MPV vs VXX: Correlation
Measured on weekly returns over the past three years, Barings Participation Investors (MPV) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MPV and VXX?
Over the past 3 years, MPV and VXX moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.16) sits close to the 3-year figure. Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -277.9 %².
Among the 11 assets we track against MPV, VXX sits near the bottom by co-movement, at rank #11. The last year tells two different stories: MPV led by 35.8 percentage points, -13.9% for MPV against -49.7% for VXX. One caveat on sizing: VXX is 2.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MPV vs VXX: side by side
| MPV (Barings Participation Investors) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -13.9% | -49.7% |
| 5-year return | +72.3% | -95.6% |
| Volatility (ann.) | 21.0% | 60.9% |
| Beta vs S&P 500 | 0.27 | -3.31 |
| Max drawdown (3Y) | -20.8% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | 13.1 | – |
| Dividend yield | 9.41% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MPV | VXX |
|---|---|---|
| 2022 | -10.7% | -23.8% |
| 2023 | +39.1% | -72.5% |
| 2024 | +20.5% | -26.2% |
| 2025 | +0.7% | -42.2% |
| 2026 | +4.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MPV and VXX good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MPV and VXX?
The MPV/VXX correlation stands at -0.22 on a 3-year window (1 year: -0.16, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for MPV?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
A reading of -0.22 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/mpv-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mpv-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MPV correlations · VXX correlations
