MATW vs VXX: Correlation
Matthews International Corporation (MATW) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MATW and VXX?
Over the past 3 years, MATW and VXX moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.18) runs above the 3-year figure (-0.30). Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -666.2 %².
Out of 12 assets tracked against MATW, VXX lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months MATW outperformed by 41.1 percentage points (-8.6% for MATW against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MATW vs VXX: side by side
| MATW (Matthews International Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -8.6% | -49.7% |
| 5-year return | -30.2% | -95.6% |
| Volatility (ann.) | 36.3% | 60.9% |
| Beta vs S&P 500 | 0.87 | -3.31 |
| Max drawdown (3Y) | -54.7% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.73% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MATW | VXX |
|---|---|---|
| 2022 | -14.5% | -23.8% |
| 2023 | +23.4% | -72.5% |
| 2024 | -21.9% | -26.2% |
| 2025 | -1.5% | -42.2% |
| 2026 | -17.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MATW and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between MATW and VXX?
As of 2026-08-27, the correlation of weekly returns between MATW and VXX is -0.30 over 3 years, -0.18 over 1 year and -0.32 over 5 years.
Is VXX a good diversifier for MATW?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 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/matw-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/matw-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MATW correlations · VXX correlations
