UTMD vs VXX: Correlation
Measured on weekly returns over the past three years, Utah Medical Products, Inc. (UTMD) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UTMD and VXX?
Across a 3-year window, the weekly returns of UTMD and VXX correlate at -0.35, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.23) than the 3-year average (-0.35). Stretching to 5 years gives -0.23, with an annualized covariance of -466.3 %².
VXX is close to the least connected end of UTMD's tracked universe, ranking #9 of 10. Their recent paths diverged sharply: over the last 12 months UTMD outperformed by 69.5 percentage points (+19.8% for UTMD against -49.7% for VXX). Risk is not evenly split, since VXX carries 2.8 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.
UTMD vs VXX: side by side
| UTMD (Utah Medical Products, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.8% | -49.7% |
| 5-year return | -11.0% | -95.6% |
| Volatility (ann.) | 22.1% | 60.9% |
| Beta vs S&P 500 | 0.50 | -3.31 |
| Max drawdown (3Y) | -42.5% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | 21.6 | – |
| Dividend yield | 1.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UTMD | VXX |
|---|---|---|
| 2022 | +1.9% | -23.8% |
| 2023 | -15.1% | -72.5% |
| 2024 | -25.7% | -26.2% |
| 2025 | -7.0% | -42.2% |
| 2026 | +29.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UTMD and VXX good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between UTMD and VXX?
The UTMD/VXX correlation stands at -0.35 on a 3-year window (1 year: -0.23, 5 years: -0.23), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for UTMD?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/utmd-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/utmd-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: UTMD correlations · VXX correlations
