MTB vs VXZ: Correlation
Measured on weekly returns over the past three years, M&T Bank (MTB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.57, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTB and VXZ?
Across a 3-year window, the weekly returns of MTB and VXZ correlate at -0.57, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.39) runs above the 3-year figure (-0.57). Stretching to 5 years gives -0.48, with an annualized covariance of -385.6 %².
VXZ is close to the least connected end of MTB's tracked universe, ranking #35 of 35. Correlation aside, the last 12 months split them widely, with MTB ahead by 37.8 points (+21.7% 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.
MTB vs VXZ: side by side
| MTB (M&T Bank) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.7% | -16.1% |
| 5-year return | +101.3% | -53.1% |
| Volatility (ann.) | 26.5% | 25.6% |
| Beta vs S&P 500 | 0.83 | -1.31 |
| Max drawdown (3Y) | -28.5% | -36.4% |
| Market cap | $34.5B | – |
| P/E (trailing) | 12.8 | – |
| Dividend yield | 2.48% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MTB | VXZ |
|---|---|---|
| 2022 | -2.9% | +0.5% |
| 2023 | -1.7% | -44.0% |
| 2024 | +41.7% | -12.7% |
| 2025 | +10.4% | +5.7% |
| 2026 | +20.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTB and VXZ good diversifiers for each other?
Yes: at -0.57, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MTB and VXZ?
Using weekly returns as of 2026-08-27: -0.57 over 3 years, with -0.39 over the last year and -0.48 over 5 years.
Is VXZ a good diversifier for MTB?
Yes: at -0.57, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.57 mean?
A reading of -0.57 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/mtb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTB correlations · VXZ correlations
