DNOW vs VXZ: Correlation
How closely do DNOW Inc. (DNOW) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DNOW and VXZ?
On 3 years of weekly data the DNOW/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.11) than the 3-year average (-0.24). The 5-year figure is -0.26, and annualized covariance runs at -270.4 %².
Out of 10 assets tracked against DNOW, VXZ lands near the bottom at #9. The last year tells two different stories: DNOW led by 18.2 percentage points, +2.1% for DNOW against -16.1% for VXZ. Risk is not evenly split, since DNOW carries 1.7 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.
DNOW vs VXZ: side by side
| DNOW (DNOW Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.1% | -16.1% |
| 5-year return | +111.4% | -53.1% |
| Volatility (ann.) | 43.7% | 25.6% |
| Beta vs S&P 500 | 0.83 | -1.31 |
| Max drawdown (3Y) | -36.8% | -36.4% |
| Market cap | $2.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DNOW | VXZ |
|---|---|---|
| 2022 | +48.7% | +0.5% |
| 2023 | -10.9% | -44.0% |
| 2024 | +14.9% | -12.7% |
| 2025 | +1.8% | +5.7% |
| 2026 | +22.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DNOW and VXZ good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DNOW and VXZ?
The DNOW/VXZ correlation stands at -0.24 on a 3-year window (1 year: -0.11, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for DNOW?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dnow-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dnow-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DNOW correlations · VXZ correlations
