MTUM vs VXZ: Correlation
Measured on weekly returns over the past three years, iShares MSCI USA Momentum Factor ETF (MTUM) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.67, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and VXZ?
Across a 3-year window, the weekly returns of MTUM and VXZ correlate at -0.67, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.55) than the 3-year average (-0.67). Stretching to 5 years gives -0.65, with an annualized covariance of -351.1 %².
Out of 109 assets tracked against MTUM, VXZ lands near the bottom at #107. The last year tells two different stories: MTUM led by 41.3 percentage points, +25.2% for MTUM against -16.1% for VXZ.
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 VXZ: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +25.2% | -16.1% |
| 5-year return | +76.1% | -53.1% |
| Volatility (ann.) | 20.6% | 25.6% |
| Beta vs S&P 500 | 1.25 | -1.31 |
| Max drawdown (3Y) | -21.0% | -36.4% |
| Dividend yield | 0.62% | – |
| Expense ratio | 0.15% | – |
| Assets under management | $25.3B | – |
| Sector / category | ETF · US Style | US Listed |
On the fund side, MTUM sits in the Large Blend category at iShares, with $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield.
Year-by-year returns
| Year | MTUM | VXZ |
|---|---|---|
| 2022 | -18.3% | +0.5% |
| 2023 | +9.1% | -44.0% |
| 2024 | +32.9% | -12.7% |
| 2025 | +22.1% | +5.7% |
| 2026 | +21.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.67 means the two rarely move for the same reasons.
FAQ
What is the correlation between MTUM and VXZ?
The MTUM/VXZ correlation stands at -0.67 on a 3-year window (1 year: -0.55, 5 years: -0.65), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MTUM?
By historical standards, yes. A correlation of -0.67 means the two rarely move for the same reasons.
What does a correlation of -0.67 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtum-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTUM correlations · VXZ correlations
