MATX vs VXX: Correlation
How closely do Matson, Inc. (MATX) 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 -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MATX and VXX?
Over the past 3 years, MATX and VXX moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.34 over 3. Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -725.9 %².
VXX is close to the least connected end of MATX's tracked universe, ranking #12 of 13. Their recent paths diverged sharply: over the last 12 months MATX outperformed by 162.5 percentage points (+112.8% for MATX against -49.7% for VXX). Note the risk asymmetry: VXX runs 1.8 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.
MATX vs VXX: side by side
| MATX (Matson, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +112.8% | -49.7% |
| 5-year return | +195.6% | -95.6% |
| Volatility (ann.) | 34.6% | 60.9% |
| Beta vs S&P 500 | 0.80 | -3.31 |
| Max drawdown (3Y) | -46.9% | -83.3% |
| Market cap | $6.6B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 0.65% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MATX | VXX |
|---|---|---|
| 2022 | -29.5% | -23.8% |
| 2023 | +78.2% | -72.5% |
| 2024 | +24.3% | -26.2% |
| 2025 | -7.2% | -42.2% |
| 2026 | +80.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MATX and VXX 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 MATX and VXX?
The MATX/VXX correlation stands at -0.34 on a 3-year window (1 year: -0.26, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for MATX?
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?
On the −1 to +1 scale, -0.34 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/matx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/matx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MATX correlations · VXX correlations
