MRSH vs VXX: Correlation
How closely do Marsh McLennan (MRSH) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRSH and VXX?
Across a 3-year window, the weekly returns of MRSH and VXX correlate at -0.20, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.08 versus -0.20 over 3 years. Stretching to 5 years gives -0.30, with an annualized covariance of -223.9 %².
By 3-year correlation, VXX places #32 of the 38 assets tracked against MRSH. The last year tells two different stories: MRSH led by 43.7 percentage points, -6.0% for MRSH against -49.7% for VXX. One caveat on sizing: VXX is 3.4 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.
MRSH vs VXX: side by side
| MRSH (Marsh McLennan) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.0% | -49.7% |
| 5-year return | +31.3% | -95.6% |
| Volatility (ann.) | 18.1% | 60.9% |
| Beta vs S&P 500 | 0.33 | -3.31 |
| Max drawdown (3Y) | -34.4% | -83.3% |
| Market cap | $90.7B | – |
| P/E (trailing) | 23.6 | – |
| Dividend yield | 1.91% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MRSH | VXX |
|---|---|---|
| 2022 | -3.5% | -23.8% |
| 2023 | +16.1% | -72.5% |
| 2024 | +13.7% | -26.2% |
| 2025 | -11.3% | -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 MRSH and VXX good diversifiers for each other?
Yes. With a correlation of -0.20, MRSH and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MRSH and VXX?
As of 2026-08-27, the correlation of weekly returns between MRSH and VXX is -0.20 over 3 years, -0.08 over 1 year and -0.30 over 5 years.
Is VXX a good diversifier for MRSH?
Yes. With a correlation of -0.20, MRSH and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
A reading of -0.20 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/mrsh-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mrsh-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MRSH correlations · VXX correlations
