MRSH vs VXZ: Correlation
How closely do Marsh McLennan (MRSH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRSH and VXZ?
Across a 3-year window, the weekly returns of MRSH and VXZ correlate at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.17) sits close to the 3-year figure. Stretching to 5 years gives -0.36, with an annualized covariance of -118.2 %².
VXZ is close to the least connected end of MRSH's tracked universe, ranking #38 of 38. On 12-month performance MRSH holds a 10.1-point edge, -6.0% against -16.1%.
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 VXZ: side by side
| MRSH (Marsh McLennan) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.0% | -16.1% |
| 5-year return | +31.3% | -53.1% |
| Volatility (ann.) | 18.1% | 25.6% |
| Beta vs S&P 500 | 0.33 | -1.31 |
| Max drawdown (3Y) | -34.4% | -36.4% |
| Market cap | $90.7B | – |
| P/E (trailing) | 23.6 | – |
| Dividend yield | 1.91% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MRSH | VXZ |
|---|---|---|
| 2022 | -3.5% | +0.5% |
| 2023 | +16.1% | -44.0% |
| 2024 | +13.7% | -12.7% |
| 2025 | -11.3% | +5.7% |
| 2026 | +4.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRSH and VXZ good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MRSH and VXZ?
The MRSH/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.17, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MRSH?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mrsh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mrsh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MRSH correlations · VXZ correlations
