DLX vs VXZ: Correlation
How closely do Deluxe Corporation (DLX) 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 -0.45, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLX and VXZ?
Across a 3-year window, the weekly returns of DLX and VXZ correlate at -0.45, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.27) runs above the 3-year figure (-0.45). Stretching to 5 years gives -0.48, with an annualized covariance of -457.1 %².
Among the 20 assets we track against DLX, VXZ sits near the bottom by co-movement, at rank #20. Correlation aside, the last 12 months split them widely, with DLX ahead by 41.4 points (+25.3% versus -16.1%). Note the risk asymmetry: DLX 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.
DLX vs VXZ: side by side
| DLX (Deluxe Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +25.3% | -16.1% |
| 5-year return | -19.3% | -53.1% |
| Volatility (ann.) | 39.8% | 25.6% |
| Beta vs S&P 500 | 1.08 | -1.31 |
| Max drawdown (3Y) | -40.9% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 5.08% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DLX | VXZ |
|---|---|---|
| 2022 | -44.4% | +0.5% |
| 2023 | +34.9% | -44.0% |
| 2024 | +11.3% | -12.7% |
| 2025 | +5.6% | +5.7% |
| 2026 | +9.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLX and VXZ good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DLX and VXZ?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.27 over the last year and -0.48 over 5 years.
Is VXZ a good diversifier for DLX?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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/dlx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dlx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DLX correlations · VXZ correlations
