MDT vs VXX: Correlation
How closely do Medtronic (MDT) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDT and VXX?
Across a 3-year window, the weekly returns of MDT and VXX correlate at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.07) than the 3-year average (-0.24). Stretching to 5 years gives -0.31, with an annualized covariance of -312.1 %².
Out of 34 assets tracked against MDT, VXX lands near the bottom at #33. Correlation aside, the last 12 months split them widely, with MDT ahead by 50.6 points (+0.9% versus -49.7%). Note the risk asymmetry: VXX runs 2.9 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.
MDT vs VXX: side by side
| MDT (Medtronic) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.9% | -49.7% |
| 5-year return | -21.4% | -95.6% |
| Volatility (ann.) | 21.0% | 60.9% |
| Beta vs S&P 500 | 0.37 | -3.31 |
| Max drawdown (3Y) | -28.9% | -83.3% |
| Market cap | $115.2B | – |
| P/E (trailing) | 24.1 | – |
| Dividend yield | 3.09% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | MDT | VXX |
|---|---|---|
| 2022 | -22.6% | -23.8% |
| 2023 | +9.6% | -72.5% |
| 2024 | +0.3% | -26.2% |
| 2025 | +24.0% | -42.2% |
| 2026 | -4.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDT and VXX good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MDT and VXX?
The MDT/VXX correlation stands at -0.24 on a 3-year window (1 year: -0.07, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for MDT?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 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/mdt-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdt-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MDT correlations · VXX correlations
