MMYT vs VXZ: Correlation
Measured on weekly returns over the past three years, MakeMyTrip Limited (MMYT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MMYT and VXZ?
Over the past 3 years, MMYT and VXZ moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.49 over 1 year against -0.45 over 3. Over 5 years the correlation is -0.42, and the annualized covariance of weekly returns is -566.7 %².
Among the 12 assets we track against MMYT, VXZ sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with VXZ ahead by 27.5 points (-43.6% versus -16.1%). Risk is not evenly split, since MMYT carries 1.9 times the volatility of the other side.
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 VXZ: side by side
| MMYT (MakeMyTrip Limited) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -43.6% | -16.1% |
| 5-year return | +128.7% | -53.1% |
| Volatility (ann.) | 49.5% | 25.6% |
| Beta vs S&P 500 | 1.76 | -1.31 |
| Max drawdown (3Y) | -69.9% | -36.4% |
| Market cap | $5.5B | – |
| P/E (trailing) | 253.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MMYT | VXZ |
|---|---|---|
| 2022 | -0.5% | +0.5% |
| 2023 | +70.4% | -44.0% |
| 2024 | +139.0% | -12.7% |
| 2025 | -26.9% | +5.7% |
| 2026 | -29.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MMYT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.45, MMYT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MMYT and VXZ?
The MMYT/VXZ correlation stands at -0.45 on a 3-year window (1 year: -0.49, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MMYT?
Yes. With a correlation of -0.45, MMYT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
A reading of -0.45 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/mmyt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mmyt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MMYT correlations · VXZ correlations
