MMSI vs VXZ: Correlation
How closely do Merit Medical Systems, Inc. (MMSI) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMSI and VXZ?
Across a 3-year window, the weekly returns of MMSI and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.15) than the 3-year average (-0.33). Stretching to 5 years gives -0.32, with an annualized covariance of -210.8 %².
VXZ is close to the least connected end of MMSI's tracked universe, ranking #14 of 14. On 12-month performance MMSI holds a 14.7-point edge, -1.4% against -16.1%.
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.
MMSI vs VXZ: side by side
| MMSI (Merit Medical Systems, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.4% | -16.1% |
| 5-year return | +25.2% | -53.1% |
| Volatility (ann.) | 24.7% | 25.6% |
| Beta vs S&P 500 | 0.50 | -1.31 |
| Max drawdown (3Y) | -45.3% | -36.4% |
| Market cap | $5.3B | – |
| P/E (trailing) | 37.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MMSI | VXZ |
|---|---|---|
| 2022 | +13.4% | +0.5% |
| 2023 | +7.6% | -44.0% |
| 2024 | +27.3% | -12.7% |
| 2025 | -8.9% | +5.7% |
| 2026 | +1.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMSI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.33, MMSI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MMSI and VXZ?
As of 2026-08-27, the correlation of weekly returns between MMSI and VXZ is -0.33 over 3 years, -0.15 over 1 year and -0.32 over 5 years.
Is VXZ a good diversifier for MMSI?
Yes. With a correlation of -0.33, MMSI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/mmsi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mmsi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MMSI correlations · VXZ correlations
