EIG vs VXZ: Correlation
Measured on weekly returns over the past three years, Employers Holdings Inc (EIG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.33, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EIG and VXZ?
Across a 3-year window, the weekly returns of EIG and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.26 over 1 year against -0.33 over 3. Stretching to 5 years gives -0.34, with an annualized covariance of -191.9 %².
VXZ is close to the least connected end of EIG's tracked universe, ranking #18 of 19. Correlation aside, the last 12 months split them widely, with EIG ahead by 32.8 points (+16.7% versus -16.1%).
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.
EIG vs VXZ: side by side
| EIG (Employers Holdings Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +16.7% | -16.1% |
| 5-year return | +43.2% | -53.1% |
| Volatility (ann.) | 22.8% | 25.6% |
| Beta vs S&P 500 | 0.32 | -1.31 |
| Max drawdown (3Y) | -31.3% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | 62.1 | – |
| Dividend yield | 2.64% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EIG | VXZ |
|---|---|---|
| 2022 | +12.6% | +0.5% |
| 2023 | -6.1% | -44.0% |
| 2024 | +33.4% | -12.7% |
| 2025 | -13.3% | +5.7% |
| 2026 | +16.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EIG and VXZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EIG and VXZ?
The EIG/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.26, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for EIG?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/eig-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eig-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EIG correlations · VXZ correlations
