EMN vs VXZ: Correlation
How closely do Eastman Chemical Company (EMN) 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 -0.39, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMN and VXZ?
On 3 years of weekly data the EMN/VXZ correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. The 5-year figure is -0.46, and annualized covariance runs at -301.8 %².
VXZ is close to the least connected end of EMN's tracked universe, ranking #21 of 22. Their recent paths diverged sharply: over the last 12 months EMN outperformed by 26.9 percentage points (+10.8% for EMN 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.
EMN vs VXZ: side by side
| EMN (Eastman Chemical Company) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.8% | -16.1% |
| 5-year return | -22.9% | -53.1% |
| Volatility (ann.) | 30.5% | 25.6% |
| Beta vs S&P 500 | 0.95 | -1.31 |
| Max drawdown (3Y) | -48.4% | -36.4% |
| Market cap | $8.3B | – |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 4.59% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EMN | VXZ |
|---|---|---|
| 2022 | -30.4% | +0.5% |
| 2023 | +14.7% | -44.0% |
| 2024 | +5.1% | -12.7% |
| 2025 | -26.9% | +5.7% |
| 2026 | +16.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.39, EMN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EMN and VXZ?
As of 2026-08-27, the correlation of weekly returns between EMN and VXZ is -0.39 over 3 years, -0.34 over 1 year and -0.46 over 5 years.
Is VXZ a good diversifier for EMN?
Yes. With a correlation of -0.39, EMN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 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/emn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/emn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EMN correlations · VXZ correlations
