DAN vs VXZ: Correlation
How closely do Dana Incorporated (DAN) 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 -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAN and VXZ?
Across a 3-year window, the weekly returns of DAN and VXZ correlate at -0.35, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.22) runs above the 3-year figure (-0.35). Stretching to 5 years gives -0.44, with an annualized covariance of -405.3 %².
Among the 10 assets we track against DAN, VXZ sits near the bottom by co-movement, at rank #9. The last year tells two different stories: DAN led by 65.0 percentage points, +48.9% for DAN against -16.1% for VXZ. Risk is not evenly split, since DAN carries 1.7 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.
DAN vs VXZ: side by side
| DAN (Dana Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +48.9% | -16.1% |
| 5-year return | +45.6% | -53.1% |
| Volatility (ann.) | 44.7% | 25.6% |
| Beta vs S&P 500 | 1.11 | -1.31 |
| Max drawdown (3Y) | -51.8% | -36.4% |
| Market cap | $3.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.46% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DAN | VXZ |
|---|---|---|
| 2022 | -32.1% | +0.5% |
| 2023 | -0.7% | -44.0% |
| 2024 | -17.9% | -12.7% |
| 2025 | +110.5% | +5.7% |
| 2026 | +28.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between DAN and VXZ?
The DAN/VXZ correlation stands at -0.35 on a 3-year window (1 year: -0.22, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for DAN?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
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/dan-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dan-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DAN correlations · VXZ correlations
