MTX vs VXZ: Correlation
How closely do Minerals Technologies Inc. (MTX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.47, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTX and VXZ?
Across a 3-year window, the weekly returns of MTX and VXZ correlate at -0.47, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.19 versus -0.47 over 3 years. Stretching to 5 years gives -0.48, with an annualized covariance of -363.9 %².
VXZ is close to the least connected end of MTX's tracked universe, ranking #17 of 17. The last year tells two different stories: MTX led by 28.1 percentage points, +12.0% for MTX 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.
MTX vs VXZ: side by side
| MTX (Minerals Technologies Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +12.0% | -16.1% |
| 5-year return | -6.2% | -53.1% |
| Volatility (ann.) | 30.4% | 25.6% |
| Beta vs S&P 500 | 0.90 | -1.31 |
| Max drawdown (3Y) | -42.5% | -36.4% |
| Market cap | $2.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.65% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTX | VXZ |
|---|---|---|
| 2022 | -16.7% | +0.5% |
| 2023 | +18.0% | -44.0% |
| 2024 | +7.4% | -12.7% |
| 2025 | -19.4% | +5.7% |
| 2026 | +19.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTX and VXZ good diversifiers for each other?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MTX and VXZ?
As of 2026-08-27, the correlation of weekly returns between MTX and VXZ is -0.47 over 3 years, -0.19 over 1 year and -0.48 over 5 years.
Is VXZ a good diversifier for MTX?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.47 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/mtx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MTX correlations · VXZ correlations
