DHY vs VXZ: Correlation
Credit Suisse High Yield Credit Fund (DHY) 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 -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DHY and VXZ?
Across a 3-year window, the weekly returns of DHY and VXZ correlate at -0.49, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.51 over 1 year against -0.49 over 3. Stretching to 5 years gives -0.49, with an annualized covariance of -137.4 %².
Out of 13 assets tracked against DHY, VXZ lands near the bottom at #13. The trailing year gives DHY the advantage: -9.5% versus -16.1%, a 6.6-point spread. Risk is not evenly split, since VXZ carries 2.3 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.
DHY vs VXZ: side by side
| DHY (Credit Suisse High Yield Credit Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -9.5% | -16.1% |
| 5-year return | +9.4% | -53.1% |
| Volatility (ann.) | 10.9% | 25.6% |
| Beta vs S&P 500 | 0.36 | -1.31 |
| Max drawdown (3Y) | -12.9% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 17.1 | – |
| Dividend yield | 10.81% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DHY | VXZ |
|---|---|---|
| 2022 | -21.5% | +0.5% |
| 2023 | +23.5% | -44.0% |
| 2024 | +18.5% | -12.7% |
| 2025 | +2.5% | +5.7% |
| 2026 | -8.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DHY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.49, DHY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DHY and VXZ?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.51 over the last year and -0.49 over 5 years.
Is VXZ a good diversifier for DHY?
Yes. With a correlation of -0.49, DHY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 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/dhy-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dhy-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DHY correlations · VXZ correlations
