ESEA vs VXZ: Correlation
Measured on weekly returns over the past three years, Euroseas Ltd. (ESEA) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESEA and VXZ?
Over the past 3 years, ESEA and VXZ moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.17 lands near the 3-year figure. Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -282.7 %².
Among the 10 assets we track against ESEA, VXZ sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months ESEA outperformed by 44.8 percentage points (+28.7% for ESEA against -16.1% for VXZ). Note the risk asymmetry: ESEA runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ESEA vs VXZ: side by side
| ESEA (Euroseas Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +28.7% | -16.1% |
| 5-year return | +417.1% | -53.1% |
| Volatility (ann.) | 45.2% | 25.6% |
| Beta vs S&P 500 | 0.96 | -1.31 |
| Max drawdown (3Y) | -38.0% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 4.10% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESEA | VXZ |
|---|---|---|
| 2022 | -21.0% | +0.5% |
| 2023 | +83.4% | -44.0% |
| 2024 | +23.6% | -12.7% |
| 2025 | +96.0% | +5.7% |
| 2026 | +43.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESEA and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between ESEA and VXZ?
As of 2026-08-27, the correlation of weekly returns between ESEA and VXZ is -0.24 over 3 years, -0.17 over 1 year and -0.23 over 5 years.
Is VXZ a good diversifier for ESEA?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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/esea-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esea-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESEA correlations · VXZ correlations
