BOOT vs VXZ: Correlation
How closely do Boot Barn Holdings, Inc. (BOOT) 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 -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOOT and VXZ?
On 3 years of weekly data the BOOT/VXZ correlation comes out at -0.39, 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. The 5-year figure is -0.41, and annualized covariance runs at -471.7 %².
VXZ is close to the least connected end of BOOT's tracked universe, ranking #12 of 12. Their 12-month results are close: -12.1% for BOOT against -16.1% for VXZ. Risk is not evenly split, since BOOT carries 1.9 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.
BOOT vs VXZ: side by side
| BOOT (Boot Barn Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -12.1% | -16.1% |
| 5-year return | +77.0% | -53.1% |
| Volatility (ann.) | 47.6% | 25.6% |
| Beta vs S&P 500 | 1.52 | -1.31 |
| Max drawdown (3Y) | -48.9% | -36.4% |
| Market cap | $4.7B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOOT | VXZ |
|---|---|---|
| 2022 | -49.2% | +0.5% |
| 2023 | +22.8% | -44.0% |
| 2024 | +97.8% | -12.7% |
| 2025 | +16.2% | +5.7% |
| 2026 | -11.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOOT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.39, BOOT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BOOT and VXZ?
The BOOT/VXZ correlation stands at -0.39 on a 3-year window (1 year: -0.33, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for BOOT?
Yes. With a correlation of -0.39, BOOT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
A reading of -0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/boot-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/boot-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BOOT correlations · VXZ correlations
