MSB vs VXZ: Correlation
Measured on weekly returns over the past three years, Mesabi Trust (MSB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSB and VXZ?
On 3 years of weekly data the MSB/VXZ correlation comes out at -0.23, 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 (-0.23). The 5-year figure is -0.22, and annualized covariance runs at -239.3 %².
Among the 10 assets we track against MSB, VXZ sits near the bottom by co-movement, at rank #8. Over the last 12 months VXZ came out ahead by 7.1 percentage points (-23.2% against -16.1%). One caveat on sizing: MSB is 1.6 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.
MSB vs VXZ: side by side
| MSB (Mesabi Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -23.2% | -16.1% |
| 5-year return | +19.2% | -53.1% |
| Volatility (ann.) | 39.9% | 25.6% |
| Beta vs S&P 500 | 0.92 | -1.31 |
| Max drawdown (3Y) | -45.8% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 27.4 | – |
| Dividend yield | 4.16% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSB | VXZ |
|---|---|---|
| 2022 | -22.8% | +0.5% |
| 2023 | +15.6% | -44.0% |
| 2024 | +47.0% | -12.7% |
| 2025 | +71.9% | +5.7% |
| 2026 | -37.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSB and VXZ good diversifiers for each other?
Yes. With a correlation of -0.23, MSB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MSB and VXZ?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.36 over the last year and -0.22 over 5 years.
Is VXZ a good diversifier for MSB?
Yes. With a correlation of -0.23, MSB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MSB correlations · VXZ correlations
