DLHC vs VXZ: Correlation
Measured on weekly returns over the past three years, DLH Holdings Corp. (DLHC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLHC and VXZ?
Over the past 3 years, DLHC and VXZ moved with a correlation of -0.38, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.08) runs above the 3-year figure (-0.38). Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -400.5 %².
VXZ is close to the least connected end of DLHC's tracked universe, ranking #9 of 10. Twelve-month performance is nearly a tie, at -19.1% for DLHC and -16.1% for VXZ. Note the risk asymmetry: DLHC runs 1.6 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.
DLHC vs VXZ: side by side
| DLHC (DLH Holdings Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -19.1% | -16.1% |
| 5-year return | -61.3% | -53.1% |
| Volatility (ann.) | 41.1% | 25.6% |
| Beta vs S&P 500 | 1.07 | -1.31 |
| Max drawdown (3Y) | -84.0% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DLHC | VXZ |
|---|---|---|
| 2022 | -42.7% | +0.5% |
| 2023 | +32.7% | -44.0% |
| 2024 | -49.0% | -12.7% |
| 2025 | -29.6% | +5.7% |
| 2026 | -20.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLHC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, DLHC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DLHC and VXZ?
As of 2026-08-27, the correlation of weekly returns between DLHC and VXZ is -0.38 over 3 years, -0.08 over 1 year and -0.44 over 5 years.
Is VXZ a good diversifier for DLHC?
Yes. With a correlation of -0.38, DLHC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/dlhc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dlhc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DLHC correlations · VXZ correlations
