DAVE vs VXZ: Correlation
Dave Inc. (DAVE) 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 -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAVE and VXZ?
Across a 3-year window, the weekly returns of DAVE and VXZ correlate at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.23). Stretching to 5 years gives -0.20, with an annualized covariance of -579.3 %².
VXZ is close to the least connected end of DAVE's tracked universe, ranking #10 of 11. Their recent paths diverged sharply: over the last 12 months DAVE outperformed by 96.1 percentage points (+80.0% for DAVE against -16.1% for VXZ). Note the risk asymmetry: DAVE runs 3.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DAVE vs VXZ: side by side
| DAVE (Dave Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +80.0% | -16.1% |
| 5-year return | +18.4% | -53.1% |
| Volatility (ann.) | 100.5% | 25.6% |
| Beta vs S&P 500 | 2.12 | -1.31 |
| Max drawdown (3Y) | -44.7% | -36.4% |
| Market cap | $4.8B | – |
| P/E (trailing) | 24.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DAVE | VXZ |
|---|---|---|
| 2022 | -97.2% | +0.5% |
| 2023 | -9.6% | -44.0% |
| 2024 | +936.6% | -12.7% |
| 2025 | +154.7% | +5.7% |
| 2026 | +68.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAVE and VXZ good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DAVE and VXZ?
As of 2026-08-27, the correlation of weekly returns between DAVE and VXZ is -0.23 over 3 years, -0.38 over 1 year and -0.20 over 5 years.
Is VXZ a good diversifier for DAVE?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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/dave-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dave-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DAVE correlations · VXZ correlations
