DNN vs VXZ: Correlation
How closely do Denison Mines Corp (DNN) 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 DNN and VXZ?
Across a 3-year window, the weekly returns of DNN and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.35) sits close to the 3-year figure. Stretching to 5 years gives -0.31, with an annualized covariance of -449.1 %².
Among the 19 assets we track against DNN, VXZ sits near the bottom by co-movement, at rank #17. Their recent paths diverged sharply: over the last 12 months DNN outperformed by 85.2 percentage points (+69.1% for DNN against -16.1% for VXZ). Risk is not evenly split, since DNN carries 2.2 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.
DNN vs VXZ: side by side
| DNN (Denison Mines Corp) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +69.1% | -16.1% |
| 5-year return | +211.0% | -53.1% |
| Volatility (ann.) | 55.6% | 25.6% |
| Beta vs S&P 500 | 1.35 | -1.31 |
| Max drawdown (3Y) | -52.5% | -36.4% |
| Market cap | $3.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DNN | VXZ |
|---|---|---|
| 2022 | -16.1% | +0.5% |
| 2023 | +53.9% | -44.0% |
| 2024 | +1.7% | -12.7% |
| 2025 | +47.8% | +5.7% |
| 2026 | +38.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, DNN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DNN and VXZ?
The DNN/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.35, 5 years: -0.31), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for DNN?
Yes. With a correlation of -0.32, DNN 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/dnn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dnn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DNN correlations · VXZ correlations
