MTB vs VXX: Correlation
Measured on weekly returns over the past three years, M&T Bank (MTB) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.50, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and VXX?
Over the past 3 years, MTB and VXX moved with a correlation of -0.50, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.28) runs above the 3-year figure (-0.50). Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -811.4 %².
VXX is close to the least connected end of MTB's tracked universe, ranking #34 of 35. The last year tells two different stories: MTB led by 71.4 percentage points, +21.7% for MTB against -49.7% for VXX. One caveat on sizing: VXX is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MTB vs VXX: side by side
| MTB (M&T Bank) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.7% | -49.7% |
| 5-year return | +101.3% | -95.6% |
| Volatility (ann.) | 26.5% | 60.9% |
| Beta vs S&P 500 | 0.83 | -3.31 |
| Max drawdown (3Y) | -28.5% | -83.3% |
| Market cap | $34.5B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 2.48% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MTB | VXX |
|---|---|---|
| 2022 | -2.9% | -23.8% |
| 2023 | -1.7% | -72.5% |
| 2024 | +41.7% | -26.2% |
| 2025 | +10.4% | -42.2% |
| 2026 | +20.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and VXX good diversifiers for each other?
Yes. With a correlation of -0.50, MTB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MTB and VXX?
The MTB/VXX correlation stands at -0.50 on a 3-year window (1 year: -0.28, 5 years: -0.43), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for MTB?
Yes. With a correlation of -0.50, MTB and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.50 mean?
On the −1 to +1 scale, -0.50 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/mtb-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtb-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTB correlations · VXX correlations
