EBF vs VXZ: Correlation
Measured on weekly returns over the past three years, Ennis, Inc. (EBF) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EBF and VXZ?
Over the past 3 years, EBF and VXZ moved with a correlation of -0.37, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.18 versus -0.37 over 3 years. Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -174.5 %².
Out of 11 assets tracked against EBF, VXZ lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months EBF outperformed by 38.2 percentage points (+22.1% for EBF 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.
EBF vs VXZ: side by side
| EBF (Ennis, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +22.1% | -16.1% |
| 5-year return | +57.8% | -53.1% |
| Volatility (ann.) | 18.2% | 25.6% |
| Beta vs S&P 500 | 0.29 | -1.31 |
| Max drawdown (3Y) | -22.8% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 4.66% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EBF | VXZ |
|---|---|---|
| 2022 | +19.4% | +0.5% |
| 2023 | +3.6% | -44.0% |
| 2024 | +12.6% | -12.7% |
| 2025 | -10.0% | +5.7% |
| 2026 | +23.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EBF and VXZ good diversifiers for each other?
Yes. With a correlation of -0.37, EBF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EBF and VXZ?
The EBF/VXZ correlation stands at -0.37 on a 3-year window (1 year: -0.18, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for EBF?
Yes. With a correlation of -0.37, EBF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.37 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/ebf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ebf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EBF correlations · VXZ correlations
