MMI vs VXZ: Correlation
Marcus & Millichap, Inc. (MMI) 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 -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMI and VXZ?
Across a 3-year window, the weekly returns of MMI and VXZ correlate at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.39 over 3 years. Stretching to 5 years gives -0.44, with an annualized covariance of -317.5 %².
VXZ is close to the least connected end of MMI's tracked universe, ranking #18 of 18. The trailing year gives MMI the advantage: -1.3% versus -16.1%, a 14.8-point spread.
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.
MMI vs VXZ: side by side
| MMI (Marcus & Millichap, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.3% | -16.1% |
| 5-year return | -11.7% | -53.1% |
| Volatility (ann.) | 31.5% | 25.6% |
| Beta vs S&P 500 | 0.84 | -1.31 |
| Max drawdown (3Y) | -41.7% | -36.4% |
| Market cap | $1.2B | – |
| P/E (trailing) | 85.9 | – |
| Dividend yield | 1.55% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MMI | VXZ |
|---|---|---|
| 2022 | -30.8% | +0.5% |
| 2023 | +28.8% | -44.0% |
| 2024 | -11.2% | -12.7% |
| 2025 | -27.6% | +5.7% |
| 2026 | +17.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.39, MMI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MMI and VXZ?
As of 2026-08-27, the correlation of weekly returns between MMI and VXZ is -0.39 over 3 years, -0.11 over 1 year and -0.44 over 5 years.
Is VXZ a good diversifier for MMI?
Yes. With a correlation of -0.39, MMI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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/mmi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mmi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MMI correlations · VXZ correlations
