MRVI vs VXZ: Correlation
How closely do Maravai LifeSciences Holdings, Inc. (MRVI) 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 -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRVI and VXZ?
Over the past 3 years, MRVI and VXZ moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.10) runs above the 3-year figure (-0.21). Over 5 years the correlation is -0.20, and the annualized covariance of weekly returns is -469.9 %².
Among the 11 assets we track against MRVI, VXZ sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with MRVI ahead by 275.3 points (+259.2% versus -16.1%). Risk is not evenly split, since MRVI carries 3.4 times the volatility of the other side.
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.
MRVI vs VXZ: side by side
| MRVI (Maravai LifeSciences Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +259.2% | -16.1% |
| 5-year return | -86.0% | -53.1% |
| Volatility (ann.) | 85.9% | 25.6% |
| Beta vs S&P 500 | 1.35 | -1.31 |
| Max drawdown (3Y) | -84.8% | -36.4% |
| Market cap | $3.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MRVI | VXZ |
|---|---|---|
| 2022 | -65.8% | +0.5% |
| 2023 | -54.2% | -44.0% |
| 2024 | -16.8% | -12.7% |
| 2025 | -40.4% | +5.7% |
| 2026 | +157.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRVI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.21, MRVI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MRVI and VXZ?
As of 2026-08-27, the correlation of weekly returns between MRVI and VXZ is -0.21 over 3 years, -0.10 over 1 year and -0.20 over 5 years.
Is VXZ a good diversifier for MRVI?
Yes. With a correlation of -0.21, MRVI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/mrvi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mrvi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MRVI correlations · VXZ correlations
