MORN vs VXZ: Correlation
Morningstar, Inc. (MORN) 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 -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MORN and VXZ?
On 3 years of weekly data the MORN/VXZ correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.20) runs above the 3-year figure (-0.36). The 5-year figure is -0.45, and annualized covariance runs at -280.3 %².
Among the 21 assets we track against MORN, VXZ sits near the bottom by co-movement, at rank #21. Their 12-month results are close: -16.6% for MORN 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.
MORN vs VXZ: side by side
| MORN (Morningstar, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -16.6% | -16.1% |
| 5-year return | -15.1% | -53.1% |
| Volatility (ann.) | 30.5% | 25.6% |
| Beta vs S&P 500 | 0.77 | -1.31 |
| Max drawdown (3Y) | -60.0% | -36.4% |
| Market cap | $8.2B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 0.92% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MORN | VXZ |
|---|---|---|
| 2022 | -36.3% | +0.5% |
| 2023 | +33.1% | -44.0% |
| 2024 | +18.3% | -12.7% |
| 2025 | -35.1% | +5.7% |
| 2026 | +1.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MORN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.36, MORN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MORN and VXZ?
The MORN/VXZ correlation stands at -0.36 on a 3-year window (1 year: -0.20, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MORN?
Yes. With a correlation of -0.36, MORN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.36 mean?
A reading of -0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/morn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/morn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MORN correlations · VXZ correlations
