ESAB vs VXZ: Correlation
ESAB Corporation (ESAB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESAB and VXZ?
On 3 years of weekly data the ESAB/VXZ correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.44) sits close to the 3-year figure. The 5-year figure is -0.45, and annualized covariance runs at -413.9 %².
Out of 13 assets tracked against ESAB, VXZ lands near the bottom at #13. Correlation aside, the last 12 months split them widely, with VXZ ahead by 16.4 points (-32.5% 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.
ESAB vs VXZ: side by side
| ESAB (ESAB Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -32.5% | -16.1% |
| 5-year return | +60.4% | -53.1% |
| Volatility (ann.) | 36.3% | 25.6% |
| Beta vs S&P 500 | 1.30 | -1.31 |
| Max drawdown (3Y) | -41.6% | -36.4% |
| Market cap | $4.9B | – |
| P/E (trailing) | 25.8 | – |
| Dividend yield | 0.51% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESAB | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | +85.2% | -44.0% |
| 2024 | +38.9% | -12.7% |
| 2025 | -6.5% | +5.7% |
| 2026 | -29.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESAB and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
FAQ
What is the correlation between ESAB and VXZ?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.44 over the last year and -0.45 over 5 years.
Is VXZ a good diversifier for ESAB?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
What does a correlation of -0.45 mean?
A reading of -0.45 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/esab-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esab-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESAB correlations · VXZ correlations
