZ: Correlation
How closely do ETRACS Alerian MLP Infrastructure Index ETN Series B due (MLPB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.36, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLPB and VXZ?
Over the past 3 years, MLPB and VXZ moved with a correlation of -0.36, 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 -0.36 over 3 years. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -154.4 %².
VXZ is close to the least connected end of MLPB's tracked universe, ranking #22 of 22. Their recent paths diverged sharply: over the last 12 months MLPB outperformed by 45.5 percentage points (+29.4% for MLPB against -16.1% for VXZ). Risk is not evenly split, since VXZ carries 1.6 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.
MLPB vs VXZ: side by side
| MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B due) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +29.4% | -16.1% |
| 5-year return | +186.2% | -53.1% |
| Volatility (ann.) | 16.5% | 25.6% |
| Beta vs S&P 500 | 0.32 | -1.31 |
| Max drawdown (3Y) | -16.5% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MLPB | VXZ |
|---|---|---|
| 2022 | +30.2% | +0.5% |
| 2023 | +22.0% | -44.0% |
| 2024 | +25.5% | -12.7% |
| 2025 | +7.4% | +5.7% |
| 2026 | +29.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLPB and VXZ good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MLPB and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with 0.19 over the last year and -0.35 over 5 years.
Is VXZ a good diversifier for MLPB?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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/mlpb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mlpb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MLPB correlations · VXZ correlations
