MTD vs VXZ: Correlation
Measured on weekly returns over the past three years, Mettler Toledo (MTD) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTD and VXZ?
On 3 years of weekly data the MTD/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. The 5-year figure is -0.43, and annualized covariance runs at -303.4 %².
Out of 38 assets tracked against MTD, VXZ lands near the bottom at #37. The last year tells two different stories: MTD led by 25.6 percentage points, +9.5% for MTD against -16.1% for VXZ.
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 VXZ: side by side
| MTD (Mettler Toledo) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.5% | -16.1% |
| 5-year return | -11.4% | -53.1% |
| Volatility (ann.) | 31.4% | 25.6% |
| Beta vs S&P 500 | 1.00 | -1.31 |
| Max drawdown (3Y) | -36.6% | -36.4% |
| Market cap | $28.2B | – |
| P/E (trailing) | 31.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | MTD | VXZ |
|---|---|---|
| 2022 | -14.8% | +0.5% |
| 2023 | -16.1% | -44.0% |
| 2024 | +0.9% | -12.7% |
| 2025 | +13.9% | +5.7% |
| 2026 | +0.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTD and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, MTD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MTD and VXZ?
As of 2026-08-27, the correlation of weekly returns between MTD and VXZ is -0.38 over 3 years, -0.40 over 1 year and -0.43 over 5 years.
Is VXZ a good diversifier for MTD?
Yes. With a correlation of -0.38, MTD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTD correlations · VXZ correlations
