TMDX vs VXZ: Correlation
TransMedics Group, Inc. (TMDX) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMDX and VXZ?
On 3 years of weekly data the TMDX/VXZ correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. The 5-year figure is -0.28, and annualized covariance runs at -469.0 %².
Out of 10 assets tracked against TMDX, VXZ lands near the bottom at #9. On 12-month performance VXZ holds a 5.7-point edge, -21.8% against -16.1%. Risk is not evenly split, since TMDX carries 2.7 times the volatility of the other side.
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.
TMDX vs VXZ: side by side
| TMDX (TransMedics Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -21.8% | -16.1% |
| 5-year return | +196.3% | -53.1% |
| Volatility (ann.) | 69.5% | 25.6% |
| Beta vs S&P 500 | 1.37 | -1.31 |
| Max drawdown (3Y) | -67.8% | -36.4% |
| Market cap | $3.2B | – |
| P/E (trailing) | 23.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TMDX | VXZ |
|---|---|---|
| 2022 | +222.1% | +0.5% |
| 2023 | +27.9% | -44.0% |
| 2024 | -21.0% | -12.7% |
| 2025 | +95.1% | +5.7% |
| 2026 | -24.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMDX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, TMDX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TMDX and VXZ?
As of 2026-08-27, the correlation of weekly returns between TMDX and VXZ is -0.26 over 3 years, -0.33 over 1 year and -0.28 over 5 years.
Is VXZ a good diversifier for TMDX?
Yes. With a correlation of -0.26, TMDX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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/tmdx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tmdx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TMDX correlations · VXZ correlations
