TM vs VXX: Correlation
Measured on weekly returns over the past three years, Toyota Motor Corporation (TM) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.49, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TM and VXX?
Over the past 3 years, TM and VXX moved with a correlation of -0.49, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.45) sits close to the 3-year figure. Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -865.7 %².
VXX is close to the least connected end of TM's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months TM outperformed by 47.3 percentage points (-2.4% for TM against -49.7% for VXX). Note the risk asymmetry: VXX 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.
TM vs VXX: side by side
| TM (Toyota Motor Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.4% | -49.7% |
| 5-year return | +24.1% | -95.6% |
| Volatility (ann.) | 28.9% | 60.9% |
| Beta vs S&P 500 | 0.83 | -3.31 |
| Max drawdown (3Y) | -34.9% | -83.3% |
| Market cap | $227.4B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 49.52% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TM | VXX |
|---|---|---|
| 2022 | -24.4% | -23.8% |
| 2023 | +38.2% | -72.5% |
| 2024 | +8.9% | -26.2% |
| 2025 | +12.2% | -42.2% |
| 2026 | -10.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TM and VXX good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TM and VXX?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.45 over the last year and -0.45 over 5 years.
Is VXX a good diversifier for TM?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 mean?
A reading of -0.49 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/tm-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tm-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TM correlations · VXX correlations
