DKNG vs VXZ: Correlation
DraftKings Inc. (DKNG) 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 -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DKNG and VXZ?
Across a 3-year window, the weekly returns of DKNG and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.27) than the 3-year average (-0.38). Stretching to 5 years gives -0.36, with an annualized covariance of -489.8 %².
VXZ is close to the least connected end of DKNG's tracked universe, ranking #10 of 12. The last year tells two different stories: VXZ led by 33.2 percentage points, -49.3% for DKNG against -16.1% for VXZ. Risk is not evenly split, since DKNG carries 2.0 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.
DKNG vs VXZ: side by side
| DKNG (DraftKings Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -49.3% | -16.1% |
| 5-year return | -59.1% | -53.1% |
| Volatility (ann.) | 50.0% | 25.6% |
| Beta vs S&P 500 | 1.64 | -1.31 |
| Max drawdown (3Y) | -61.3% | -36.4% |
| Market cap | $12.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DKNG | VXZ |
|---|---|---|
| 2022 | -58.5% | +0.5% |
| 2023 | +209.5% | -44.0% |
| 2024 | +5.5% | -12.7% |
| 2025 | -7.4% | +5.7% |
| 2026 | -29.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DKNG and VXZ good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DKNG and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.27 over the last year and -0.36 over 5 years.
Is VXZ a good diversifier for DKNG?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
A reading of -0.38 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/dkng-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dkng-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DKNG correlations · VXZ correlations
