TMO vs VXZ: Correlation
How closely do Thermo Fisher Scientific (TMO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TMO and VXZ?
Over the past 3 years, TMO and VXZ moved with a correlation of -0.32, which is 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. Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -239.6 %².
Among the 38 assets we track against TMO, VXZ sits near the bottom by co-movement, at rank #38. Their recent paths diverged sharply: over the last 12 months TMO outperformed by 45.8 percentage points (+29.7% for TMO against -16.1% for VXZ).
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 VXZ: side by side
| TMO (Thermo Fisher Scientific) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +29.7% | -16.1% |
| 5-year return | +14.5% | -53.1% |
| Volatility (ann.) | 29.4% | 25.6% |
| Beta vs S&P 500 | 0.74 | -1.31 |
| Max drawdown (3Y) | -37.3% | -36.4% |
| Market cap | $233.2B | – |
| P/E (trailing) | 34.1 | – |
| Dividend yield | 0.28% | – |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | TMO | VXZ |
|---|---|---|
| 2022 | -17.3% | +0.5% |
| 2023 | -3.4% | -44.0% |
| 2024 | -1.7% | -12.7% |
| 2025 | +11.8% | +5.7% |
| 2026 | +9.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TMO and VXZ 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 VXZ?
The TMO/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.33, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXZ 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tmo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TMO correlations · VXZ correlations
