ESP vs VXZ: Correlation
How closely do Espey Mfg. & Electronics Corp. (ESP) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESP and VXZ?
On 3 years of weekly data the ESP/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.27 over 1 year against -0.24 over 3. The 5-year figure is -0.18, and annualized covariance runs at -255.8 %².
Out of 10 assets tracked against ESP, VXZ lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with ESP ahead by 55.8 points (+39.7% versus -16.1%). One caveat on sizing: ESP is 1.7 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.
ESP vs VXZ: side by side
| ESP (Espey Mfg. & Electronics Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +39.7% | -16.1% |
| 5-year return | +393.3% | -53.1% |
| Volatility (ann.) | 42.3% | 25.6% |
| Beta vs S&P 500 | 0.97 | -1.31 |
| Max drawdown (3Y) | -29.1% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 16.6 | – |
| Dividend yield | 2.78% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESP | VXZ |
|---|---|---|
| 2022 | -0.1% | +0.5% |
| 2023 | +35.5% | -44.0% |
| 2024 | +66.8% | -12.7% |
| 2025 | +63.3% | +5.7% |
| 2026 | +35.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESP and VXZ good diversifiers for each other?
Yes. With a correlation of -0.24, ESP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ESP and VXZ?
As of 2026-08-27, the correlation of weekly returns between ESP and VXZ is -0.24 over 3 years, -0.27 over 1 year and -0.18 over 5 years.
Is VXZ a good diversifier for ESP?
Yes. With a correlation of -0.24, ESP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/esp-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esp-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ESP correlations · VXZ correlations
