MTUS vs VXZ: Correlation
Metallus Inc. (MTUS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUS and VXZ?
On 3 years of weekly data the MTUS/VXZ correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.21 versus -0.34 over 3 years. The 5-year figure is -0.41, and annualized covariance runs at -348.4 %².
VXZ is close to the least connected end of MTUS's tracked universe, ranking #15 of 16. Their recent paths diverged sharply: over the last 12 months MTUS outperformed by 36.3 percentage points (+20.2% for MTUS against -16.1% for VXZ). Risk is not evenly split, since MTUS carries 1.6 times the volatility of the other side.
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 VXZ: side by side
| MTUS (Metallus Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.2% | -16.1% |
| 5-year return | +40.6% | -53.1% |
| Volatility (ann.) | 40.3% | 25.6% |
| Beta vs S&P 500 | 1.20 | -1.31 |
| Max drawdown (3Y) | -52.7% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 99.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTUS | VXZ |
|---|---|---|
| 2022 | +10.1% | +0.5% |
| 2023 | +29.1% | -44.0% |
| 2024 | -39.7% | -12.7% |
| 2025 | +21.4% | +5.7% |
| 2026 | +16.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUS and VXZ good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MTUS and VXZ?
The MTUS/VXZ correlation stands at -0.34 on a 3-year window (1 year: -0.21, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for MTUS?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
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/mtus-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtus-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTUS correlations · VXZ correlations
