DK vs VXZ: Correlation
How closely do Delek US Holdings, Inc. (DK) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DK and VXZ?
On 3 years of weekly data the DK/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.24) than the 3-year average (-0.24). The 5-year figure is -0.19, and annualized covariance runs at -337.6 %².
VXZ is close to the least connected end of DK's tracked universe, ranking #12 of 14. Their recent paths diverged sharply: over the last 12 months DK outperformed by 182.0 percentage points (+165.9% for DK against -16.1% for VXZ). Note the risk asymmetry: DK runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DK vs VXZ: side by side
| DK (Delek US Holdings, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +165.9% | -16.1% |
| 5-year return | +392.8% | -53.1% |
| Volatility (ann.) | 54.6% | 25.6% |
| Beta vs S&P 500 | 0.53 | -1.31 |
| Max drawdown (3Y) | -63.6% | -36.4% |
| Market cap | $4.3B | – |
| P/E (trailing) | 19.3 | – |
| Dividend yield | 1.44% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DK | VXZ |
|---|---|---|
| 2022 | +84.0% | +0.5% |
| 2023 | -0.8% | -44.0% |
| 2024 | -25.0% | -12.7% |
| 2025 | +68.7% | +5.7% |
| 2026 | +140.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DK and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between DK and VXZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with 0.24 over the last year and -0.19 over 5 years.
Is VXZ a good diversifier for DK?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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/dk-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dk-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DK correlations · VXZ correlations
