MOD vs VXZ: Correlation
Modine Manufacturing Company (MOD) 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 -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MOD and VXZ?
Over the past 3 years, MOD and VXZ moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.05) than the 3-year average (-0.40). Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -597.6 %².
VXZ is close to the least connected end of MOD's tracked universe, ranking #15 of 15. Their recent paths diverged sharply: over the last 12 months MOD outperformed by 48.8 percentage points (+32.7% for MOD against -16.1% for VXZ). Note the risk asymmetry: MOD runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MOD vs VXZ: side by side
| MOD (Modine Manufacturing Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +32.7% | -16.1% |
| 5-year return | +1391.7% | -53.1% |
| Volatility (ann.) | 59.1% | 25.6% |
| Beta vs S&P 500 | 1.87 | -1.31 |
| Max drawdown (3Y) | -51.6% | -36.4% |
| Market cap | $9.9B | – |
| P/E (trailing) | 70.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MOD | VXZ |
|---|---|---|
| 2022 | +96.8% | +0.5% |
| 2023 | +200.6% | -44.0% |
| 2024 | +94.2% | -12.7% |
| 2025 | +15.2% | +5.7% |
| 2026 | +39.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MOD and VXZ good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MOD and VXZ?
The MOD/VXZ correlation stands at -0.40 on a 3-year window (1 year: -0.05, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MOD?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/mod-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mod-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MOD correlations · VXZ correlations
