MTRX vs VXZ: Correlation
How closely do Matrix Service Company (MTRX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTRX and VXZ?
Over the past 3 years, MTRX and VXZ moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.09) than the 3-year average (-0.34). Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -444.6 %².
VXZ is close to the least connected end of MTRX's tracked universe, ranking #12 of 12. Over the last 12 months VXZ came out ahead by 12.9 percentage points (-29.0% against -16.1%). Note the risk asymmetry: MTRX runs 2.0 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.
MTRX vs VXZ: side by side
| MTRX (Matrix Service Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -29.0% | -16.1% |
| 5-year return | -3.9% | -53.1% |
| Volatility (ann.) | 51.6% | 25.6% |
| Beta vs S&P 500 | 1.13 | -1.31 |
| Max drawdown (3Y) | -36.0% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTRX | VXZ |
|---|---|---|
| 2022 | -17.3% | +0.5% |
| 2023 | +57.2% | -44.0% |
| 2024 | +22.4% | -12.7% |
| 2025 | -2.3% | +5.7% |
| 2026 | -6.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTRX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between MTRX and VXZ?
As of 2026-08-27, the correlation of weekly returns between MTRX and VXZ is -0.34 over 3 years, -0.09 over 1 year and -0.35 over 5 years.
Is VXZ a good diversifier for MTRX?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
On the −1 to +1 scale, -0.34 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/mtrx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtrx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTRX correlations · VXZ correlations
