MTZ vs VXX: Correlation
How closely do MasTec, Inc. (MTZ) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTZ and VXX?
Across a 3-year window, the weekly returns of MTZ and VXX correlate at -0.38, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.24) runs above the 3-year figure (-0.38). Stretching to 5 years gives -0.39, with an annualized covariance of -1069.5 %².
VXX is close to the least connected end of MTZ's tracked universe, ranking #15 of 15. Correlation aside, the last 12 months split them widely, with MTZ ahead by 89.2 points (+39.5% 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.
MTZ vs VXX: side by side
| MTZ (MasTec, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +39.5% | -49.7% |
| 5-year return | +170.8% | -95.6% |
| Volatility (ann.) | 45.9% | 60.9% |
| Beta vs S&P 500 | 1.37 | -3.31 |
| Max drawdown (3Y) | -52.8% | -83.3% |
| Market cap | $20.2B | – |
| P/E (trailing) | 40.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTZ | VXX |
|---|---|---|
| 2022 | -7.5% | -23.8% |
| 2023 | -11.3% | -72.5% |
| 2024 | +79.8% | -26.2% |
| 2025 | +59.7% | -42.2% |
| 2026 | +15.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTZ and VXX good diversifiers for each other?
Yes. With a correlation of -0.38, MTZ and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MTZ and VXX?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.24 over the last year and -0.39 over 5 years.
Is VXX a good diversifier for MTZ?
Yes. With a correlation of -0.38, MTZ and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 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/mtz-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtz-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTZ correlations · VXX correlations
