MMYT vs VXX: Correlation
MakeMyTrip Limited (MMYT) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMYT and VXX?
Across a 3-year window, the weekly returns of MMYT and VXX correlate at -0.45, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.42) sits close to the 3-year figure. Stretching to 5 years gives -0.42, with an annualized covariance of -1358.4 %².
Out of 12 assets tracked against MMYT, VXX lands near the bottom at #10. On 12-month performance MMYT holds a 6.1-point edge, -43.6% against -49.7%.
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.
MMYT vs VXX: side by side
| MMYT (MakeMyTrip Limited) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -43.6% | -49.7% |
| 5-year return | +128.7% | -95.6% |
| Volatility (ann.) | 49.5% | 60.9% |
| Beta vs S&P 500 | 1.76 | -3.31 |
| Max drawdown (3Y) | -69.9% | -83.3% |
| Market cap | $5.5B | – |
| P/E (trailing) | 253.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MMYT | VXX |
|---|---|---|
| 2022 | -0.5% | -23.8% |
| 2023 | +70.4% | -72.5% |
| 2024 | +139.0% | -26.2% |
| 2025 | -26.9% | -42.2% |
| 2026 | -29.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMYT and VXX good diversifiers for each other?
Yes. With a correlation of -0.45, MMYT and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MMYT and VXX?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.42 over the last year and -0.42 over 5 years.
Is VXX a good diversifier for MMYT?
Yes. With a correlation of -0.45, MMYT and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 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/mmyt-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mmyt-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MMYT correlations · VXX correlations
