UTMD vs VXZ: Correlation
Utah Medical Products, Inc. (UTMD) 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 -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are UTMD and VXZ?
Over the past 3 years, UTMD and VXZ moved with a correlation of -0.39, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.42 over 1 year against -0.39 over 3. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -218.0 %².
VXZ is close to the least connected end of UTMD's tracked universe, ranking #10 of 10. Correlation aside, the last 12 months split them widely, with UTMD ahead by 35.9 points (+19.8% versus -16.1%).
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 VXZ: side by side
| UTMD (Utah Medical Products, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.8% | -16.1% |
| 5-year return | -11.0% | -53.1% |
| Volatility (ann.) | 22.1% | 25.6% |
| Beta vs S&P 500 | 0.50 | -1.31 |
| Max drawdown (3Y) | -42.5% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 21.6 | – |
| Dividend yield | 1.74% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | UTMD | VXZ |
|---|---|---|
| 2022 | +1.9% | +0.5% |
| 2023 | -15.1% | -44.0% |
| 2024 | -25.7% | -12.7% |
| 2025 | -7.0% | +5.7% |
| 2026 | +29.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are UTMD and VXZ good diversifiers for each other?
Yes. With a correlation of -0.39, UTMD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between UTMD and VXZ?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.42 over the last year and -0.31 over 5 years.
Is VXZ a good diversifier for UTMD?
Yes. With a correlation of -0.39, UTMD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/utmd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: UTMD correlations · VXZ correlations
