MATW vs VXZ: Correlation
Matthews International Corporation (MATW) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MATW and VXZ?
On 3 years of weekly data the MATW/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.20) runs above the 3-year figure (-0.31). The 5-year figure is -0.36, and annualized covariance runs at -288.7 %².
VXZ is close to the least connected end of MATW's tracked universe, ranking #12 of 12. The trailing year gives MATW the advantage: -8.6% versus -16.1%, a 7.5-point spread.
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 VXZ: side by side
| MATW (Matthews International Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -8.6% | -16.1% |
| 5-year return | -30.2% | -53.1% |
| Volatility (ann.) | 36.3% | 25.6% |
| Beta vs S&P 500 | 0.87 | -1.31 |
| Max drawdown (3Y) | -54.7% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.73% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MATW | VXZ |
|---|---|---|
| 2022 | -14.5% | +0.5% |
| 2023 | +23.4% | -44.0% |
| 2024 | -21.9% | -12.7% |
| 2025 | -1.5% | +5.7% |
| 2026 | -17.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MATW and VXZ good diversifiers for each other?
Yes. With a correlation of -0.31, MATW and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MATW and VXZ?
The MATW/VXZ correlation stands at -0.31 on a 3-year window (1 year: -0.20, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MATW?
Yes. With a correlation of -0.31, MATW and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
A reading of -0.31 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/matw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/matw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MATW correlations · VXZ correlations
