MTN vs VXX: Correlation
How closely do Vail Resorts, Inc. (MTN) 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 -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTN and VXX?
On 3 years of weekly data the MTN/VXX correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.25) sits close to the 3-year figure. The 5-year figure is -0.37, and annualized covariance runs at -614.9 %².
Out of 11 assets tracked against MTN, VXX lands near the bottom at #10. The last year tells two different stories: MTN led by 44.3 percentage points, -5.4% for MTN against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.1 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.
MTN vs VXX: side by side
| MTN (Vail Resorts, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.4% | -49.7% |
| 5-year return | -41.0% | -95.6% |
| Volatility (ann.) | 29.1% | 60.9% |
| Beta vs S&P 500 | 0.68 | -3.31 |
| Max drawdown (3Y) | -45.7% | -83.3% |
| Market cap | $5.2B | – |
| P/E (trailing) | 32.1 | – |
| Dividend yield | 5.97% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTN | VXX |
|---|---|---|
| 2022 | -24.9% | -23.8% |
| 2023 | -7.1% | -72.5% |
| 2024 | -8.0% | -26.2% |
| 2025 | -24.9% | -42.2% |
| 2026 | +12.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTN and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between MTN and VXX?
The MTN/VXX correlation stands at -0.35 on a 3-year window (1 year: -0.25, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for MTN?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 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/mtn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTN correlations · VXX correlations
