KMT vs VXX: Correlation
How closely do Kennametal Inc. (KMT) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KMT and VXX?
Over the past 3 years, KMT 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 (-0.10) than the 3-year average (-0.33). Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -686.0 %².
Among the 21 assets we track against KMT, VXX sits near the bottom by co-movement, at rank #20. Their recent paths diverged sharply: over the last 12 months KMT outperformed by 93.0 percentage points (+43.3% for KMT against -49.7% for VXX). One caveat on sizing: VXX is 1.8 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.
KMT vs VXX: side by side
| KMT (Kennametal Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +43.3% | -49.7% |
| 5-year return | -6.6% | -95.6% |
| Volatility (ann.) | 33.9% | 60.9% |
| Beta vs S&P 500 | 0.73 | -3.31 |
| Max drawdown (3Y) | -42.9% | -83.3% |
| Market cap | $2.3B | – |
| P/E (trailing) | 6.8 | – |
| Dividend yield | 2.67% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KMT | VXX |
|---|---|---|
| 2022 | -31.0% | -23.8% |
| 2023 | +10.5% | -72.5% |
| 2024 | -3.9% | -26.2% |
| 2025 | +22.6% | -42.2% |
| 2026 | +8.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KMT and VXX good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between KMT and VXX?
As of 2026-08-27, the correlation of weekly returns between KMT and VXX is -0.33 over 3 years, -0.10 over 1 year and -0.39 over 5 years.
Is VXX a good diversifier for KMT?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 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/kmt-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/kmt-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: KMT correlations · VXX correlations
