MXF vs VXZ: Correlation
Measured on weekly returns over the past three years, Mexico Fund, Inc. (The) (MXF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MXF and VXZ?
Across a 3-year window, the weekly returns of MXF and VXZ correlate at -0.42, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.55 versus -0.42 over 3 years. Stretching to 5 years gives -0.49, with an annualized covariance of -230.9 %².
VXZ is close to the least connected end of MXF's tracked universe, ranking #17 of 18. The last year tells two different stories: MXF led by 45.6 percentage points, +29.5% for MXF against -16.1% for VXZ.
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.
MXF vs VXZ: side by side
| MXF (Mexico Fund, Inc. (The)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +29.5% | -16.1% |
| 5-year return | +82.1% | -53.1% |
| Volatility (ann.) | 21.3% | 25.6% |
| Beta vs S&P 500 | 0.67 | -1.31 |
| Max drawdown (3Y) | -30.7% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 3.4 | – |
| Dividend yield | 5.43% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MXF | VXZ |
|---|---|---|
| 2022 | -1.7% | +0.5% |
| 2023 | +35.8% | -44.0% |
| 2024 | -27.1% | -12.7% |
| 2025 | +61.9% | +5.7% |
| 2026 | +14.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MXF and VXZ good diversifiers for each other?
Yes. With a correlation of -0.42, MXF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MXF and VXZ?
The MXF/VXZ correlation stands at -0.42 on a 3-year window (1 year: -0.55, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MXF?
Yes. With a correlation of -0.42, MXF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
A reading of -0.42 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/mxf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mxf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MXF correlations · VXZ correlations
