TMO vs VXX: Correlation
Thermo Fisher Scientific (TMO) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMO and VXX?
Across a 3-year window, the weekly returns of TMO and VXX correlate at -0.32, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.32 over 3. Stretching to 5 years gives -0.33, with an annualized covariance of -576.5 %².
VXX is close to the least connected end of TMO's tracked universe, ranking #37 of 38. Correlation aside, the last 12 months split them widely, with TMO ahead by 79.4 points (+29.7% versus -49.7%). 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.
TMO vs VXX: side by side
| TMO (Thermo Fisher Scientific) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +29.7% | -49.7% |
| 5-year return | +14.5% | -95.6% |
| Volatility (ann.) | 29.4% | 60.9% |
| Beta vs S&P 500 | 0.74 | -3.31 |
| Max drawdown (3Y) | -37.3% | -83.3% |
| Market cap | $233.2B | – |
| P/E (trailing) | 34.1 | – |
| Dividend yield | 0.28% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | TMO | VXX |
|---|---|---|
| 2022 | -17.3% | -23.8% |
| 2023 | -3.4% | -72.5% |
| 2024 | -1.7% | -26.2% |
| 2025 | +11.8% | -42.2% |
| 2026 | +9.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMO and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between TMO and VXX?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.27 over the last year and -0.33 over 5 years.
Is VXX a good diversifier for TMO?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 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/tmo-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tmo-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TMO correlations · VXX correlations
