MTG vs VXX: Correlation
Measured on weekly returns over the past three years, MGIC Investment Corporation (MTG) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTG and VXX?
Over the past 3 years, MTG and VXX moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.09) than the 3-year average (-0.33). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -433.5 %².
VXX is close to the least connected end of MTG's tracked universe, ranking #15 of 16. The last year tells two different stories: MTG led by 63.2 percentage points, +13.5% for MTG against -49.7% for VXX. One caveat on sizing: VXX is 2.8 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.
MTG vs VXX: side by side
| MTG (MGIC Investment Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +13.5% | -49.7% |
| 5-year return | +129.5% | -95.6% |
| Volatility (ann.) | 21.6% | 60.9% |
| Beta vs S&P 500 | 0.57 | -3.31 |
| Max drawdown (3Y) | -15.8% | -83.3% |
| Market cap | $6.4B | – |
| P/E (trailing) | 9.8 | – |
| Dividend yield | 1.92% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTG | VXX |
|---|---|---|
| 2022 | -7.5% | -23.8% |
| 2023 | +52.4% | -72.5% |
| 2024 | +25.7% | -26.2% |
| 2025 | +25.9% | -42.2% |
| 2026 | +8.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTG and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between MTG and VXX?
The MTG/VXX correlation stands at -0.33 on a 3-year window (1 year: -0.09, 5 years: -0.38), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for MTG?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
A reading of -0.33 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTG correlations · VXX correlations
