DAC vs VXZ: Correlation
Measured on weekly returns over the past three years, Danaos Corporation (DAC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAC and VXZ?
On 3 years of weekly data the DAC/VXZ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.08 versus -0.28 over 3 years. The 5-year figure is -0.30, and annualized covariance runs at -181.8 %².
VXZ is close to the least connected end of DAC's tracked universe, ranking #14 of 15. Correlation aside, the last 12 months split them widely, with DAC ahead by 84.1 points (+68.0% 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.
DAC vs VXZ: side by side
| DAC (Danaos Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +68.0% | -16.1% |
| 5-year return | +112.7% | -53.1% |
| Volatility (ann.) | 25.3% | 25.6% |
| Beta vs S&P 500 | 0.58 | -1.31 |
| Max drawdown (3Y) | -28.9% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 5.0 | – |
| Dividend yield | 2.44% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DAC | VXZ |
|---|---|---|
| 2022 | -26.6% | +0.5% |
| 2023 | +47.5% | -44.0% |
| 2024 | +12.4% | -12.7% |
| 2025 | +20.0% | +5.7% |
| 2026 | +64.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAC and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between DAC and VXZ?
The DAC/VXZ correlation stands at -0.28 on a 3-year window (1 year: -0.08, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for DAC?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
A reading of -0.28 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/dac-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dac-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DAC correlations · VXZ correlations
