TMCI vs VXZ: Correlation
Treace Medical Concepts, Inc. (TMCI) 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 -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMCI and VXZ?
On 3 years of weekly data the TMCI/VXZ correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.51 versus -0.36 over 3 years. The 5-year figure is -0.30, and annualized covariance runs at -836.8 %².
Out of 11 assets tracked against TMCI, VXZ lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with VXZ ahead by 21.9 points (-38.0% versus -16.1%). One caveat on sizing: TMCI is 3.6 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.
TMCI vs VXZ: side by side
| TMCI (Treace Medical Concepts, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -38.0% | -16.1% |
| 5-year return | -81.5% | -53.1% |
| Volatility (ann.) | 92.1% | 25.6% |
| Beta vs S&P 500 | 2.37 | -1.31 |
| Max drawdown (3Y) | -92.6% | -36.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TMCI | VXZ |
|---|---|---|
| 2022 | +23.3% | +0.5% |
| 2023 | -44.5% | -44.0% |
| 2024 | -41.6% | -12.7% |
| 2025 | -67.1% | +5.7% |
| 2026 | +87.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMCI and VXZ good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TMCI and VXZ?
As of 2026-08-27, the correlation of weekly returns between TMCI and VXZ is -0.36 over 3 years, -0.51 over 1 year and -0.30 over 5 years.
Is VXZ a good diversifier for TMCI?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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/tmci-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tmci-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TMCI correlations · VXZ correlations
