MSBI vs VXX: Correlation
How closely do Midland States Bancorp, Inc. (MSBI) 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 -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSBI and VXX?
On 3 years of weekly data the MSBI/VXX correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.38 over 3. The 5-year figure is -0.34, and annualized covariance runs at -805.1 %².
Out of 11 assets tracked against MSBI, VXX lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months MSBI outperformed by 136.8 percentage points (+87.1% for MSBI against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.8 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.
MSBI vs VXX: side by side
| MSBI (Midland States Bancorp, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +87.1% | -49.7% |
| 5-year return | +70.9% | -95.6% |
| Volatility (ann.) | 34.4% | 60.9% |
| Beta vs S&P 500 | 0.70 | -3.31 |
| Max drawdown (3Y) | -44.3% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 3.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSBI | VXX |
|---|---|---|
| 2022 | +12.0% | -23.8% |
| 2023 | +9.1% | -72.5% |
| 2024 | -6.7% | -26.2% |
| 2025 | -6.9% | -42.2% |
| 2026 | +60.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSBI and VXX good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MSBI and VXX?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.29 over the last year and -0.34 over 5 years.
Is VXX a good diversifier for MSBI?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 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/msbi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msbi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MSBI correlations · VXX correlations
