DIA vs VXZ: Correlation
How closely do SPDR Dow Jones Industrial Average ETF (DIA) 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 -0.73, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and VXZ?
Over the past 3 years, DIA and VXZ moved with a correlation of -0.73, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.77 over 1 year against -0.73 over 3. Over 5 years the correlation is -0.70, and the annualized covariance of weekly returns is -242.6 %².
VXZ is close to the least connected end of DIA's tracked universe, ranking #116 of 116. Their recent paths diverged sharply: over the last 12 months DIA outperformed by 35.3 percentage points (+19.2% for DIA against -16.1% for VXZ). One caveat on sizing: VXZ is 2.0 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.
DIA vs VXZ: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.2% | -16.1% |
| 5-year return | +64.8% | -53.1% |
| Volatility (ann.) | 13.0% | 25.6% |
| Beta vs S&P 500 | 0.79 | -1.31 |
| Max drawdown (3Y) | -16.0% | -36.4% |
| Dividend yield | 1.37% | – |
| Expense ratio | 0.16% | – |
| Assets under management | $45.2B | – |
| Sector / category | ETF · US Large Cap | US Listed |
DIA, State Street Investment Management's Large Value fund, carries $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield.
Year-by-year returns
| Year | DIA | VXZ |
|---|---|---|
| 2022 | -7.0% | +0.5% |
| 2023 | +16.0% | -44.0% |
| 2024 | +14.8% | -12.7% |
| 2025 | +14.7% | +5.7% |
| 2026 | +12.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and VXZ good diversifiers for each other?
Yes: at -0.73, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DIA and VXZ?
The DIA/VXZ correlation stands at -0.73 on a 3-year window (1 year: -0.77, 5 years: -0.70), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for DIA?
Yes: at -0.73, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.73 mean?
A reading of -0.73 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dia-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DIA correlations · VXZ correlations
