ERO vs VXZ: Correlation
Measured on weekly returns over the past three years, Ero Copper Corp. (ERO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERO and VXZ?
Over the past 3 years, ERO and VXZ moved with a correlation of -0.31, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.39) sits close to the 3-year figure. Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -435.4 %².
VXZ is close to the least connected end of ERO's tracked universe, ranking #8 of 10. Correlation aside, the last 12 months split them widely, with ERO ahead by 190.5 points (+174.4% versus -16.1%). One caveat on sizing: ERO is 2.1 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.
ERO vs VXZ: side by side
| ERO (Ero Copper Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +174.4% | -16.1% |
| 5-year return | +110.6% | -53.1% |
| Volatility (ann.) | 54.7% | 25.6% |
| Beta vs S&P 500 | 1.53 | -1.31 |
| Max drawdown (3Y) | -59.7% | -36.4% |
| Market cap | $4.2B | – |
| P/E (trailing) | 13.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ERO | VXZ |
|---|---|---|
| 2022 | -10.1% | +0.5% |
| 2023 | +14.8% | -44.0% |
| 2024 | -14.6% | -12.7% |
| 2025 | +109.9% | +5.7% |
| 2026 | +40.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERO and VXZ good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ERO and VXZ?
The ERO/VXZ correlation stands at -0.31 on a 3-year window (1 year: -0.39, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for ERO?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 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/ero-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ero-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ERO correlations · VXZ correlations
