TUSK vs VXZ: Correlation
How closely do Mammoth Energy Services, Inc. (TUSK) 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 -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TUSK and VXZ?
On 3 years of weekly data the TUSK/VXZ correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.04) than the 3-year average (-0.19). The 5-year figure is -0.17, and annualized covariance runs at -308.1 %².
Out of 11 assets tracked against TUSK, VXZ lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months TUSK outperformed by 51.3 percentage points (+35.2% for TUSK against -16.1% for VXZ). One caveat on sizing: TUSK is 2.4 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.
TUSK vs VXZ: side by side
| TUSK (Mammoth Energy Services, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +35.2% | -16.1% |
| 5-year return | -7.4% | -53.1% |
| Volatility (ann.) | 61.8% | 25.6% |
| Beta vs S&P 500 | 0.49 | -1.31 |
| Max drawdown (3Y) | -66.3% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TUSK | VXZ |
|---|---|---|
| 2022 | +375.3% | +0.5% |
| 2023 | -48.4% | -44.0% |
| 2024 | -32.7% | -12.7% |
| 2025 | -38.3% | +5.7% |
| 2026 | +70.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TUSK and VXZ good diversifiers for each other?
Yes. With a correlation of -0.19, TUSK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TUSK and VXZ?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.04 over the last year and -0.17 over 5 years.
Is VXZ a good diversifier for TUSK?
Yes. With a correlation of -0.19, TUSK and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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/tusk-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tusk-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TUSK correlations · VXZ correlations
