MTG vs VXZ: Correlation
Measured on weekly returns over the past three years, MGIC Investment Corporation (MTG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTG and VXZ?
Over the past 3 years, MTG and VXZ moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.19 versus -0.37 over 3 years. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -205.8 %².
VXZ is close to the least connected end of MTG's tracked universe, ranking #16 of 16. Correlation aside, the last 12 months split them widely, with MTG ahead by 29.6 points (+13.5% 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.
MTG vs VXZ: side by side
| MTG (MGIC Investment Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +13.5% | -16.1% |
| 5-year return | +129.5% | -53.1% |
| Volatility (ann.) | 21.6% | 25.6% |
| Beta vs S&P 500 | 0.57 | -1.31 |
| Max drawdown (3Y) | -15.8% | -36.4% |
| Market cap | $6.4B | – |
| P/E (trailing) | 9.8 | – |
| Dividend yield | 1.92% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTG | VXZ |
|---|---|---|
| 2022 | -7.5% | +0.5% |
| 2023 | +52.4% | -44.0% |
| 2024 | +25.7% | -12.7% |
| 2025 | +25.9% | +5.7% |
| 2026 | +8.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTG and VXZ good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MTG and VXZ?
As of 2026-08-27, the correlation of weekly returns between MTG and VXZ is -0.37 over 3 years, -0.19 over 1 year and -0.44 over 5 years.
Is VXZ a good diversifier for MTG?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 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/mtg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTG correlations · VXZ correlations
