MTW vs VXZ: Correlation
Manitowoc Company, Inc. (The) (MTW) 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 -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTW and VXZ?
Over the past 3 years, MTW and VXZ moved with a correlation of -0.47, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.34) runs above the 3-year figure (-0.47). Over 5 years the correlation is -0.48, and the annualized covariance of weekly returns is -640.8 %².
VXZ is close to the least connected end of MTW's tracked universe, ranking #18 of 18. The last year tells two different stories: MTW led by 104.1 percentage points, +88.0% for MTW against -16.1% for VXZ. Note the risk asymmetry: MTW runs 2.1 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.
MTW vs VXZ: side by side
| MTW (Manitowoc Company, Inc. (The)) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +88.0% | -16.1% |
| 5-year return | -22.9% | -53.1% |
| Volatility (ann.) | 53.7% | 25.6% |
| Beta vs S&P 500 | 1.63 | -1.31 |
| Max drawdown (3Y) | -58.5% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 34.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTW | VXZ |
|---|---|---|
| 2022 | -50.7% | +0.5% |
| 2023 | +82.2% | -44.0% |
| 2024 | -45.3% | -12.7% |
| 2025 | +31.3% | +5.7% |
| 2026 | +58.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTW and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between MTW and VXZ?
Using weekly returns as of 2026-08-27: -0.47 over 3 years, with -0.34 over the last year and -0.48 over 5 years.
Is VXZ a good diversifier for MTW?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 mean?
A reading of -0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTW correlations · VXZ correlations
