DB vs VXZ: Correlation
How closely do Deutsche Bank AG (DB) 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 -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DB and VXZ?
On 3 years of weekly data the DB/VXZ correlation comes out at -0.41, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.63) runs below the 3-year figure (-0.41). The 5-year figure is -0.44, and annualized covariance runs at -341.0 %².
VXZ is close to the least connected end of DB's tracked universe, ranking #10 of 11. The last year tells two different stories: DB led by 34.6 percentage points, +18.5% for DB against -16.1% for VXZ.
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.
DB vs VXZ: side by side
| DB (Deutsche Bank AG) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.5% | -16.1% |
| 5-year return | +278.5% | -53.1% |
| Volatility (ann.) | 32.7% | 25.6% |
| Beta vs S&P 500 | 1.08 | -1.31 |
| Max drawdown (3Y) | -29.7% | -36.4% |
| Market cap | $75.3B | – |
| P/E (trailing) | 10.5 | – |
| Dividend yield | 2.49% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DB | VXZ |
|---|---|---|
| 2022 | -5.9% | +0.5% |
| 2023 | +21.3% | -44.0% |
| 2024 | +29.5% | -12.7% |
| 2025 | +132.4% | +5.7% |
| 2026 | +7.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DB and VXZ good diversifiers for each other?
Yes. With a correlation of -0.41, DB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DB and VXZ?
The DB/VXZ correlation stands at -0.41 on a 3-year window (1 year: -0.63, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for DB?
Yes. With a correlation of -0.41, DB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 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/db-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/db-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DB correlations · VXZ correlations
