DBD vs VXZ: Correlation
Diebold Nixdorf Incorporated (DBD) 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 -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DBD and VXZ?
Over the past 3 years, DBD and VXZ moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.27) than the 3-year average (-0.38). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -376.3 %².
VXZ is close to the least connected end of DBD's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with DBD ahead by 23.5 points (+7.4% versus -16.1%). One caveat on sizing: DBD is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
DBD vs VXZ: side by side
| DBD (Diebold Nixdorf Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +7.4% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 38.5% | 25.6% |
| Beta vs S&P 500 | 1.07 | -1.31 |
| Max drawdown (3Y) | -25.8% | -36.4% |
| Market cap | $2.3B | – |
| P/E (trailing) | 22.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DBD | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | +48.7% | -12.7% |
| 2025 | +57.7% | +5.7% |
| 2026 | -0.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DBD and VXZ good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DBD and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.27 over the last year and n/a over 5 years.
Is VXZ a good diversifier for DBD?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/dbd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dbd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DBD correlations · VXZ correlations
