MITT vs VXZ: Correlation
How closely do TPG Mortgage Investment Trust, Inc. (MITT) 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 -0.49, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MITT and VXZ?
Across a 3-year window, the weekly returns of MITT and VXZ correlate at -0.49, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.44 over 1 year against -0.49 over 3. Stretching to 5 years gives -0.49, with an annualized covariance of -360.8 %².
VXZ is close to the least connected end of MITT's tracked universe, ranking #13 of 13. The last year tells two different stories: MITT led by 16.4 percentage points, +0.3% for MITT against -16.1% for VXZ.
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.
MITT vs VXZ: side by side
| MITT (TPG Mortgage Investment Trust, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.3% | -16.1% |
| 5-year return | +11.0% | -53.1% |
| Volatility (ann.) | 28.8% | 25.6% |
| Beta vs S&P 500 | 0.75 | -1.31 |
| Max drawdown (3Y) | -26.9% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 8.9 | – |
| Dividend yield | 13.86% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MITT | VXZ |
|---|---|---|
| 2022 | -41.0% | +0.5% |
| 2023 | +35.8% | -44.0% |
| 2024 | +17.1% | -12.7% |
| 2025 | +42.8% | +5.7% |
| 2026 | -16.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MITT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between MITT and VXZ?
As of 2026-08-27, the correlation of weekly returns between MITT and VXZ is -0.49 over 3 years, -0.44 over 1 year and -0.49 over 5 years.
Is VXZ a good diversifier for MITT?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 mean?
A reading of -0.49 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/mitt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mitt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MITT correlations · VXZ correlations
