BIRK vs VXZ: Correlation
How closely do Birkenstock Holding plc (BIRK) 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 -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIRK and VXZ?
On 3 years of weekly data the BIRK/VXZ correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -343.7 %².
Out of 15 assets tracked against BIRK, VXZ lands near the bottom at #14. The last year tells two different stories: VXZ led by 16.2 percentage points, -32.3% for BIRK against -16.1% for VXZ. Risk is not evenly split, since BIRK carries 1.8 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.
BIRK vs VXZ: side by side
| BIRK (Birkenstock Holding plc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -32.3% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 45.5% | 25.6% |
| Beta vs S&P 500 | 1.18 | -1.31 |
| Max drawdown (3Y) | -50.9% | -36.4% |
| Market cap | $5.8B | – |
| P/E (trailing) | 17.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BIRK | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | +16.3% | -12.7% |
| 2025 | -27.8% | +5.7% |
| 2026 | -13.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIRK and VXZ good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BIRK and VXZ?
The BIRK/VXZ correlation stands at -0.29 on a 3-year window (1 year: -0.30, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BIRK?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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/birk-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/birk-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BIRK correlations · VXZ correlations
