DJP vs VMC: Correlation
How closely do iPath Bloomberg Commodity Index Total Return ETN (DJP) and Vulcan Materials Company (VMC) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DJP and VMC?
Across a 3-year window, the weekly returns of DJP and VMC correlate at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.28 over 3 years. Stretching to 5 years gives -0.10, with an annualized covariance of -114.6 %².
Within DJP's tracked universe of 42 assets, VMC comes in at #36 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DJP ahead by 54.4 points (+49.2% versus -5.2%). One caveat on sizing: VMC 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.
DJP vs VMC: side by side
| DJP (iPath Bloomberg Commodity Index Total Return ETN) | VMC (Vulcan Materials Company) | |
|---|---|---|
| 1-year return | +49.2% | -5.2% |
| 5-year return | +82.1% | +53.2% |
| Volatility (ann.) | 16.3% | 25.2% |
| Beta vs S&P 500 | 0.11 | 0.82 |
| Max drawdown (3Y) | -16.4% | -24.4% |
| Market cap | – | $35.5B |
| P/E (trailing) | – | 32.3 |
| Dividend yield | – | 0.74% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | DJP | VMC |
|---|---|---|
| 2022 | +17.5% | -14.9% |
| 2023 | -9.8% | +30.8% |
| 2024 | +5.6% | +14.1% |
| 2025 | +17.2% | +11.7% |
| 2026 | +34.7% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJP and VMC good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between DJP and VMC?
The DJP/VMC correlation stands at -0.28 on a 3-year window (1 year: -0.44, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is VMC a good diversifier for DJP?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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
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Related comparisons
Hubs: DJP correlations · VMC correlations
