DFIN vs VXZ: Correlation
Measured on weekly returns over the past three years, Donnelley Financial Solutions, Inc. (DFIN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFIN and VXZ?
Across a 3-year window, the weekly returns of DFIN and VXZ correlate at -0.37, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Stretching to 5 years gives -0.36, with an annualized covariance of -403.3 %².
VXZ is close to the least connected end of DFIN's tracked universe, ranking #14 of 14. Their 12-month results are close: -15.6% for DFIN against -16.1% for VXZ. One caveat on sizing: DFIN is 1.6 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.
DFIN vs VXZ: side by side
| DFIN (Donnelley Financial Solutions, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -15.6% | -16.1% |
| 5-year return | +44.0% | -53.1% |
| Volatility (ann.) | 42.1% | 25.6% |
| Beta vs S&P 500 | 1.09 | -1.31 |
| Max drawdown (3Y) | -47.4% | -36.4% |
| Market cap | $1.2B | – |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFIN | VXZ |
|---|---|---|
| 2022 | -18.0% | +0.5% |
| 2023 | +61.4% | -44.0% |
| 2024 | +0.6% | -12.7% |
| 2025 | -25.6% | +5.7% |
| 2026 | +2.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFIN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
FAQ
What is the correlation between DFIN and VXZ?
The DFIN/VXZ correlation stands at -0.37 on a 3-year window (1 year: -0.32, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for DFIN?
By historical standards, yes. A correlation of -0.37 means the two rarely move for the same reasons.
What does a correlation of -0.37 mean?
On the −1 to +1 scale, -0.37 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/dfin-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dfin-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DFIN correlations · VXZ correlations
