MTRN vs VXX: Correlation
How closely do Materion Corporation (MTRN) 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 -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTRN and VXX?
Over the past 3 years, MTRN and VXX moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.25) runs above the 3-year figure (-0.40). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -1123.4 %².
Among the 16 assets we track against MTRN, VXX sits near the bottom by co-movement, at rank #16. Correlation aside, the last 12 months split them widely, with MTRN ahead by 173.3 points (+123.6% versus -49.7%).
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.
MTRN vs VXX: side by side
| MTRN (Materion Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +123.6% | -49.7% |
| 5-year return | +248.3% | -95.6% |
| Volatility (ann.) | 45.7% | 60.9% |
| Beta vs S&P 500 | 1.51 | -3.31 |
| Max drawdown (3Y) | -47.8% | -83.3% |
| Market cap | $5.1B | – |
| P/E (trailing) | 54.9 | – |
| Dividend yield | 0.24% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTRN | VXX |
|---|---|---|
| 2022 | -4.3% | -23.8% |
| 2023 | +49.4% | -72.5% |
| 2024 | -23.7% | -26.2% |
| 2025 | +26.4% | -42.2% |
| 2026 | +98.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTRN and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between MTRN and VXX?
Using weekly returns as of 2026-08-27: -0.40 over 3 years, with -0.25 over the last year and -0.38 over 5 years.
Is VXX a good diversifier for MTRN?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 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/mtrn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtrn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTRN correlations · VXX correlations
