MDT vs VXZ: Correlation
How closely do Medtronic (MDT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDT and VXZ?
Over the past 3 years, MDT and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.09) runs above the 3-year figure (-0.26). Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -140.8 %².
Among the 34 assets we track against MDT, VXZ sits near the bottom by co-movement, at rank #34. Correlation aside, the last 12 months split them widely, with MDT ahead by 17.0 points (+0.9% versus -16.1%).
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 VXZ: side by side
| MDT (Medtronic) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.9% | -16.1% |
| 5-year return | -21.4% | -53.1% |
| Volatility (ann.) | 21.0% | 25.6% |
| Beta vs S&P 500 | 0.37 | -1.31 |
| Max drawdown (3Y) | -28.9% | -36.4% |
| Market cap | $115.2B | – |
| P/E (trailing) | 24.1 | – |
| Dividend yield | 3.09% | – |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | MDT | VXZ |
|---|---|---|
| 2022 | -22.6% | +0.5% |
| 2023 | +9.6% | -44.0% |
| 2024 | +0.3% | -12.7% |
| 2025 | +24.0% | +5.7% |
| 2026 | -4.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between MDT and VXZ?
As of 2026-08-27, the correlation of weekly returns between MDT and VXZ is -0.26 over 3 years, -0.09 over 1 year and -0.35 over 5 years.
Is VXZ a good diversifier for MDT?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/mdt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mdt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MDT correlations · VXZ correlations
