MTUS vs VXX: Correlation
Metallus Inc. (MTUS) 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 -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUS and VXX?
Over the past 3 years, MTUS and VXX moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.11) runs above the 3-year figure (-0.35). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -868.6 %².
Among the 16 assets we track against MTUS, VXX sits near the bottom by co-movement, at rank #16. The last year tells two different stories: MTUS led by 69.9 percentage points, +20.2% for MTUS against -49.7% for VXX. One caveat on sizing: VXX is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MTUS vs VXX: side by side
| MTUS (Metallus Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.2% | -49.7% |
| 5-year return | +40.6% | -95.6% |
| Volatility (ann.) | 40.3% | 60.9% |
| Beta vs S&P 500 | 1.20 | -3.31 |
| Max drawdown (3Y) | -52.7% | -83.3% |
| Market cap | $0.8B | – |
| P/E (trailing) | 99.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTUS | VXX |
|---|---|---|
| 2022 | +10.1% | -23.8% |
| 2023 | +29.1% | -72.5% |
| 2024 | -39.7% | -26.2% |
| 2025 | +21.4% | -42.2% |
| 2026 | +16.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUS and VXX good diversifiers for each other?
Yes. With a correlation of -0.35, MTUS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MTUS and VXX?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.11 over the last year and -0.36 over 5 years.
Is VXX a good diversifier for MTUS?
Yes. With a correlation of -0.35, MTUS and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 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/mtus-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtus-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTUS correlations · VXX correlations
