TM vs VXZ: Correlation
Toyota Motor Corporation (TM) 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 -0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TM and VXZ?
Across a 3-year window, the weekly returns of TM and VXZ correlate at -0.46, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.41 over 1 year against -0.46 over 3. Stretching to 5 years gives -0.47, with an annualized covariance of -342.2 %².
Among the 10 assets we track against TM, VXZ sits near the bottom by co-movement, at rank #9. The trailing year gives TM the advantage: -2.4% versus -16.1%, a 13.7-point spread.
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 VXZ: side by side
| TM (Toyota Motor Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.4% | -16.1% |
| 5-year return | +24.1% | -53.1% |
| Volatility (ann.) | 28.9% | 25.6% |
| Beta vs S&P 500 | 0.83 | -1.31 |
| Max drawdown (3Y) | -34.9% | -36.4% |
| Market cap | $227.4B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 49.52% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TM | VXZ |
|---|---|---|
| 2022 | -24.4% | +0.5% |
| 2023 | +38.2% | -44.0% |
| 2024 | +8.9% | -12.7% |
| 2025 | +12.2% | +5.7% |
| 2026 | -10.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TM and VXZ good diversifiers for each other?
Yes. With a correlation of -0.46, TM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TM and VXZ?
The TM/VXZ correlation stands at -0.46 on a 3-year window (1 year: -0.41, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TM?
Yes. With a correlation of -0.46, TM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 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/tm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TM correlations · VXZ correlations
