JBTM vs VXZ: Correlation
How closely do JBT Marel Corporation (JBTM) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBTM and VXZ?
Over the past 3 years, JBTM and VXZ moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.34). Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -308.1 %².
Among the 12 assets we track against JBTM, VXZ sits near the bottom by co-movement, at rank #12. Twelve-month performance is nearly a tie, at -18.2% for JBTM and -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.
JBTM vs VXZ: side by side
| JBTM (JBT Marel Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -18.2% | -16.1% |
| 5-year return | -18.0% | -53.1% |
| Volatility (ann.) | 35.7% | 25.6% |
| Beta vs S&P 500 | 0.79 | -1.31 |
| Max drawdown (3Y) | -32.2% | -36.4% |
| Market cap | $6.1B | – |
| P/E (trailing) | 32.3 | – |
| Dividend yield | 0.33% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | JBTM | VXZ |
|---|---|---|
| 2022 | -40.3% | +0.5% |
| 2023 | +9.3% | -44.0% |
| 2024 | +28.3% | -12.7% |
| 2025 | +18.9% | +5.7% |
| 2026 | -21.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JBTM and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between JBTM and VXZ?
As of 2026-08-27, the correlation of weekly returns between JBTM and VXZ is -0.34 over 3 years, -0.24 over 1 year and -0.42 over 5 years.
Is VXZ a good diversifier for JBTM?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 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/jbtm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/jbtm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: JBTM correlations · VXZ correlations
