EFXT vs VXZ: Correlation
Measured on weekly returns over the past three years, Enerflex Ltd (EFXT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFXT and VXZ?
Across a 3-year window, the weekly returns of EFXT and VXZ correlate at -0.23, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.08) runs above the 3-year figure (-0.23). Stretching to 5 years gives -0.26, with an annualized covariance of -259.4 %².
Out of 10 assets tracked against EFXT, VXZ lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months EFXT outperformed by 129.8 percentage points (+113.7% for EFXT against -16.1% for VXZ). One caveat on sizing: EFXT is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EFXT vs VXZ: side by side
| EFXT (Enerflex Ltd) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +113.7% | -16.1% |
| 5-year return | +257.3% | -53.1% |
| Volatility (ann.) | 44.8% | 25.6% |
| Beta vs S&P 500 | 0.65 | -1.31 |
| Max drawdown (3Y) | -38.6% | -36.4% |
| Market cap | $2.5B | – |
| P/E (trailing) | 45.2 | – |
| Dividend yield | 0.61% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EFXT | VXZ |
|---|---|---|
| 2022 | +5.8% | +0.5% |
| 2023 | -25.1% | -44.0% |
| 2024 | +115.8% | -12.7% |
| 2025 | +56.2% | +5.7% |
| 2026 | +35.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFXT and VXZ good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EFXT and VXZ?
The EFXT/VXZ correlation stands at -0.23 on a 3-year window (1 year: 0.08, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for EFXT?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/efxt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/efxt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EFXT correlations · VXZ correlations
