MTUM vs VXX: Correlation
iShares MSCI USA Momentum Factor ETF (MTUM) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and VXX?
On 3 years of weekly data the MTUM/VXX correlation comes out at -0.72, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.66 lands near the 3-year figure. The 5-year figure is -0.67, and annualized covariance runs at -907.7 %².
VXX is close to the least connected end of MTUM's tracked universe, ranking #108 of 109. Their recent paths diverged sharply: over the last 12 months MTUM outperformed by 74.9 percentage points (+25.2% for MTUM against -49.7% for VXX). Note the risk asymmetry: VXX runs 3.0 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.
MTUM vs VXX: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +25.2% | -49.7% |
| 5-year return | +76.1% | -95.6% |
| Volatility (ann.) | 20.6% | 60.9% |
| Beta vs S&P 500 | 1.25 | -3.31 |
| Max drawdown (3Y) | -21.0% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.62% | 0.00% |
| Expense ratio | 0.15% | – |
| Assets under management | $25.3B | – |
| Sector / category | ETF · US Style | US Listed |
MTUM is a Large Blend fund from iShares: $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield.
Year-by-year returns
| Year | MTUM | VXX |
|---|---|---|
| 2022 | -18.3% | -23.8% |
| 2023 | +9.1% | -72.5% |
| 2024 | +32.9% | -26.2% |
| 2025 | +22.1% | -42.2% |
| 2026 | +21.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.72 means the two rarely move for the same reasons.
FAQ
What is the correlation between MTUM and VXX?
As of 2026-08-27, the correlation of weekly returns between MTUM and VXX is -0.72 over 3 years, -0.66 over 1 year and -0.67 over 5 years.
Is VXX a good diversifier for MTUM?
By historical standards, yes. A correlation of -0.72 means the two rarely move for the same reasons.
What does a correlation of -0.72 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/mtum-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtum-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTUM correlations · VXX correlations
