DMRC vs VXZ: Correlation
How closely do Digimarc Corporation (DMRC) 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 -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMRC and VXZ?
On 3 years of weekly data the DMRC/VXZ correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.29 lands near the 3-year figure. The 5-year figure is -0.33, and annualized covariance runs at -628.0 %².
Among the 16 assets we track against DMRC, VXZ sits near the bottom by co-movement, at rank #14. On 12-month performance VXZ holds a 10.0-point edge, -26.1% against -16.1%. Note the risk asymmetry: DMRC runs 3.0 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.
DMRC vs VXZ: side by side
| DMRC (Digimarc Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -26.1% | -16.1% |
| 5-year return | -77.7% | -53.1% |
| Volatility (ann.) | 76.3% | 25.6% |
| Beta vs S&P 500 | 2.38 | -1.31 |
| Max drawdown (3Y) | -90.8% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMRC | VXZ |
|---|---|---|
| 2022 | -53.2% | +0.5% |
| 2023 | +95.3% | -44.0% |
| 2024 | +3.7% | -12.7% |
| 2025 | -82.5% | +5.7% |
| 2026 | -4.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMRC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, DMRC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DMRC and VXZ?
The DMRC/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.29, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for DMRC?
Yes. With a correlation of -0.32, DMRC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/dmrc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dmrc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DMRC correlations · VXZ correlations
