ESNT vs VXZ: Correlation
Essent Group Ltd. (ESNT) 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 -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESNT and VXZ?
Across a 3-year window, the weekly returns of ESNT and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.25 versus -0.38 over 3 years. Stretching to 5 years gives -0.47, with an annualized covariance of -207.5 %².
Among the 13 assets we track against ESNT, VXZ sits near the bottom by co-movement, at rank #13. Correlation aside, the last 12 months split them widely, with ESNT ahead by 26.3 points (+10.2% 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.
ESNT vs VXZ: side by side
| ESNT (Essent Group Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.2% | -16.1% |
| 5-year return | +62.5% | -53.1% |
| Volatility (ann.) | 21.4% | 25.6% |
| Beta vs S&P 500 | 0.57 | -1.31 |
| Max drawdown (3Y) | -18.4% | -36.4% |
| Market cap | $6.2B | – |
| P/E (trailing) | 9.7 | – |
| Dividend yield | 1.90% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESNT | VXZ |
|---|---|---|
| 2022 | -12.8% | +0.5% |
| 2023 | +38.6% | -44.0% |
| 2024 | +5.2% | -12.7% |
| 2025 | +20.7% | +5.7% |
| 2026 | +7.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESNT and VXZ good diversifiers for each other?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ESNT and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.25 over the last year and -0.47 over 5 years.
Is VXZ a good diversifier for ESNT?
Yes: at -0.38, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.38 mean?
A reading of -0.38 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/esnt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esnt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESNT correlations · VXZ correlations
