MLR vs VXZ: Correlation
How closely do Miller Industries, Inc. (MLR) 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 MLR and VXZ?
Over the past 3 years, MLR and VXZ moved with a correlation of -0.36, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.11) than the 3-year average (-0.36). Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -290.4 %².
VXZ is close to the least connected end of MLR's tracked universe, ranking #14 of 14. The last year tells two different stories: MLR led by 49.5 percentage points, +33.4% for MLR 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.
MLR vs VXZ: side by side
| MLR (Miller Industries, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +33.4% | -16.1% |
| 5-year return | +70.2% | -53.1% |
| Volatility (ann.) | 31.9% | 25.6% |
| Beta vs S&P 500 | 0.88 | -1.31 |
| Max drawdown (3Y) | -52.7% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 46.3 | – |
| Dividend yield | 1.43% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MLR | VXZ |
|---|---|---|
| 2022 | -17.9% | +0.5% |
| 2023 | +61.8% | -44.0% |
| 2024 | +56.6% | -12.7% |
| 2025 | -41.7% | +5.7% |
| 2026 | +56.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLR and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, MLR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MLR and VXZ?
Using weekly returns as of 2026-08-27: -0.36 over 3 years, with -0.11 over the last year and -0.37 over 5 years.
Is VXZ a good diversifier for MLR?
Yes. With a correlation of -0.36, MLR and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 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/mlr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mlr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MLR correlations · VXZ correlations
