MSB vs VXX: Correlation
How closely do Mesabi Trust (MSB) 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 -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSB and VXX?
Over the past 3 years, MSB and VXX moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (-0.25). Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -611.8 %².
VXX is close to the least connected end of MSB's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months MSB outperformed by 26.5 percentage points (-23.2% for MSB against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MSB vs VXX: side by side
| MSB (Mesabi Trust) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -23.2% | -49.7% |
| 5-year return | +19.2% | -95.6% |
| Volatility (ann.) | 39.9% | 60.9% |
| Beta vs S&P 500 | 0.92 | -3.31 |
| Max drawdown (3Y) | -45.8% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 27.4 | – |
| Dividend yield | 4.16% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSB | VXX |
|---|---|---|
| 2022 | -22.8% | -23.8% |
| 2023 | +15.6% | -72.5% |
| 2024 | +47.0% | -26.2% |
| 2025 | +71.9% | -42.2% |
| 2026 | -37.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSB and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between MSB and VXX?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.36 over the last year and -0.23 over 5 years.
Is VXX a good diversifier for MSB?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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/msb-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msb-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MSB correlations · VXX correlations
