MTD vs VXX: Correlation
How closely do Mettler Toledo (MTD) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTD and VXX?
Over the past 3 years, MTD and VXX moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.36 lands near the 3-year figure. Over 5 years the correlation is -0.43, and the annualized covariance of weekly returns is -780.1 %².
Among the 38 assets we track against MTD, VXX sits near the bottom by co-movement, at rank #38. The last year tells two different stories: MTD led by 59.2 percentage points, +9.5% for MTD against -49.7% for VXX. Note the risk asymmetry: VXX runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MTD vs VXX: side by side
| MTD (Mettler Toledo) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.5% | -49.7% |
| 5-year return | -11.4% | -95.6% |
| Volatility (ann.) | 31.4% | 60.9% |
| Beta vs S&P 500 | 1.00 | -3.31 |
| Max drawdown (3Y) | -36.6% | -83.3% |
| Market cap | $28.2B | – |
| P/E (trailing) | 31.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | MTD | VXX |
|---|---|---|
| 2022 | -14.8% | -23.8% |
| 2023 | -16.1% | -72.5% |
| 2024 | +0.9% | -26.2% |
| 2025 | +13.9% | -42.2% |
| 2026 | +0.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTD and VXX good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MTD and VXX?
As of 2026-08-27, the correlation of weekly returns between MTD and VXX is -0.41 over 3 years, -0.36 over 1 year and -0.43 over 5 years.
Is VXX a good diversifier for MTD?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 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/mtd-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtd-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTD correlations · VXX correlations
