MTRN vs VXZ: Correlation
Measured on weekly returns over the past three years, Materion Corporation (MTRN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTRN and VXZ?
On 3 years of weekly data the MTRN/VXZ correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.28 lands near the 3-year figure. The 5-year figure is -0.38, and annualized covariance runs at -437.2 %².
VXZ is close to the least connected end of MTRN's tracked universe, ranking #15 of 16. Their recent paths diverged sharply: over the last 12 months MTRN outperformed by 139.7 percentage points (+123.6% for MTRN against -16.1% for VXZ). Note the risk asymmetry: MTRN runs 1.8 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.
MTRN vs VXZ: side by side
| MTRN (Materion Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +123.6% | -16.1% |
| 5-year return | +248.3% | -53.1% |
| Volatility (ann.) | 45.7% | 25.6% |
| Beta vs S&P 500 | 1.51 | -1.31 |
| Max drawdown (3Y) | -47.8% | -36.4% |
| Market cap | $5.1B | – |
| P/E (trailing) | 54.9 | – |
| Dividend yield | 0.24% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTRN | VXZ |
|---|---|---|
| 2022 | -4.3% | +0.5% |
| 2023 | +49.4% | -44.0% |
| 2024 | -23.7% | -12.7% |
| 2025 | +26.4% | +5.7% |
| 2026 | +98.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTRN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.37, MTRN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MTRN and VXZ?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.28 over the last year and -0.38 over 5 years.
Is VXZ a good diversifier for MTRN?
Yes. With a correlation of -0.37, MTRN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtrn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtrn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTRN correlations · VXZ correlations
