MS vs VXZ: Correlation
Morgan Stanley (MS) 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 -0.68.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MS and VXZ?
On 3 years of weekly data the MS/VXZ correlation comes out at -0.68, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.59) sits close to the 3-year figure. The 5-year figure is -0.61, and annualized covariance runs at -494.4 %².
Among the 46 assets we track against MS, VXZ sits near the bottom by co-movement, at rank #45. Correlation aside, the last 12 months split them widely, with MS ahead by 63.2 points (+47.1% versus -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.
MS vs VXZ: side by side
| MS (Morgan Stanley) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +47.1% | -16.1% |
| 5-year return | +142.0% | -53.1% |
| Volatility (ann.) | 28.3% | 25.6% |
| Beta vs S&P 500 | 1.43 | -1.31 |
| Max drawdown (3Y) | -29.2% | -36.4% |
| Market cap | $337.5B | – |
| P/E (trailing) | 17.4 | – |
| Dividend yield | 1.94% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MS | VXZ |
|---|---|---|
| 2022 | -10.3% | +0.5% |
| 2023 | +13.9% | -44.0% |
| 2024 | +39.7% | -12.7% |
| 2025 | +45.2% | +5.7% |
| 2026 | +23.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MS and VXZ good diversifiers for each other?
Yes: at -0.68, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MS and VXZ?
Using weekly returns as of 2026-08-27: -0.68 over 3 years, with -0.59 over the last year and -0.61 over 5 years.
Is VXZ a good diversifier for MS?
Yes: at -0.68, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.68 mean?
On the −1 to +1 scale, -0.68 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/ms-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ms-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MS correlations · VXZ correlations
