MMT vs VXZ: Correlation
Aberdeen Multi-Market Income Fund (MMT) 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 -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMT and VXZ?
Over the past 3 years, MMT and VXZ moved with a correlation of -0.44, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.33) runs above the 3-year figure (-0.44). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -95.2 %².
Among the 15 assets we track against MMT, VXZ sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months MMT outperformed by 19.3 percentage points (+3.2% for MMT against -16.1% for VXZ). Risk is not evenly split, since VXZ carries 3.0 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.
MMT vs VXZ: side by side
| MMT (Aberdeen Multi-Market Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.2% | -16.1% |
| 5-year return | +5.0% | -53.1% |
| Volatility (ann.) | 8.4% | 25.6% |
| Beta vs S&P 500 | 0.27 | -1.31 |
| Max drawdown (3Y) | -7.1% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 9.03% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MMT | VXZ |
|---|---|---|
| 2022 | -23.0% | +0.5% |
| 2023 | +10.1% | -44.0% |
| 2024 | +12.5% | -12.7% |
| 2025 | +8.1% | +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 MMT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.44, MMT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MMT and VXZ?
The MMT/VXZ correlation stands at -0.44 on a 3-year window (1 year: -0.33, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MMT?
Yes. With a correlation of -0.44, MMT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
On the −1 to +1 scale, -0.44 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/mmt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mmt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MMT correlations · VXZ correlations
