MTW vs VXX: Correlation
Measured on weekly returns over the past three years, Manitowoc Company, Inc. (The) (MTW) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTW and VXX?
Over the past 3 years, MTW and VXX moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.25) runs above the 3-year figure (-0.42). Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -1388.8 %².
Out of 18 assets tracked against MTW, VXX lands near the bottom at #17. Correlation aside, the last 12 months split them widely, with MTW ahead by 137.7 points (+88.0% versus -49.7%).
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.
MTW vs VXX: side by side
| MTW (Manitowoc Company, Inc. (The)) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +88.0% | -49.7% |
| 5-year return | -22.9% | -95.6% |
| Volatility (ann.) | 53.7% | 60.9% |
| Beta vs S&P 500 | 1.63 | -3.31 |
| Max drawdown (3Y) | -58.5% | -83.3% |
| Market cap | $0.7B | – |
| P/E (trailing) | 34.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTW | VXX |
|---|---|---|
| 2022 | -50.7% | -23.8% |
| 2023 | +82.2% | -72.5% |
| 2024 | -45.3% | -26.2% |
| 2025 | +31.3% | -42.2% |
| 2026 | +58.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTW and VXX good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MTW and VXX?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.25 over the last year and -0.41 over 5 years.
Is VXX a good diversifier for MTW?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 mean?
On the −1 to +1 scale, -0.42 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/mtw-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtw-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTW correlations · VXX correlations
