DX vs VXZ: Correlation
How closely do Dynex Capital, Inc. (DX) 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 -0.52, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DX and VXZ?
Across a 3-year window, the weekly returns of DX and VXZ correlate at -0.52, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.42) runs above the 3-year figure (-0.52). Stretching to 5 years gives -0.51, with an annualized covariance of -284.3 %².
VXZ is close to the least connected end of DX's tracked universe, ranking #15 of 15. The last year tells two different stories: DX led by 36.6 percentage points, +20.5% for DX 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.
DX vs VXZ: side by side
| DX (Dynex Capital, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.5% | -16.1% |
| 5-year return | +40.2% | -53.1% |
| Volatility (ann.) | 21.5% | 25.6% |
| Beta vs S&P 500 | 0.70 | -1.31 |
| Max drawdown (3Y) | -25.8% | -36.4% |
| Market cap | $3.2B | – |
| P/E (trailing) | 4.1 | – |
| Dividend yield | 15.84% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DX | VXZ |
|---|---|---|
| 2022 | -15.4% | +0.5% |
| 2023 | +11.9% | -44.0% |
| 2024 | +13.6% | -12.7% |
| 2025 | +29.5% | +5.7% |
| 2026 | +3.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.52, DX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DX and VXZ?
The DX/VXZ correlation stands at -0.52 on a 3-year window (1 year: -0.42, 5 years: -0.51), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for DX?
Yes. With a correlation of -0.52, DX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.52 mean?
A reading of -0.52 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/dx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DX correlations · VXZ correlations
