TMC vs VXZ: Correlation
TMC the metals company Inc. (TMC) 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 -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMC and VXZ?
On 3 years of weekly data the TMC/VXZ correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.37 versus -0.20 over 3 years. The 5-year figure is -0.16, and annualized covariance runs at -488.2 %².
Among the 11 assets we track against TMC, VXZ sits near the bottom by co-movement, at rank #10. On 12-month performance TMC holds a 12.0-point edge, -4.1% against -16.1%. One caveat on sizing: TMC is 3.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
TMC vs VXZ: side by side
| TMC (TMC the metals company Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -4.1% | -16.1% |
| 5-year return | -45.9% | -53.1% |
| Volatility (ann.) | 94.3% | 25.6% |
| Beta vs S&P 500 | 1.21 | -1.31 |
| Max drawdown (3Y) | -67.7% | -36.4% |
| Market cap | $2.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TMC | VXZ |
|---|---|---|
| 2022 | -63.0% | +0.5% |
| 2023 | +42.9% | -44.0% |
| 2024 | +1.8% | -12.7% |
| 2025 | +450.9% | +5.7% |
| 2026 | -17.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.20, TMC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TMC and VXZ?
The TMC/VXZ correlation stands at -0.20 on a 3-year window (1 year: -0.37, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TMC?
Yes. With a correlation of -0.20, TMC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tmc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tmc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TMC correlations · VXZ correlations
