DOW vs VXZ: Correlation
How closely do Dow Inc. (DOW) 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 DOW and VXZ?
On 3 years of weekly data the DOW/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.08 versus -0.24 over 3 years. The 5-year figure is -0.33, and annualized covariance runs at -214.7 %².
Among the 32 assets we track against DOW, VXZ sits near the bottom by co-movement, at rank #31. Their recent paths diverged sharply: over the last 12 months DOW outperformed by 45.1 percentage points (+29.0% for DOW against -16.1% for VXZ).
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.
DOW vs VXZ: side by side
| DOW (Dow Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +29.0% | -16.1% |
| 5-year return | -38.4% | -53.1% |
| Volatility (ann.) | 35.2% | 25.6% |
| Beta vs S&P 500 | 0.62 | -1.31 |
| Max drawdown (3Y) | -62.2% | -36.4% |
| Market cap | $21.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.62% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | DOW | VXZ |
|---|---|---|
| 2022 | -6.6% | +0.5% |
| 2023 | +14.7% | -44.0% |
| 2024 | -22.8% | -12.7% |
| 2025 | -37.4% | +5.7% |
| 2026 | +32.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOW and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between DOW and VXZ?
As of 2026-08-27, the correlation of weekly returns between DOW and VXZ is -0.24 over 3 years, 0.08 over 1 year and -0.33 over 5 years.
Is VXZ a good diversifier for DOW?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dow-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dow-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOW correlations · VXZ correlations
